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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.4
Which of the following best defines absolute advantage in economics?
The ability to specialize in the production of goods and services.
The ability to produce more of a good or service with a given amount of resources than someone else.
The rate at which one good can be exchanged for another.
The ability to produce a good at the lowest opportunity cost.
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AP Microeconomics - 1.4 Comparative Advantage and Trade
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Absolute Advantage
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About Fiveable
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CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
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Crisis Text Line
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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