The Law of Comparative Advantage

Quiz
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Social Studies
•
University
•
Medium
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When one country is good at producing in a particular commodity, they have a(n) _____ .
Comparative advantage
Complete specialization
Absolute advantage
None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The basis of trade based from the lowest opportunity cost is considered as ____.
Factor Endowment
Adam Smith Theory
Comparative Advantage
Absolute Advantage
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify the basis of trade of the following table:
Malaysia has comparative advantage in Cloth
Malaysia has absolute advantage in Cloth production
Japan has comparative advantage in Car
Japan has absolute advantage in Cloth
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
David Ricardo theory states that ____
Benefits can be gained through highest productivity
Benefits can be gained from importing cheap goods
International trade exist when prices in two countries change
International trade will always benefit two countries equally
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The rate at which goods are exchanged for one another in the international market is called ____
The exchange rate
An absolute advantage
Terms of trade
A comparative advantage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Country can trade when there is different in ability to produce goods
True
False
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
An opportunity cost can be define as second best alternative that have to let go....
True
False
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