Comparative Advantage

question 42

Multiple Choice

Comparative advantage

• A)is also known as relative efficiency.
• B)can lead to trade even in the face of absolute efficiency.
• C)exists when one party can produce a good or service at a lower opportunity cost than another party.
• D)all of the above

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Definitions:

Mohawk Land

Refers to territories traditionally inhabited by the Mohawk people, a member of the Iroquois Confederacy, primarily in what is now upstate New York and parts of Canada.

Encroached

Refers to the action of gradually taking over or intruding on someone's rights or property without permission.

Act of Union

Denotes the legislative agreements uniting two or more states under one government, typically seen in the context of British history.

North American Colonies

Refers to the territories in North America that were colonized by European powers before achieving independence, most notably those that became the United States.