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5 Written questions

5 Multiple choice questions


  1. What can Good2 be traded for?

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

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

  4. What is the opportunity cost of Good2 for Country1?

  5. What can Good2 be traded for?

5 True/False questions

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

          

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

          

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

          

  4. w/z
    What is the opportunity cost of Good2 for Country2?

          

  5. opportunity costwhatever must be given up to obtain some item