When a country requires fewer resources to produce a product than other countries, it isĪ) absolute advantage in the production of the product.ī) comparative advantage in the production of the product.Ĭ) higher opportunity cost of producing the product.ĭ) lower opportunity cost of producing the product. Which of the following is NOT considered to be a factor of production?.What is the MOST likely reason why neighboring nations engage in trade?ĭ) shared member ship in a free-trade areaĪ country's factors of production includes:Ī) its labor, capital, natural resources, and markets.Ĭ) only its capital and natural resources.ĭ) its labor, capital, and natural resources. Which of the following is the MOST likely explanation for a Detroit constructionĬompany's imports of concrete blocks made in Windsor, Ontario? Which of the following is NOT a reason why countries trade goods with one another?Ī) differences in technology used in different countriesī) differences in countries' tota l amount of resourcesĬ) the proximity of countries to one anotherĭ) differences in countries' language s and culturesĭavid Ricardo's model explains trade based on: International Economics 4th Edition Feenstra Test Bank Full clear download( no error formatting) at: feenstra-test-bank/ International Economics 4th Edition Feenstra Solutions Manual Full clear download( no error formatting) at: feenstra-solutions-manual/
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