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5 Written questions

5 Multiple choice questions


  1. What is the opportunity cost of Good2 for Country2?
  2. whatever must be given up to obtain some item

  3. What is the opportunity cost of Good1 for Country2?

  4. What can Good2 be traded for?
  5. the ability to produce a good at a lower opportunity cost than another producer

5 True/False questions

  1. y/x
    What is the opportunity cost of Good1 for Country1?

          

  2. w/z
    What is the opportunity cost of Good2 for Country1?

          

  3. absolute advantagethe ability to produce a good at a lower opportunity cost than another producer

          

  4. x/y
    What is the opportunity cost of Good2 for Country2?

          

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

          

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