Search Header Logo

Comparative Cost Advantage and H-O Theory

Authored by Akshay Shingare

Social Studies

University

Used 9+ times

Comparative Cost Advantage and H-O Theory
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The diagram shows the production possibilities curve for Country Y. Which of the following statements is true?

If Country Y is producing at point C, it is using all its resources efficiently
The opportunity cost of producing more machines is constant
Country Y cannot produce at point E
The most efficient point of production is point D

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Labor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?

Outputs
Substitutes in Production
Absolute Advantage
Factors of Production

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

The simplified production possibilities curves for country A and B are shown. Which one of the following statements is correct?

Country A has the comparative advantage in both goods
Country A has the comparative advantage in chairs & Country B has the comparative advantage in shirts
Country B has the absolute advantage in shirts only
Country A has the comparative advantage in shirts & Country B has the comparative advantage in chairs

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A country produces computers and rice. If resources are fully employed and there is technological progress only in the production of rice, the opportunity costs of producing computers and rice will change in which of the following ways? 

Computers: Increase / Rice: Increase
Computers: Increase / Rice: Decrease
Computers: No Change / Rice: Decrease
Computers: Decrease / Rice: Decrease

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Based on the table provided, which one of the following statements is correct?

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

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Suppose that in one week Sam can knit 5 sweaters or make 4 blankets and Rob can knit 10 sweaters or make 6 blankets. Which of the following is true?

Sam has an absolute advantage in making blankets
Sam has neither a comparative nor an absolute advantage in knitting sweaters or making blankets
Sam has a comparative advantage in making blankets
Sam has a comparative advantage in knitting sweaters

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following constitute the fundamental questions every economic system must answer?

I, III, V only
I, II, and IV only
I, II, and V only
II, IV, and V only

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?

Discover more resources for Social Studies