Multiple choice r 1. If one person can perform a task in fewer hours than another, you know the person has in performing the task. r a. an absolute advantage rb. a comparative advantage rc. both a comparative advantage and an absolute advantage r d. neither an absolute nor a comparative advantage re. either an absolute or a comparative advantage
Multiple Choice 1. If one person can perform a task in fewer hours than another, you know the person has ________________in performing the task. a. an absolute advantage. b. a comparative advantage. c. both a comparative advantage and an absolute advantage. d. neither an absolute nor a comparative advantage. e. either an absolute or a comparative advantage
r 2. If a person' s opportunity cost of performing a task is lower than another person's, you know the person has in performing the task r a. an absolute advantage rb. a comparative advantage r C. both a comparative advantage and an absolute advantage r d. neither an absolute nor a comparative advantage re. either an absolute or a comparative advantage
2. If a person's opportunity cost of performing a task is lower than another person's, you know the person has _________ in performing the task. a. an absolute advantage. b. a comparative advantage. c. both a comparative advantage and an absolute advantage. d. neither an absolute nor a comparative advantage. e. either an absolute or a comparative advantage
r3. Which of the following can be a source of comparative advantage for an individual? a, inborn talent b education C training rd. experience re all of the above
3.Which of the following can be a source of comparative advantage for an individual? a. inborn talent b. education c. training d. experience e. all of the above
r4. Which of the following can be a source of comparative advantage for a nation? a natural resources b. entrepreneurship speaking the English language rd. standards of production quality re all of the above
4. Which of the following can be a source of comparative advantage for a nation? a. natural resources b. entrepreneurship c. speaking the English language d. standards of production quality e. all of the above
r5. If a country experiences increasing opportunity costs, its production possibilities curve will a. be a straight line b. bow outward rc bow inward rd. shift out from the origin re. shift in toward the origin
5 . If a country experiences increasing opportunity costs, its production possibilities curve will a. be a straight line. b. bow outward. c. bow inward. d. shift out from the origin. e. shift in toward the origin
r 6. According to the Low-Hanging Fruit Principle, in expanding production of a good, you should first employ those resources a. where you have comparative advantage rb. where you have absolute advantage rC. with the highest opportunity cost rd. with the lowest opportunity cost re. that have the lowest price
6. According to the Low-Hanging Fruit Principle, in expanding production of a good, you should first employ those resources a. where you have comparative advantage. b. where you have absolute advantage. c. with the highest opportunity cost. d. with the lowest opportunity cost. e. that have the lowest price
r7. Which of the following is the basis for an argument against free trade? r a. The Principle of Comparative Advantage r b. the change in the total value of goods and services resulting from trade rc the distribution of the benefits from trade r d. The principle of Increasing Opportunity Costs re all of the above
7. Which of the following is the basis for an argument against free trade? a. The Principle of Comparative Advantage b. the change in the total value of goods and services resulting from trade c. the distribution of the benefits from trade d. The Principle of Increasing Opportunity Costs e. all of the above
