Which of the Following Statements About Absolute and Comparative Advantage

question 126

Multiple Choice

Which of the following statements about absolute and comparative advantage is not true? A country may have:

• A) a comparative advantage but not an absolute advantage in the production of a good.
• B) an absolute advantage but not a comparative advantage in the production of a good
• C) the absolute advantage in the production of all goods.
• D) neither absolute nor comparative advantage in the production of any goods.

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Definitions:

Total Revenue

The total amount of money generated by a company from its business activities, such as sales of goods or services, before any expenses are subtracted.

Mass Customization

A manufacturing approach that allows for the personalization of products to meet individual customer needs at near mass production prices.

Institutional Buyers

Large organizations such as mutual funds, pension funds, and insurance companies that buy or sell large quantities of securities or goods.

Intermediate-skill Players

Individuals who have progressed beyond beginner level in a skill or sport but are not yet at an expert level.