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Econ 202 Exam 1 with Questions and Answer.
4 Main Sources of comparative advantage? - 1. climate and natural resources 2. relative abundance of labor and capital 3. technology 4. external economies 4 Reasons why protectionism in justified? - 1. saves job 2. protects high wages 3. protecting infant industries 4. protecting natural reasources absolute advantage - the ability of an individual, a firm or a country to produce more of a good, service than competitors, using the same amound of resources allocations efficiency - a stat...
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4 Main Sources of comparative advantage? - 1. climate and natural resources 2. relative abundance of labor and capital 3. technology 4. external economies 4 Reasons why protectionism in justified? - 1. saves job 2. protects high wages 3. protecting infant industries 4. protecting natural reasources absolute advantage - the ability of an individual, a firm or a country to produce more of a good, service than competitors, using the same amound of resources allocations efficiency - a stat...