12. In calculating the annual worth of an alternative over one life cycle, the value obtained is: a. The same value that would be obtained if two or more life cycles were used to calculate the annual worth. b. The same value that would be obtained in calculating the annual worth of infinite service for the alternative. c. The same value that would be obtained if the present worth of one life cycle were annualized over the alternative's life cycle. d. All of the above.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.