Question
The difference between absolute and comparative advantage is that: Group of answer choices absolute advantage refers to input cost, while comparative advantage refers to opportunity
The difference between absolute and comparative advantage is that:
Group of answer choices
absolute advantage refers to input cost, while comparative advantage refers to opportunity cost.
absolute advantage refers to opportunity cost, while comparative advantage refers to input cost.
absolute advantage refers to individuals, and comparative advantage refers to countries.
absolute advantage refers to countries, and comparative advantage refers to individuals.
absolute advantage is applicable to intranational trade, while comparative advantage applies to international trade.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Macroeconomics
Authors: N Gregory Mankiw
9th Edition
1464182892, 9781464182891
