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17 Feb 2018

20) Debra has an absolute advantage in producing a good when she A) can produce the good at lower opportunity cost than anyone else. B) has exclusive rights to sell that good. C) has a comparative advantage in producing that good. D) has better technology than anyone else. E) can produce more of that good than anyone else, using the same quantity of inputs.

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Related questions

1. The law of comparative advantage says that:

A. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good.

B. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good

C. the individual with the lowest opportunity cost of producing a particular good should produce it

D. comparative advantage exists only when one person has an absolute advantage in the production of two goods

2. A country has an absolute advantage in the production of a good if that country:

A. can produce good using fewer resources than another country would require

B. has the lowest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

C. has the greatest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

D. has the lowest opportunity cost of producing the good and can produce it with the fewest resources

3. A production possibilities frontier can shift outward for all of the following reasons except:

A. a larger workforce

B. a decrease in the size of the labor force

C. an increase in the skills of the labor force

D. an improvement in technology

8) Individuals A and B can both produce good X. We say that A has a comparative advantage in the production of good X if A) A can produce more units of X in a given time period than B. B) A can produce X using newer technology than B. C) A has a higher opportunity cost of producing X than B. D) A has a lower opportunity cost of producing X than B. E) A can produce less units of X in a given time period than B.

31) 31) Individuals A and B can both produce good X. We say that A has a comparative advantage in the production of good X if A) A has a higher opportunity cost of producing X than B. B) A can produce less units of X in a given time period than B. C) A can produce more units of X in a given time period than B. D) A can produce X using newer technology than B. E) A has a lower opportunity cost of producing X than B.

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