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5 Written Questions

5 Multiple Choice Questions


  1. What is the opportunity cost of Good2 for Country2?

  2. What can Good2 be traded for?

  3. What is the opportunity cost of Good1 for Country1?
  4. whatever must be given up to obtain some item

  5. What is the opportunity cost of Good1 for Country1?

5 True/False Questions

  1. comparative advantagethe ability to produce a good using fewer inputs than another producer

          

  2. absolute advantagethe ability to produce a good using fewer inputs than another producer

          

  3. between y/x and w/z
    What can Good1 be traded for?

          

  4. y/x
    What is the opportunity cost of Good1 for Country2?

          

  5. w/z
    What is the opportunity cost of Good1 for Country2?

          

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