IT2: Absolute advantage, comparative advantage, benefits of trade

Last updated over 6 years ago

5 Nsɛmmisa

Laabri

IT2: Absolute advantage, comparative advantage, benefits of trade

Last updated over 6 years ago

5 Nsɛmmisa

Asemmisa {{asɛmmisaAhyɛnsode}}

A country that can produce more than another country using the same amount of resources is called

Complete advantage

Absolute advantage

Unilateral advantage

Comparative advantage

Asemmisa {{asɛmmisaAhyɛnsode}}

Which country above has the absolute advantage in cars and/or bikes?

Country A has the absolute advantage in both products

Country B has the absolute advantge in bikes and country A in cars

Country A has the absolute advantage in cars and country B in bikes

Country B has the absolute advantage in both products

Asemmisa {{asɛmmisaAhyɛnsode}}

Which country above has the comparative advantage in cars?

Neither country

Country B

Country A

Both countries

Asemmisa {{asɛmmisaAhyɛnsode}}

A country that can produce output at a lower opportunity cost relative to another country is called

Unilateral advantage

Complete advantage

Comparative advantage

Absolute advantage

Asemmisa {{asɛmmisaAhyɛnsode}}

Which of the following is NOT a benefit of trade?

More total world output

Greater variety of goods available to consumers

Higher prices paid by consumers

More efficient use of resources

Asemmisa {{asɛmmisaAhyɛnsode}}

A country that can produce more than another country using the same amount of resources is called

Complete advantage

Absolute advantage

Unilateral advantage

Comparative advantage

Asemmisa {{asɛmmisaAhyɛnsode}}

Which country above has the absolute advantage in cars and/or bikes?

Country A has the absolute advantage in both products

Country B has the absolute advantge in bikes and country A in cars

Country A has the absolute advantage in cars and country B in bikes

Country B has the absolute advantage in both products

Asemmisa {{asɛmmisaAhyɛnsode}}

Which country above has the comparative advantage in cars?

Neither country

Country B

Country A

Both countries

Asemmisa {{asɛmmisaAhyɛnsode}}

A country that can produce output at a lower opportunity cost relative to another country is called

Unilateral advantage

Complete advantage

Comparative advantage

Absolute advantage

Asemmisa {{asɛmmisaAhyɛnsode}}

Which of the following is NOT a benefit of trade?

More total world output

Greater variety of goods available to consumers

Higher prices paid by consumers

More efficient use of resources