NAME: ECON 101 Show ECON 101 CHAPTER #20 QUESTION 1 1. The slope of the production possibility frontier is determined by the _________ of expanding production of one good, measured by how much of the other good would be lost. 6.662 points QUESTION 2 1. When one nation can produce a product at lower cost relative to another nation, it is said to have a(n)____________________in producing that product. 6.667 points QUESTION 3 1. Colombia produces coffee with less labor and land than any other country; it therefore necessarily has: both a comparative and absolute advantage in coffee production. an absolute advantage and comparative disadvantage in coffee production. an absolute advantage in coffee production a comparative advantage in coffee production. 6.667 points QUESTION 4 1. The idea behind comparative advantage reflects the possibility that one party: may be able to produce something at a lower dollar cost than another party.  with an absolute advantage in producing two different may export goods both of those goods to the other party. may be able to produce something at a lower opportunity cost than another party. may be able to produce everything relatively more efficiently than another party. 6.667 points QUESTION 5 1. Alternate Outputs from One Day's Labor Input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. From the data, the USA: should export textiles to India. has a comparative advantage in the production of textiles. has an absolute advantage over India in the production of textiles. has an absolute advantage over India in the production of wheat. 6.667 points QUESTION 6 1. Suppose that Canada can produce 100,000 hockey sticks or 10,000 gallons of maple syrup in a typical workweek, while Germany can produce 90,000 hockey sticks or 10,000 gallons of maple syrup in a typical workweek. From these numbers, we can conclude: Germany has an absolute advantage in the production of maple syrup. Canada has an absolute advantage in the production of maple syrup. Germany has a comparative advantage in the production of hockey sticks. Canada has a comparative advantage in the production of hockey sticks. 6.667 points QUESTION 7 1. The underlying reason why trade benefits both sides of a trading arrangement is rooted in the concept of. End of Preview - Want to read all 5 pages? Access Now Unformatted Attachment Preview NAME: ECON 101 ECON 101 CHAPTER #20 QUESTION 1 1. The slope of the production possibility frontier is
determined by the _________ of expanding production of one good, measured by how much of the other good would be lost. specialization opportunity cost relative advantage absolute advantage 6.662 points QUESTION 2 1. When one nation can produce a product at lower cost relative to another nation, it is said to have a(n)____________________in producing that product. absolute advantage relative advantage production efficiency economy of scale 6.667 points QUESTION 3 1. Colombia produces coffee with
less labor and land than any other country; it therefore necessarily has: both a comparative and absolute advantage in coffee production. an absolute advantage and comparative disadvantage in coffee production. an absolute advantage in coffee production a comparative advantage in coffee production. 6.667 points QUESTION 4 1. The idea behind comparative advantage reflects the possibility that one party: may be able to produce something at a lower dollar cost than another party. NAME: ECON 101
with an absolute advantage in producing two different may export goods both of those goods to the other party. may be able to produce something at a lower opportunity cost than another party. may be able to produce everything relatively more efficiently than another party. 6.667 points QUESTION 5 1. Alternate Outputs from One Day's Labor Input: USA: 12 bushels of wheat or 3 yards ... User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service. Studypool 4.7 Trustpilot
4.5 Sitejabber 4.4 What does comparative advantage reflect quizlet?What does comparative advantage reflect? It reflects the relative opportunity cost.
What does it mean to have a comparative advantage quizlet?Comparative Advantage. One person has a comparative advantage over another if his or her opportunity cost of performing a task is lower than the other person's opportunity cost (more efficient) -- Fundamental basis for international trade. The Principle of Comparative Advantage. Max.
Which of the following is true about comparative advantage quizlet?Which of the following is true of comparative advantage? The law of comparative advantage states that the individual with the lower opportunity cost of producing a particular output should specialize in that output.
How is comparative advantage determined quizlet?Comparative advantage is determined by the opportunity cost of production. For two individuals who engage in the same two productive activities, it is impossible for one of the two individuals to have a comparative advantage in both activities.
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The idea behind comparative advantage reflects the possibility that one party:
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