Econ 2110
Clemson University
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ECON 2110 - Clemson: Exam 1 Questions and Answers 2023 with complete solution
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ECON 2110 - Clemson: Exam 1 Questions and Answers 2023 with complete solution 
 
 
Absolute Advantage 
The ability to produce a good using fewer inputs than another producer. 
Comparative Advantage 
The ability to produce a good at a lower opportunity cost than another producer. 
Possible 
It is ( possible/impossible ) for a country to have an absolute advantage in both goods. 
Impossible 
It is ( possible/impossible ) for a country to have a comparative advantage in both goods. 
The inverse of ...
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