When a nation requires fewer resources than another nation to produce a product, the nation is said to have a(n):
A: Absolute advantage in the production of the product
B: Comparative advantage in the production of the product
C: Lower marginal rate of transformation for the product
D: Lower opportunity cost of producing the product
A: Absolute advantage in the production of the product
B: Comparative advantage in the production of the product
C: Lower marginal rate of transformation for the product
D: Lower opportunity cost of producing the product
举一反三
- Suppose Jim and Tom can both produce baseball bats. If Jim’s opportunity cost of producing baseball bats is lower than Tom’s opportunity cost of producing baseball bats, then A: Tom must have an absolute advantage in the production of baseball bats. B: Jim must have an absolute advantage in the production of baseball bats. C: Tom has a comparative advantage in the production of baseball bats. D: Jim has a comparative advantage in the production of baseball bats.
- When one producer has a lower opportunity cost of production than another producer for a given item, what exists? A: Absolute disadvantage B: Comparative disadvantage C: Comparative advantage D: Absolute advantage
- _______explains how mutually beneficial trade can take place even when one nation is less efficient than another nation in the production of all commodities.（ ） A: Mercantilism B: The law of comparative advantage C: The labor theory of value D: The law of absolute advantage
- According to Ricardo, a country will have a comparative advantage in the product in which its
- . ____and wage increases have not kept in step. A: ;Production B: ;Product C: ;Produce D: Productivity