If a Country Has an Absolute Advantage in Producing a Good,_____

question 144

Multiple Choice

If a country has an absolute advantage in producing a good,_____.

• A)the country is able to produce that good using fewer resources than other countries
• B)the opportunity cost of producing the good is the lowest in that country
• C)the productivity of workers in that country is lower than that in all countries
• D)the country produces as many units of the good as demanded domestically
• E)countries of the same size have the same opportunity cost of producing both goods

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Definitions:

Pay Increase

An upward adjustment in wages or salary granted to an employee based on performance, labor market conditions, or negotiations.

Competitive Disadvantage

A condition where a company or country is not as well-positioned as its competitors to compete effectively in the market, often due to inferior resources, capabilities, or strategies.

Mandatory Bargaining Issue

Subjects that, by law, must be discussed in the process of collective bargaining between employers and employees' representatives.

Plant Closure

The process of shutting down a manufacturing plant or facility, often leading to significant job losses and economic impacts on the local community.