If a Country Produces Only Two Goods, Then It Is

question 293

True/False

If a country produces only two goods, then it is not possible to have an absolute advantage in the production of both those goods.

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Definitions:

Expressly Bind

To explicitly or distinctly commit or obligate oneself or an entity to an agreement or course of action.

Unidentified Principal

Refers to a situation in agency law where an agent acts on behalf of a principal, but the identity of the principal is not disclosed to the third party.

Actual Authority

The express or implied power granted by a principal to its agent, allowing the agent to perform acts on the principal's behalf, which legally binds the principal with third parties.

Apparent Authority

The appearance or assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created.