Using Graphs to Illustrate the Concepts, Absolute Advantage

question 187

Multiple Choice

Using graphs to illustrate the concepts, absolute advantage

• A)is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve.
• B)requires a very steep curve; comparative advantage requires a curve with a shallow slope.
• C)on one good requires that the slope of the production possibilities curve be steeper for that good.
• D)is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.

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Definitions:

Multiple Choice Questions

A form of assessment or query where responders choose their answer from a list of possible options.

Guessed

An attempt to provide an answer or solution without sufficient information or knowledge.

10 Runs

In statistical quality control, a sequence of similar outcomes in a process, which may indicate non-random variation and signal the need for process examination.

Hole-in-one

A golfing term that describes the act of a golfer hitting the ball from the tee into the hole with just one stroke.