Trace and Advantages Practice - Short Engagement - Ellis

Front

The producer that can produce the most output

Back

Absolute Advantage

Front

The producer with the lowest opportunity cost.

Back

Comparative Advantage

Front

If the United States can produce more airplanes than China then the U.S. has a _____ in the production of airplanes.

Back

Absolute advantage

Front

If China can produce shoes with a lower cost than the United States then China has a ______ in the production of shoes.

Back

Comparative advantage

Front

A focus on developing only certain skills or producing only certain goods/services

Back

Specialization

Front

Who has the absolute advantage in Lemonade?

Back

Big Al

Front

To focus on producing one thing to improve productivity is known as:

Back

Specialization

Front

When determining comparative advantage one must determine: Opportunity cost, Specialization, Absolute Advantage, Embargos

Back

Opportunity cost

Front

If I am better at all types of production, I have the ______ in all forms of production.

Back

Absolute advantage

Front

This trade barrier limits the number of products that can be brought into a country.

Back

Quota