Given Two Economic Systems, a and B, If Economy a Has

question 31

Multiple Choice

Given two economic systems, A and B, if economy A has an absolute advantage in the production of widgets, then

• A) fewer inputs are necessary to produce widgets in economy A than in economy B.
• B) economy A must give up less of all other goods to produce widgets than economy B.
• C) economy A is less efficient in the production of widgets than economy B.
• D) economy A would not benefit from the specialization of production.

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Definitions:

Logic

Logic is a systematic method of reasoning that involves the assessment of statements or propositions to deduce valid conclusions.

Rhetoric

The art of effective or persuasive speaking or writing, often used to influence or shape public opinion.

Intelligence

The ability to understand and solve problems; an important leadership trait or quality involving discernment, comprehension, and judgment; capacity to understand information, formulate strategies, and make good decisions.

Servant Leader

A person devoted to others or to a cause or creed. A servant leader advances the interest of others, often at personal sacrifice. The essential component of servant leadership is the element of caring.