When comparing two sets of resources, the one able to produce the most
A.A. vs C.A. (#1)

Flashcard
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Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
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
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