When One Country Can Produce a Product at a Lower

question 159

Multiple Choice

When one country can produce a product at a lower cost in terms of other goods, that country is said to have

• A) an absolute advantage.
• B) a comparative advantage.
• C) a productive advantage.
• D) an unfair advantage.

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Definitions:

Seventeenth-Century Chesapeake

The region and period in early American history, focusing on the Chesapeake Bay area's development, society, and economy in the 1600s.

1650s and 1660s

A period in the 17th century marked by significant historical events, including the English Civil War's aftermath and the beginning of the Restoration era.

Legal Status

The condition of being recognized or categorized by law, typically affecting an individual's or entity's rights and duties.

Carolina

A region in the United States, historically divided into North and South Carolina, known for its roles in the colonial period, slavery, and the Civil War.