Answers2102320-Economics HONORS - Edgenuity TeacherComparative and Absolute Advantage

Comparative and Absolute Advantage Answers

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1
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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
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Annie’s MusicThe Music Factory

A
Annie’s Music
B
The Music Factory
3

Duke's and Beverage King can when they specialize.

A
produce more
B
produce less
4

Riley Sean Jake

A
Riley
B
Sean
C
Jake
5

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.
6

Annie’s MusicThe Music Factory

A
Annie’s Music
B
The Music Factory
7

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

A
more
B
less
8

$3 $4 $8

A
$3
B
$4
C
$8
9

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

A
more efficient
B
less efficient
10

$3$4 $8

A
$3
B
$4
C
$8
11

$3 $4$8

A
$3
B
$4
C
$8

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