Comparative Advantage
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Find the opportunity cost of 1 pair of shoes if 3 hats are lost.
QUESTION
What dictates the allocation of resources in international trade?
QUESTION
What is the basis of a country's specialization?
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ANSWER
Comparative advantage. Countries focus on goods with lowest opportunity costs.
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