The Price of Sugar That Prevails in International Markets Is

question 10

Multiple Choice

The price of sugar that prevails in international markets is called the

• A)export price of sugar.
• B)import price of sugar.
• C)comparative-advantage price of sugar.
• D)world price of sugar.

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Definitions:

Absolute Advantage

The ability of a country or individual to produce a good or service more efficiently than others, using fewer resources.

Terms Of Trade

How much of one good exchanges for a unit of another good.

Comparative Advantage

The ability of a country or entity to produce a particular good or service at a lower opportunity cost than others, leading to more efficient international trade.

World Output

The total value of goods and services produced across the globe within a specific time frame, often used to measure the economic performance of the global economy.