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[DOC File]Quiz 2-Summer 2009
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a) opportunity cost. b) comparative advantage. c) fixed cost. d) absolute advantage. ____ 13. When the total value of exports is higher than the total value of imports, a country experiences a. a) trade exchange. b) trade surplus. c) trade deficit. d) countertrade. ____ 14. The Chinese government has loosened control of its economy and is ...
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[DOC File]Globalization101
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Students understand the concepts of comparative and absolute advantage and apply these concepts to real- life applications. Learning Outcomes. Students define opportunity cost. Students define comparative advantage. Students define absolute advantage. Students can calculate the comparative and absolute advantage for countries engaged in trade with each other. Materials. Section on “The ...
comparative and absolute advantage quiz

[DOC File]DO NOT WRITE ON THIS PAPER - Rasco
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2011-04-09 · a. absolute advantage. O. b. political advantage. O. c. comparative advantage. O. d. technical advantage. 4. Trade is beneficial because. O. a. it creates jobs for middlemen. O. b. it creates jobs for shippers. O. c. it allows each nation to apply economic pressure on other nations. O. d. it allows each nation to specialize in doing what it does best. 5. Which of the following is NOT a benefit ...
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[DOC File]Q1 - Texas Tech University
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Considering comparative and absolute advantage: There are advantages to trade even though one country may have absolute advantage in production of all products. United States can produce 2.5 times as much wheat as Costa Rica but only twice as much coffee. Costa Rica should consider buying both products since the US is more efficient. Considering (b), the US should sell more coffee than wheat ...
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[DOC File]QUIZ 1 - University of Vermont
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Brian has an absolute advantage in the production of pizzas, but not hamburgers. He also has a comparative advantage in the production of pizzas. b. Brian has an absolute advantage in the production of hamburgers, but not pizzas. He also has a comparative advantage in the production of hamburgers. c. Brian has an absolute advantage in the production of hamburgers and pizzas. He also has a ...
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[DOC File]ANSWERS - McGraw Hill
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Comparative Advantage and Absolute Advantage. 4. Comparative advantage states that a country should sell those products it produces most effectively and efficiently and buy from other countries those products it can’t produce as effectively and efficiently. Every county has a comparative advantage in something. A country has an absolute advantage if it has a monopoly on producing a specific ...
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[DOC File]CHAPTER 5; TEST BANK
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comparative advantage. absolute advantage. situational advantage. advantage by proxy. 5. One benefit of trade is the improved _____ achieved by specialization according to comparative advantage. equity. efficiency. political stability. government borrowing. 6. A country with wages and labor productivity three times higher than another country will have: much higher labor costs for each unit of ...
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Comparative advantage absolute advantage quiz