Answers2102320-Economics HONORS - Edgenuity TeacherProfit

Profit Answers

22 verified answers2 views
1
Free Preview

Absolute advantage is best defined as:

A
being able to make more of a product than a competitor.
B
being able to use fewer resources than a competitor.
C
being able to produce more efficiently than a competitor.
D
being able to create a product with a higher opportunity cost than a competitor.
2
Free Preview

$3$4 $8

A
$3
B
$4
C
$8
3

Duke's and Beverage King can when they specialize.

A
produce more
B
produce less
4

has the absolute advantage because he washes cars most efficiently.

A
Riley
B
Sean
C
Jake
5

$3 $4 $8

A
$3
B
$4
C
$8
6

$3 $4$8

A
$3
B
$4
C
$8
7

What is the difference between comparative advantage and absolute advantage?

A
Comparative advantage measures opportunity cost and absolute advantage measures efficiency.
B
Absolute advantage measures opportunity cost and comparative advantage measures production cost.
C
Comparative advantage measures sale price and absolute advantage measures production cost.
D
Absolute advantage measures sale price and absolute advantage measures production cost.
8

Annie’s MusicThe Music Factory

A
Annie’s Music
B
The Music Factory
9

Annie’s MusicThe Music Factory

A
Annie’s Music
B
The Music Factory
10

In the previous example, Duke's and Beverage King were efficient when they specialized.

A
more
B
less
11

Absolute advantage is best defined as:

A
being able to make more of a product than a competitor.
B
being able to use fewer resources than a competitor.
C
being able to produce more efficiently than a competitor.
D
being able to create a product with a higher opportunity cost than a competitor.
12

Riley spent on resources per car washed.

A
$3
B
$4
C
$8
13

What is the difference between comparative advantage and absolute advantage?

A
Comparative advantage measures opportunity cost and absolute advantage measures efficiency.
B
Absolute advantage measures opportunity cost and comparative advantage measures production cost.
C
Comparative advantage measures sale price and absolute advantage measures production cost.
D
Absolute advantage measures sale price and absolute advantage measures production cost.
14

has the comparative advantage in making guitars.

A
Annie’s Music
B
The Music Factory
15

In the previous example, Duke's and Beverage King were efficient when they specialized.

A
more
B
less
16

Riley Sean Jake

A
Riley
B
Sean
C
Jake
17

Duke's chose to specialize in the production of tea because it is at it.

A
more efficient
B
less efficient
18

Sean spent on resources per car washed.

A
$3
B
$4
C
$8
19

has the comparative advantage in making violins.

A
Annie’s Music
B
The Music Factory
20

Duke's chose to specialize in the production of tea because it is at it.

A
more efficient
B
less efficient

Did you find these answers helpful?

More from this Course

Assignment
23 verified answers

Profit

Assignment
32 verified answers

Case Study: Starting a Business

Assignment
17 verified answers

Assignment