________ Is the Ability of an Individual, a Firm, or a Country

question 82

Multiple Choice

________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.

• A)Absolute advantage
• B)Specialization
• C)Autarky
• D)Comparative advantage

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Definitions:

Responsibilities

Duties or tasks that one is required or expected to perform as part of a job or role.

Exchange Rates

The value of one currency expressed in terms of another currency.

Transaction

An instance of buying or selling something; a business deal or action.

Currency Exchange

The process of exchanging one country's currency for another country's currency, typically at a rate determined by the foreign exchange market.