Once a Country Has a Comparative Advantage in Producing a Product

question 13

True/False

Once a country has a comparative advantage in producing a product, it cannot lose that advantage.

Recognize the various forms and importance of technological advances across different time scales and industries.

Identify the major components and priorities in U.S. research and development (R&D) spending.

Comprehend how technological advances are represented through shifts and movements in the production possibilities curve.

Grasp the concept of diffusion and its significance in spreading innovations.

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Definitions:

Social Security

A government program designed to provide financial assistance to retirees, disabled individuals, and survivors of deceased workers, funded through payroll taxes.

Federal Government

The national government of a federation that holds authority over the central matters of governance, as distinct from regional or local governments.

Tax Revenue

The income that is gained by governments through taxation, which is then used to fund public services and infrastructure.

Medicare

A federal health insurance program in the United States primarily for people aged 65 and older, along with certain younger people with disabilities.