Japan Is More Efficient in the Production of Rice,and the United

question 44

Multiple Choice

Japan is more efficient in the production of rice,and the United States is more efficient in the production of oranges.In the production of oranges,the United States is said to have a(n) :

• A)comparative advantage
• B)absolute disadvantage
• C)absolute advantage
• D)comparative disadvantage

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Definitions:

Competitor

A person or organization that is in the same industry or field and is in competition for the same market share.

Robinson-Patman Act

A 1936 U.S. law aimed at preventing anticompetitive practices by producers, specifically price discrimination.

Suggested Retail Price

The price that manufacturers recommend retailers sell their product for to consumers, often used as a guideline rather than a strict requirement.

Labor Union

An organized association of workers formed to protect and further their rights and interests.