Micro 1.4-Advantage and Trade-Video Choice
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Last updated 4 months ago
10 questions
1
The three big topics are absolute advantage, comparative advantage and terms of tater tots.
The three big topics are absolute advantage, comparative advantage and terms of tater tots.
1
Who has absolute advantage in triangles, according to the model?
Who has absolute advantage in triangles, according to the model?
1
Paulastan has no incentive to trade since they have absolute advantage in both goods.
Paulastan has no incentive to trade since they have absolute advantage in both goods.
1
When looking at who should _______________ in producing a certain good, we should consider the __________________________ and NOT the _______________________ .
Other Answer Choices:
absolute advantage
comparative advantage
specialize
1
Paulastan would trade 1 plane for 1/2 car.
Paulastan would trade 1 plane for 1/2 car.
1
Opportunity Cost is the ____________valued foregone alternative and NOT __________ foregone opportunity, when making a choice.
Other Answer Choices:
highest
every
1
Opportunity cost is the direct cost of making a choice or decision.
Opportunity cost is the direct cost of making a choice or decision.
1
The overall cost of any decision is the out of pocket cost + opportunity cost.
The overall cost of any decision is the out of pocket cost + opportunity cost.
1
The opportunity cost is the __________ __________ foregone opportunity.
1
The opportunity cost will _______ from person to person. (1 word)
The opportunity cost will _______ from person to person. (1 word)