Podcast
Questions and Answers
Which term refers to the uncontested superiority of a country or business to produce a particular good better?
Which term refers to the uncontested superiority of a country or business to produce a particular good better?
- Opportunity cost
- Absolute advantage (correct)
- Comparative advantage
- Production diversification
What does comparative advantage introduce as a factor for analysis in choosing between different options for production diversification?
What does comparative advantage introduce as a factor for analysis in choosing between different options for production diversification?
- Particular goods
- Absolute advantage
- Opportunity cost (correct)
- Uncontested superiority
What do absolute advantage and comparative advantage largely influence?
What do absolute advantage and comparative advantage largely influence?
- The production of particular goods
- Analysis of different options for production diversification
- How nations and businesses devote resources (correct)
- The uncontested superiority of a country or business
Which one of these factors is NOT introduced by comparative advantage?
Which one of these factors is NOT introduced by comparative advantage?
What does absolute advantage refer to?
What does absolute advantage refer to?
What does comparative advantage introduce as a factor for analysis?
What does comparative advantage introduce as a factor for analysis?
What is the primary focus of absolute advantage and comparative advantage?
What is the primary focus of absolute advantage and comparative advantage?
Which one of these terms refers to the factor of opportunity cost?
Which one of these terms refers to the factor of opportunity cost?
What does comparative advantage introduce for analysis?
What does comparative advantage introduce for analysis?
What does absolute advantage introduce as a factor for analysis?
What does absolute advantage introduce as a factor for analysis?
