Perry has an absolute advantage in the production of
Question 2
2.
Huey and Steve can grow potatoes or tomatoes. The table above shows the pounds of potatoes and tomatoes Huey and Steve can grow in a week. Based on the table, which of the following statements is correct?
Question 3
3.
Perry has a comparative advantage in the production of
Question 4
4.
For country Gamma the opportunity cost for producing 1 computer is 10 tons of steel. For country Beta the opportunity cost for producing 1 computer is 6 tons of steel. Which country has the comparative advantage in the production of steel?
Question 5
5.
Being able to make something using fewer resources than other producers require would give you a(n)
Question 6
6.
The law of comparative advantage helps explain
Question 7
7.
In the above figure, Jack's opportunity cost of producing 1 gallon of bottled water is ____ of soda.
Question 8
8.
In the table above, how many jackets must Mary forgo for every dress she makes?
Question 9
9.
Using the figure above, if Jack and Jill specialize and gain from trade, then
Question 10
10.
If Perry and Jordan each spends all their time producing the good in which they have a comparative advantage and trade takes place at a price of 1 novel for 7 poems, then