The Producer That Requires a Smaller Quantity of Inputs to Produce

question 36

Multiple Choice

The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good,

• A)has a low opportunity cost of producing that good, relative to the opportunity costs of other producers.
• B)has a comparative advantage in the production of that good.
• C)has an absolute advantage in the production of that good.
• D)should be the only producer of that good.

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Definitions:

Freedom

The privilege or capacity to operate, communicate, or speculate without being hampered or constricted.

Columbian Exchange

The widespread transfer of plants, animals, culture, human populations, technology, diseases, and ideas between the Americas and the Old World following Columbus's voyages.

Coverture

A legal doctrine whereby, upon marriage, a woman's legal rights and obligations were subsumed by those of her husband, according to common law.

Mestizos

Individuals of mixed European and Indigenous American descent, a term primarily used in Latin America to describe a major cultural and demographic group.