If One Person Has an Absolute Advantage in Producing Two

question 71

Multiple Choice

If one person has an absolute advantage in producing two goods, then that person _____

• A) must also have a comparative advantage in producing both the goods.
• B) cannot benefit from trade.
• C) cannot have a comparative advantage in producing either good.
• D) will have a comparative advantage in producing only one good.
• E) should specialize in the production of both the goods.

Investigate the evolution of protest movements, including the Civil Rights movement, and their impact on American society and policy.

Assess the effect of the Vietnam War on American politics, society, and the soldiers who fought in it.

Understand the strategic implications of automating HR operations.

Recognize the benefits of using HR mobile apps for operational efficiency.

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Definitions:

Real GDP

The measure of a country's economic output that has been adjusted for inflation, reflecting the true value of goods and services.

Keynesians

Economists and followers of the economic theories proposed by John Maynard Keynes, emphasizing the importance of total spending in the economy and government interventions to stabilize economic cycles.

Laissez-Faire Policies

Economic stance that opposes the overregulation or interference of the government in free market operations.

Monetary Restraint

A policy used by central banks to slow down economic growth by raising interest rates or reducing the supply of money.