Producers Who Have Absolute Advantages in All Goods

question 174

Multiple Choice

Producers who have absolute advantages in all goods:

• A) cannot exist.
• B) have no use for trade.
• C) are better off specializing in their comparative advantages and trading for other goods.
• D) should avoid the global division of labor because it is counterproductive for them.

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Definitions:

Sample Proportion

The ratio or fraction of sample observations that belong to a certain category or that exhibit a particular attribute or characteristic.

Centerline

In statistical process control, the central value around which data points fluctuate, often representing the process average.

Lower Control Limit

The lower control limit is the lower threshold on a control chart in statistical process control, beneath which the process variability is considered to be in a state of control.

P Chart

A type of control chart used to monitor the proportion of nonconforming units in a manufacturing or business process.