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Match each of the terms below with its definition.

  • Question 5a of 10 - Specialization

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Match each of the terms below with its definition.
  • Answers:
  1. Absolute advantage. The ability to produce more cheaply
  2. Comparative advantage. The existence of lower opportunity costs than competitors
  3. Opportunity cost. The best alternative given up by a particular production decision
  4. Protectionism. The existence of barriers to free-flowing trade

The correct answer is: Absolute advantage: The ability to produce more cheaply; Comparative advantage: The existence of lower opportunity costs than competitors; Opportunity cost: The best alternative given up by a particular production decision; Protectionism: The existence of barriers to free-flowing trade

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