Author Question: An increase in the price of inputs will cause the supply curve for a product to shift to the right. ... (Read 33 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?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

More than 20 million Americans cite use of marijuana within the past 30 days, according to the National Survey on Drug Use and Health (NSDUH). More than 8 million admit to using it almost every day.

For a complete list of videos, visit our video library