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Macro 1.3 Advantage and Trade Open Practice

Last updated 6 months ago

10 questions

1

Perry has an absolute advantage in the production of

1

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?

1

Perry has a comparative advantage in the production of

1

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?

1

Being able to make something using fewer resources than other producers require would give you a(n)

1

The law of comparative advantage helps explain

1

In the above figure, Jack's opportunity cost of producing 1 gallon of bottled water is ____ of soda.

1

In the table above, how many jackets must Mary forgo for every dress she makes?

1

Using the figure above, if Jack and Jill specialize and gain from trade, then

1

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