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March 30, 2015

Homework Help: Microeconomics

Posted by LCK on Thursday, February 28, 2013 at 7:21pm.

Which statement is FALSE?
A. If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an absolute advantage.

B. Economists dislike both tariffs and import quotas.

C. Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently.

D. No nation will engage in trade with another nation unless it will gain by that trade.

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