An Example of an Acquired Comparative Advantage Is

question 56

Multiple Choice

An example of an acquired comparative advantage is

• A) the United States producing more agricultural products than other countries because land is more abundant in the United States than in other countries.
• B) United States consumers buying television sets produced in Japan because Japanese companies have a reputation for producing a higher-quality TV than those produced in the United States.
• C) United States companies selling to other countries chemical products that cannot be sold in the United States.
• D) the United States purchasing coconuts from other countries, because they cannot be produced in the United States.

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Definitions:

Consumer Surplus

The offset between what customers are willing and able to pay for a service or product and what they actually expend.

Consumer Surplus

The distinction between the ideal spending amount of consumers on a good or service and their actual expenditure.

Government

The organization that is the governing authority of a political unit, responsible for creating and enforcing laws and managing public services.

Transfer

The movement of something from one place, person, or ownership to another, often without the exchange of money.