Critically Evaluate the Following Statement

question 43

Essay

Critically evaluate the following statement. "If a country can produce a good using fewer inputs than other country then that means that country enjoys a comparative advantage."

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Definitions:

Percent

A mathematical term describing a number or ratio expressed as a fraction of 100.

Improper Fraction

A fraction where the numerator is greater than or equal to the denominator.

Numerator

The top number in a fraction that indicates the number of parts considered, relative to the denominator.

Denominator

The bottom number in a fraction, which represents the total number of equal parts the whole is divided into.