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The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. How is a comparative advantage obtained? a. by
increasing the amount of goods that are traded b. by producing only products with a high demand value c. by limiting trade to nonrenewable products d. by producing a product with a lower opportunity cost
The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. A comparative advantage is obtained by producing a product with a lower opportunity cost. ]
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User: The ability to produce more of a given product using a given amount of resources is called: a. comparative advantage c. resource advantage b. absolute advantage d. technological advantage

User: The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. How is a comparative advantage obtained? a. by increasing the amount of goods that are traded b. by producing only products with a high demand value c. by limiting trade to nonrenewable products d. by producing a product with a lower opportunity cost

Weegy: The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. A comparative advantage is obtained by producing a product with a lower opportunity cost. ]
Expert answered|yumdrea|Points 3537|



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Asked 1/2/2014 3:06:12 PM
Updated 1/3/2014 3:40:51 AM
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This conversation has been confirmed as correct, not copied, and helpful.
Confirmed by andrewpallarca, Edited by andrewpallarca [7/31/2014 9:21:47 AM]
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The ability to produce more of a given product using a given amount of resources is called: b. absolute advantage.

Added 1/3/2014 3:40:51 AM
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The United States placed a limit on the number of cars that can be brought into the country for sale. This is an example of a. an import quota. c. a customs duty. b. a tariff. d. a voluntary export restraint.
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Updated 1/2/2014 5:58:05 PM
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When a nation imports more than it exports, economists say it has a TRADE DEFICIT.
Added 1/2/2014 5:58:05 PM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by andrewpallarca [7/31/2014 9:19:04 AM]
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