
Absolute and Comparative Advantage
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
The producer that can produce the most output OR requires the least amount of inputs (resources)
Back
Absolute Advantage
2.
FLASHCARD QUESTION
Front
The producer with the lowest opportunity cost.
Back
Comparative Advantage
3.
FLASHCARD QUESTION
Front
Based on the table provided, which one of the following statements is correct? Options: Japan has the absolute advantage in producing cars, Japan has the comparative advantage in producing cars, The United States has the absolute advantage in producing both cars and computers, The opportunity cost of producing a car in Japan is 1/2 a computer
Back
The opportunity cost of producing a car in Japan is 1/2 a computer
4.
FLASHCARD QUESTION
Front
Who has the absolute advantage for haircuts? Joy gives 2 haircuts and 1 perm. Susie gives 3 haircuts and 2 perms.
Back
Susie
5.
FLASHCARD QUESTION
Front
Who has the absolute advantage for vacuuming?
Back
Joe
6.
FLASHCARD QUESTION
Front
Which country has the absolute advantage in producing airplanes? The US can produce 200 airplanes or 400 trucks. Japan can produce 300 trucks or 100 airplanes.
Back
US
7.
FLASHCARD QUESTION
Front
What is the opportunity cost of producing a car in the U.S. if the U.S. can produce 50 cars and 25 tools?
Back
.5 tools
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