A country has a comparative advantage in the production of a product if the good’s _____ cost in different from the good’s _____ cost in another country ?

Related Mcqs:

Economists suggest that an optimum tariff would be one which reduce imports to a point where___________?

A. Comparative advantage is achieved B. Price elasticity of imports is unity and tariff revenue is maximized C. import prices are the same as export prices D. marginal social cost equals marginal social benefit...

Tariffs ?

A. Decrease the domestic price of a product B. Increase government earnings from tax C. Increase the quantity of imports D. Decrease domestic production...

A main advantage of specialization results from ?

A. Economies of large-scale production B. The specializing country behaving as a monopoly C. Smaller production runs resulting in lower unit costs D. High wages paid to foreign workers...

The terms of trade measure ?

A. The income of one country compared to another B. The GDP of one country compared to another C. The quantity of exports of one country compared to another D. Export prices compared to import prices...

The marginal propensity of consume is equal to ?

A. Total spending / total consumption B. Total consumption / total income C. Change in consumption / change in income D. Change in consumption / change in savings...