Interview Questions Answers.ORG
Interviewer And Interviewee Guide
Interviews
Quizzes
Home
Quizzes
Interviews Business and Economics Interviews:Account Manager AssistantAccountantAccounting ClerkAccounts ExecutiveAccounts OfficerAccounts Receivable (AR)AI AlgorithmsBPELBudgetingBusiness Development AssociateBusiness Development OfficerBusiness Development ResearcherBusiness Executive DevelopmentBusiness RatiosBusiness StrategyCA (Chartered Accountants)Change managementChief executive officer (CEO)Company Affairs (CS)Competitive StrategyCooperation SkillsCorporate StrategyCSCustomer ExperienceCustomer ServiceDeposit AccountEcommerce Customer Support ExecutiveEcommerce ManagerEconomicsExecutive International BusinessFinancialFixed AssetsGeneral AccountingGeneral LedgerGood SupervisorHospitality AccountingICWAImport Export SpecialistInsuranceIntegrated AuditsInventory AccountingInventory planning and controlManager Business UnitMerchandiserMergers & AcquisitionsNonprofit AccountingOrganizational IssuesOrganizational SkillsPayables ManagementPayroll ManagementPersonal AccountsPersonal Business AdviserPetty CashPrivate EquityProbation OfficerPublic relationsPurchase ExecutivePurchase PlannerPurchasing ManagerPurchasing OfficerQuality AuditsQuality MeasuresResearcher TraineeResponsibilityRetailRetaining Good EmployeesSecretary Accounts OfficerSenior Tax OfficerStrategy MethodsSuccessful StrategySweep AccountsTAX AccountantTaxationTransactional AccountsUser AccountWork Pressure
Copyright © 2018. All Rights Reserved
ICWA Interview Question:
Explain what are the differences between absolute advantage and comparative advantage?
Submitted by: AdministratorAbsolute advantage and comparative advantage are two basic concepts to international trade. Under absolute advantage, one country can produce more output per unit of productive input than another can. With comparative advantage, if one country has an absolute (dis)advantage in every type of output, the other might benefit from specializing in and exporting those products, if any exist.
A country has an absolute advantage economically over another, in a particular good, when it can produce that good at a lower cost. Using the same input of resources, a country with an absoluteadvantage will have greater output. Assuming this one good is the only item in the market, beneficial trade is impossible. An absolute advantage is one where trade is not mutually beneficial, as opposed to a comparative advantage where trade is mutually beneficial.
Submitted by: Administrator
A country has an absolute advantage economically over another, in a particular good, when it can produce that good at a lower cost. Using the same input of resources, a country with an absoluteadvantage will have greater output. Assuming this one good is the only item in the market, beneficial trade is impossible. An absolute advantage is one where trade is not mutually beneficial, as opposed to a comparative advantage where trade is mutually beneficial.
Submitted by: Administrator
Copyright 2007-2024 by Interview Questions Answers .ORG All Rights Reserved.
https://InterviewQuestionsAnswers.ORG.
https://InterviewQuestionsAnswers.ORG.