Question

a. Countries are _____ when they buy products and services from other countries.

A. exporters

B. retailers

C. importers

D. wholesalers

b. Which is true of an Absolute Advantage?

A. You are the only producer or source of the product.

B. You can produce the product with less resources than others.

C. This advantage does not last long.

D. all of the above

c. Opportunity cost means:

A. what you give up to make the product

B. what you will gain by making the product

C. how much society will pay for the product

D. none of the above

d. If a country sells more product than it buys, _____ exists.

A. a trade deficit

B. a trade surplus

C. a cost cutting opportunity

D. all of the above

e. The United States has a ______________.

A. trade surplus

B. trade deficit

C. both of the above

D. none of the above

Answer 1

A. (C) importers,

When any country buy goods and services from other countries so that country is importer .

B. (B) You can produce the product with less resources than others.

when a producer is produce in greater quantity in the same cost or the same quantity at lower cost, than other producers is called absolute advantage.

C. (A) what you give up to make the product.

The give up of other alternatives when one alternative is chosen.

D. (B) a trade surplus

When a country sell more products to other and buy less from other countries , so this country is in trade surplus.

​​​​​​

E. (B) trade deficit

United States is in trade deficit , according to 2019 data, US import $3.1 trillions and export $2.5 trillions so this is the reason for the trade deficit of US.

Hope it will help you.......

Thank you......!