Economics questions. How can I determine Absolute/Comparative?. Also, how can I determine opportunity cost?
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Economics questions. How can I determine Absolute/Comparative?. Also, how can I determine opportunity cost? Here is a print screen from my quiz, and I scored wrong on this question as you can see. Please answer my question and show me how I can determine the correct answers using the quiz question I missed! http://i1086.photobucket.com/albums/j457/Study24072/Picture1.png
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Answer:
Opportunity cost is what was given up Absolute advantage refers to a country’s ability to produce a certain good more efficiently than another country. Comparative advantage refers to a country’s ability to produce a particular good with a lower opportunity cost than another country.
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