absolute advantage and comparative advantage 2 What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages? Why will this...

absolute advantage and comparative advantage

2 What are

absolute advantage and comparative advantage? Why will resources specialize

according to their comparative advantages? Why will this specialization

increase production? Why will specialization increase trade?

7 Who is

counted as employed or unemployed in the unemployment statistics? What groups

in society are not represented at all in the unemployment statistics (ie, who

is not a part of the civilian labor force)? How is the unemployment rate

measured?

8 Describe

the limitations of using Gross Domestic Product (GDP) as a measure of economic

activity