Author Question: An increase in the price of inputs will cause the supply curve for a product to shift to the right. ... (Read 88 times)

Awilson837

  • Hero Member
  • *****
  • Posts: 509
An increase in the price of inputs will cause the supply curve for a product to shift to the right.
 
  Indicate whether the statement is true or false

Question 2

Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product.
 
  What will be an ideal response?


Missbam101

  • Sr. Member
  • ****
  • Posts: 341
Answer to Question 1

FALSE

Answer to Question 2

A country can have an absolute advantage without having a comparative advantage in the production of a product, because having an absolute advantage means a country can produce more of the product than another country while using the same amount of resources, and having a comparative advantage means that the country can produce the product at a lower opportunity cost than another country. Having a comparative advantage is not required to have an absolute advantage.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Thyroid conditions may make getting pregnant impossible.

For a complete list of videos, visit our video library