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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does absolute advantage mean?
💡 Hint: Think about which country can simply create more of one product.
Question 2
Easy
Define comparative advantage.
💡 Hint: Focus on the costs associated with production.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does absolute advantage refer to?
- A country producing more with less
- A country producing more efficiently with the same resources
- A country producing less than another
💡 Hint: Think about efficiency in production.
Question 2
True or False: A country can have both an absolute and a comparative advantage.
- True
- False
💡 Hint: Consider the definitions of both types of advantages.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider two countries, X and Y. Country X can produce 100 units of product A and 50 units of product B. Country Y can produce 70 units of product A and 30 units of product B. Discuss which country has absolute and comparative advantages?
💡 Hint: Use ratios to derive opportunity costs.
Question 2
If Country A has an absolute advantage in both computers and textiles but still trades, analyze the economic rationale for it continuing such practice.
💡 Hint: Reflect on specialization vs. overall efficiency.
Challenge and get performance evaluation