The difference between absolute and comparative advantage is that:
a. absolute advantage refers to input cost, while comparative advantage refers to opportunity cost.
b. absolute advantage refers to opportunity cost, while comparative advantage refers to input cost.
c. absolute advantage refers to individuals, and comparative advantage refers to countries.
d. absolute advantage refers to countries, and comparative advantage refers to individuals.
e. absolute advantage is applicable to intranational trade, while comparative advantage applies to international trade.
Question 2
If the government overcorrected in a situation of external costs
a. More than the efficient amount of the good would end up being produced.
b. Less than the efficient amount of the good would end up being produced.
c. It would result in a welfare cost in that market.
d. Both b and c are would result.
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