Multiple Choice
George and Michael can gain from exchange
A) unless one has an absolute advantage in all goods.
B) unless they have different opportunity costs.
C) if each specializes in the production of the good for which he has the lower opportunity cost.
D) if each specializes in the production of the good for which he has the higher opportunity cost.
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Opportunity cost is expressed in a production
Q20: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5270/.jpg" alt=" -Opportunity cost is
Q21: Agnes can produce either 1 unit of
Q22: Economic growth<br>A) allows us to increase our
Q23: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5270/.jpg" alt=" -Consider the PPF
Q25: A country that has an absolute advantage
Q26: Jane produces only corn, measured in tons,
Q27: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5270/.jpg" alt=" -Vicky currently produces
Q28: The idea of comparative advantage implies that
Q29: Production efficiency means that<br>A) as few resources