Which of the following BEST defines absolute advantage in terms of international trade? A. When a nation only imports and never exports B. When a nation only exports and never imports C. When a nation has more buying power than any other nation D. When a nation can produce a good or service more efficiently than any other nation
Business · High School · Thu Feb 04 2021
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The BEST definition of absolute advantage in terms of international trade is:
D. When a nation can produce a good or service more efficiently than any other nation.
Absolute advantage refers to a situation where a country can produce a particular good or service more efficiently with fewer resources or at a lower cost than any other nation. This efficiency gives the country a competitive edge in international trade for that specific product or service.