Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which statement is correct? a. The term comparative advantage means: Having the ability to produce something with fewer resources (or to accomplish a task in

Which statement is correct?

a. The term comparative advantage means: Having the ability to produce something with fewer resources (or to accomplish a task in fewer hours) than someone else.

b. The term comparative advantage means: Having the ability to produce something (or to accomplish a task) at a lower opportunity cost than someone else.

c. Workers who lack comparative advantage in what they do should be trained to improve their skills.

d. Workers who lack comparative advantage in what they do should be fired.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations of Macroeconomics

Authors: Robin Bade, Michael Parkin

6th edition

132831007, 978-0132831000

More Books

Students also viewed these Economics questions