____ 78. Which of the following observations is true of the principle of comparative advantage? a. It arises from the absolute cost advantage. b. It helps determine most efficient patterns of production. c. It was advanced by Adam Smith. d. It means producing a good using smaller quantities of resources than others. ____ 79. If a nation does not have an absolute advantage in producing anything, it a. has no comparative advantage either. b. will have a comparative advantage in the activity in which it is least inefficient. c. will try to get along without trade. d. will export raw materials and import finished products. ____ 21. Unconventional monetary policies include massive lending to banks and open-market purchases of assets other than Treasury bills. ____ 22. The Federal Open Market Committee oversees the money supply through the purchase and sale of government securities. ____ 23. Open market operations affect the supply of reserves.