countries should specialize in the production of goods that they enjoy consuming

countries with a comparative advantage in the production of every good need not specialize.

countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners

countries should specialize in the production of goods for which they use fewer resources in production than their trading partners.

A self-sufficient country can, at best, consume on its production possibilities frontier.

Only countries with an absolute advantage in the production of every good should strive to be self-sufficient.

A self-sufficient country consumes outside its production possibilities frontier

Self-sufficiency is the road to prosperity for most countries.

the domestic price of 1 ring is 1/4 of a watch.

the domestic price of 1 ring is 3 watches

the domestic price of 1 ring is 1/3 of a watch

the domestic price of 1 ring is 12 watches

the opportunity cost of 1 watch is 1/4 of a ring

the opportunity cost of 1 watch is 4 rings.

the opportunity cost of 1 watch is 3 rings

the opportunity cost of 1 watch is 12 rings

Australia has an absolute advantage in the production of food while Korea has an absolute advantage in the production of electronics

Korea has an absolute advantage in the production of food while Australia has an absolute advantage in the production of electronics

Australia has an absolute advantage in the production of both food and electronics

Korea has an absolute advantage in the production of both food and electronics