Question

1) it is possible for one country to have a comparative advantage in the production of all products

A) TRUE

B) FALSE

2) the most recent data indicates households in the top fifth of the income distribution earns as much income as the bottom four fifths combined

A) TRUE

B) FALSE

3) in the united states most income comes from stocks and bonds

A) TRUE

B) FALSE

4) which country is the the United States' largest trading partner?

A) CANDA

B) JAPAN

C) GREAT BRITAIN

D) MEXICO

Question 1 It is possible for one country to have a comparative advantage in the production of all products. True False

Answer 1

1. The given statement is False. A country can have absolute advantage in the production of all products but it isn't possible for a country to have comparative advantage in the production of all goods. Because, a country may have higher productivity in production of all goods compared to other countries but that doesn't mean it can produce all goods at a lower opportunity cost.

Answer: False