Which of the following is the ability to produce something more efficiently than any other country can?
|Term ____ refers to programs designed to ensure that export-dependent farmers in developing countries receive fair prices for their crops.||Definition Fair trade|
|Term The ability to produce something more efficiently than any other country can.||Definition Absolute advantage|
What is it called when a country is able to produce more of a given product than another country?
Absolute advantage is a country’s ability to produce a given product more efficiently than can another country; comparative advantage is a country’s ability to produce a given product relatively more efficiently than can another country.
When a person or nation can produce more of a given product using a given amount of resources it is called?
absoloute advantage. the ability to produce more of a given product using a given amount of resources.
Which term refers to one country’s ability to produce a certain product at a lower cost or using fewer resources than it would to produce another goo?
Comparative advantage is when a country can produce a good at a lower cost in terms of other goods or when a country has a lower opportunity cost of production.
Which country has an absolute advantage in wheat production?
What is an example of a country that is overly dependent?
Answer: a country that imports all of its oil.
What is the range of prices at which trade can occur?
d. What is the range of prices at which trade can occur? Trade can occur at any price between 1 and 2 pairs of red socks per pair of white socks.
Why do countries trade with each other?
Nations trade because they gain by doing so. The principle of comparative advantage states that each country should specialize in the goods it can produce most readily and cheaply and trade them for those that other countries can produce most readily and cheaply.
What is invisible trade?
Invisible trade refers to an international transaction which does not involve tangible goods, but services, such as consultancy services, insurance, banking, intellectual property, international tourism, etc. In other words, it is the import and export of services between countries.
Which country is considered the world’s richest country by GDP?
For example, Iceland makes the top 10 at $57,189, but the island’s population is only around 342,000 people. Similarly, Luxembourg’s population is just under 633,000—but it’s the richest country in the world on a per capita basis….Mapped: The 25 Richest Countries in the World.
|Country||GDP per capita (USD)|
What happens when two parties willingly trade with each other?
Bartering is the exchange of goods and services between two or more parties without the use of money. Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods. The IRS considers bartering to be a form of income that incurs taxes.