What is the definition of absolute advantage?
Economic Unit 2 Retest

Quiz
•
Social Studies
•
12th Grade
•
Easy
Kaitlin Milam
Used 1+ times
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability to produce more of a good or service than competitors using the same amount of resources.
The ability to produce a good or service at a lower opportunity cost than competitors.
The ability to produce a good or service with fewer resources than competitors.
The ability to produce a good or service with higher quality than competitors.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of comparative advantage?
The ability to produce more of a good or service than competitors using the same amount of resources.
The ability to produce a good or service at a lower opportunity cost than competitors.
The ability to produce a good or service with fewer resources than competitors.
The ability to produce a good or service with higher quality than competitors.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of demand say?
As the price of a good increases, the quantity demanded increases.
As the price of a good decreases, the quantity demanded decreases.
As the price of a good increases, the quantity demanded decreases.
The price of a good does not affect the quantity demanded.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of supply say?
As price increases, quantity supplied decreases.
As price decreases, quantity supplied increases.
As price increases, quantity supplied increases.
Price and quantity supplied are unrelated.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define price.
The amount of money required to purchase a good or service.
The quantity of goods available for sale.
The demand for a product in the market.
The cost of producing a good or service.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
When supply exceeds demand.
When demand exceeds supply.
When supply equals demand.
When price is at its highest point.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is free trade?
Trade without restrictions
Trade with high tariffs
Trade with quotas
Trade with embargoes
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