A.A. vs C.A. (#1)

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Wayground Content
FREE Resource
Student preview

22 questions
Show all answers
1.
FLASHCARD QUESTION
Front
When comparing two sets of resources, the one able to produce the most
Back
absolute advantage
2.
FLASHCARD QUESTION
Front
When comparing two sets of resources, the one able to produce at the lowest opportunity cost
Back
comparative advantage
3.
FLASHCARD QUESTION
Front
According to the principle of comparative advantage, on what does a country’s gains from international trade depend? Options: Its level of money wage rates compared to its trading partners, It imposing a higher level of tariffs compared to those of its trading partners, Its greater productive capacity in some goods compared to its trading partners, Its lower opportunity cost in the production of some goods compared to its trading partners
Back
Its lower opportunity cost in the production of some goods compared to its trading partners
4.
FLASHCARD QUESTION
Front
The key reason for division of labor, specialization of labor and international trade is
Back
comparative advantage
5.
FLASHCARD QUESTION
Front
The basis of comparison when determining division and specialization of labor/trade is
Back
opportunity cost
6.
FLASHCARD QUESTION
Front
Which nation has the absolute advantage in the production of cars?
Back
U.S.
7.
FLASHCARD QUESTION
Front
What is the opportunity cost of producing 1 tool in the U.S.?
Back
2 cars
Create a free account and access millions of resources
Similar Resources on Wayground
18 questions
Unit 1 - Basic Economic Concepts

Flashcard
•
12th Grade
18 questions
MC: The Global Economy Review

Flashcard
•
12th Grade
18 questions
Unit 1 - Basic Economic Concepts

Flashcard
•
12th Grade
14 questions
AP Macro Unit 1 Scarcity and Opportunity Cost

Flashcard
•
12th Grade - University
22 questions
AP Macroeconomics Unit 1 Topics 1-3

Flashcard
•
11th Grade
19 questions
Unit 6 - International Trade, Economics Systems

Flashcard
•
12th Grade
20 questions
Unit 2/3 Vocab Flashcard

Flashcard
•
12th Grade
16 questions
APM_U1.P2 - 1.3 Comparative Adv. & 1.4 Demand

Flashcard
•
12th Grade
Popular Resources on Wayground
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
10 questions
Nouns, nouns, nouns

Quiz
•
3rd Grade
10 questions
Appointment Passes Review

Quiz
•
6th - 8th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
11 questions
All about me

Quiz
•
Professional Development
22 questions
Adding Integers

Quiz
•
6th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
20 questions
Grammar Review

Quiz
•
6th - 9th Grade
Discover more resources for Social Studies
6 questions
PRIDE Always and Everywhere

Lesson
•
12th Grade
25 questions
Psychology Perspectives Review

Quiz
•
11th - 12th Grade
13 questions
USHC 3 to North and South Advantages

Quiz
•
11th - 12th Grade
24 questions
Circular Flow Model Review

Quiz
•
12th Grade
30 questions
The American Civil War: Cause, Course, and Consequences

Quiz
•
9th - 12th Grade
30 questions
AP Human Geography Unit 1

Quiz
•
9th - 12th Grade
20 questions
Psychology: Ch 2 Test Prep (Research Methods & Stats)

Lesson
•
9th - 12th Grade
15 questions
Puerto Rico: La isla del encanto

Quiz
•
12th Grade