If Discussing Trade, It Is ____ Which Matters, Rather Than

question 24

Multiple Choice

If discussing trade, it is ____ which matters, rather than ____. absolute advantage; comparative advantage

• A)​absolute advantage; comparative advantage
• B)​comparative advantage; absolute advantage
• C)​resource cost; comparative advantage
• D)​the total amount of the good producible; comparative advantage

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions actually occurred.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.

Asset Account

A financial account that represents the resources owned by a company, which have future economic value.

Liability Account

An accounting record that represents debts or obligations a company owes to others.