
Comparative and Absolute advantage
Quiz
•
Business
•
8th Grade
•
Medium
Sherica Simmonds
Used 5+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The producer that can produce the most output OR requires the least amount of inputs (resources)
Comparative Advantage
Trade Offs
Absolute Advantage
Opportunity Cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Joy gives 2 haircuts and 1 perm. Susie gives 3 haircuts and 2 perms. Who has the absolute advantage for haircuts?
Joy
Susie
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ana takes 30 minutes to wash the dishes and one hour to vacuum the house. Her husband, Joe, takes 15 minutes to wash the dishes and 45 minutes to vacuum. Who has the absolute advantage for vacuuming?
Ana
Joe
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method of protection raises revenue for the government?
domestic subsidies
embargo
quota
tariff
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A tax or duty that raises the price of imported products is a .....
Quota
Tariff
Embargo
Subsidy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A limit to the number of imports that may enter a country
tariff
embargo
demand
quota
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