A Person Has an Absolute Advantage in Producing a Good

question 89

Multiple Choice

A person has an absolute advantage in producing a good if he can

• A) produce it using fewer resources than another person
• B) produce it while sacrificing less than another person in terms of foregone output
• C) corner the market
• D) use other peoples' money to produce it
• E) work out some long term payment plan for financing the good

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Definitions:

Khrushchev

Nikita Khrushchev, a Soviet statesman who led the Soviet Union during part of the Cold War as the First Secretary of the Communist Party and as Premier.

East Berlin

The capital city of East Germany during the Cold War, characterized by the Berlin Wall dividing it from West Berlin and symbolizing the ideological divide between communism and capitalist democracy.

Fidel Castro

A Cuban revolutionary and politician who served as Prime Minister of Cuba from 1959 to 1976 and then as President from 1976 to 2008, becoming a symbol of communist revolution in Latin America.