
Comparative Advantage Quiz
Quiz
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Social Studies
•
12th Grade
•
Practice Problem
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Medium
Hannah Hinton
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of opportunity cost?
Opportunity cost is the cost of the next best alternative forgone in order to pursue a certain action or decision.
Opportunity cost is the cost of the least expensive alternative forgone in order to pursue a certain action or decision.
Opportunity cost is the cost of the most expensive alternative forgone in order to pursue a certain action or decision.
Opportunity cost is the cost of all alternatives forgone in order to pursue a certain action or decision.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does terms of trade refer to?
The ratio between a country's import prices and its export prices.
The total value of a country's exports.
The total value of a country's imports.
The ratio between a country's export prices and its import prices.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is specialization?
The process of focusing on a specific area or field of study or expertise.
The process of randomly selecting a field of study or expertise.
The process of becoming a generalist and having a wide range of skills.
The process of broadening one's knowledge in multiple areas or fields.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are gains from trade?
Losses incurred through specialization and trade.
No benefits or losses from specialization and trade.
Benefits achieved through self-sufficiency and isolation.
Benefits achieved through specialization and trade.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of opportunity cost?
Spending money on a vacation instead of saving or investing it
Buying a new car instead of repairing the old one
Spending money on a luxury item instead of paying off debt
Eating out at a restaurant instead of cooking at home
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason for specialization?
To decrease efficiency and productivity
Increase efficiency and productivity
To reduce costs and expenses
To promote diversity and inclusion
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a benefit of international trade?
Limited access to goods and services
Higher prices for consumers
Decreased efficiency and economic growth
Increased efficiency and economic growth
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