Comparative and Absolute Advantage

A benefit, profit, or value of something that must be given up to acquire or achieve something else.

• Opportunity Cost
• Comparative Advantage
• Specialization
• Production

The benefit or advantage of an economy to be able to produce a commodity at a lesser opportunity cost than other entities is referred to as

• Opportunity Cost
• Absolute Advantage
• Comparative Advantage
• Growth

Opportunity Cost is often measured in?

• Absolute Advantage
• Production Time
• Cost
• Resources

The nation's ability to produce general goods more efficiently than another entity is referred to as?

• Specialization
• Comparative Advantage
• Opportunity Cost
• Absolute Advantage

To figure out a nation's comparative advantage, you compare their _________ to other entities?

• Absolute Advantage
• Opportunity Cost
• Resource
• Revenue

_______________ promotes cheaper production costs, and the nation's economies are able to benefit.

• Production time
• Global Warming
• Resource Limitation
• Comparative Advantage

If Japan and the United States can both produce cars, but Japan can produce cars of a higher quality at a faster rate, then it is said to have an _____________________ in the auto industry

• Comparative Advantage
• Absolute Advantage
• Opportunity Cost
• Specialization

France has enough resources to produce wine or cheese, but not enough to produce both. France can produce 20 units of wine or 10 units of cheese. In this situation, France should produce wine due to ________________

• Comparative Advantage
• Opportunity Cost
• Absolute Advantage
• Production Rate

France can produce 20 units of wine or 10 units of cheese. Italy can produce 30 units of wine or 22 units of cheese. Italy has the ______________

• Absolute Advantage
• Comparative Advantage
• Economic Advantage
• Resource Advantage

France can produce 20 units of wine or 10 units of cheese. Italy can produce 30 units of wine or 22 units of cheese. France will produce wine due to _________________

• Absolute Advantage
• Opportunity Cost
• Specialization
• Comparative Advantage