Which of the following statements is false? a. A country has a comparative advantage in producing that good it can produce at lower opportunity cost than another country. b. Some of the goods the U.S. exports include cars, coal, and wheat. c. Some of the goods the U.S. imports include cars, oil, and coffee. d.
21. A country has a comparative advantage in the production of good X when it a. can produce more X with a given amount of resources than another country. b. also has an absolute advantage in the production of X. c. can produce X at a lower relative cost than can another country. d. is richer and has more resources than another country.
D) A country has a comparative advantage in the production of a good if it can produce the good at lower opportunity cost than any other country. E) None of the above answers is correct. D
Economics is best described as the study of: how a nation chooses to allocate its scarce resources. Because resources are scarce, but wants are not: consumers must make choices. In one hour, Sally can write 3 term papers or bake 1 dozen chocolate chip cookies.
Quantity Supplied. is how much of a good or service that sellers are willing and able to supply at a particular price. The supply of a good or service: is the relationship between the quantity of a good or service and its price.