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What of these describes the law of comparative costs?
Countries with the most efficient factors of production could produce the most profitable goods.
What is the comparative of get?
There is no comparative of get.
What are the comparative or superlative of affectionate?
comparative
What is the comparative and superlative of the word talented?
comparative
What is the comparative degree of speed?
"Speed" is a noun and a verb and, as such, does not have a comparative degree. The comparative of the adjective speedy is speedier.
What is the comparative and superlative of effcient?
more efficient, most efficient
What if one nation becomes more efficient than another nation at producing a specific product?
a comparative advantage
What of these describes the law of comparative costs?
Countries with the most efficient factors of production could produce the most profitable goods.
What role does comparative advantage play in facilitating trade in a global economy?
Comparative advantage is the ability of a country to produce goods or services at a lower opportunity cost than another country. This allows countries to specialize in producing what they are most efficient at, and then trade with other countries for goods and services they are less efficient at producing. This specialization and trade based on comparative advantage leads to increased efficiency, higher productivity, and overall economic growth in a global economy.
What is the best description of comparative advantage and how does it impact international trade?
Comparative advantage is when a country can produce a good or service at a lower opportunity cost than another country. This means that each country specializes in producing what they are most efficient at, leading to increased productivity and overall economic growth. In international trade, countries can benefit by trading goods and services with each other based on their comparative advantages, leading to mutual gains and a more efficient allocation of resources globally.
What factors must a country possess in order to have a comparative advantage in the production of a specific good?
A country must have factors such as abundant resources, advanced technology, skilled labor, efficient infrastructure, and favorable government policies to have a comparative advantage in the production of a specific good.
When does County X have a comparative advantage in the production of coffee?
Country X doesn't give up a more efficient form of production in order to grow coffee.
Grew due to the goals of increasing its international trade?
consumers having wider choice of goods and services, companies have wider choice of raw materials which grows the rate of industrialisation, encourages competition cq efficient production cq efficient use of resources, comparative advantage = specialised production, economies of scale due to comparative advantage, increase of living standards.
What is the comparative of get?
There is no comparative of get.
What is the source of the gains from trade?
The gains from trade come from each party specializing in producing the goods or services in which they have a comparative advantage and then trading with others who have different comparative advantages. This allows for more efficient production, lower costs, increased output, and ultimately benefits all trading parties.
Why do Supporters of opening international markets believe free-trade policies are the most efficient way to foster growth?
each country specializes in goods and services in which it has a comparative advantage.
What is the comparative of first?
The comparative of "first" is "earlier" or "prior".
