This Econ Review quiz assesses understanding of comparative and absolute advantages in economics through practical examples involving individual and country-level production efficiencies.
True
False
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Columbia in coffee
Columbia in Bananas
Guatemala in coffee
Guatemala in both goods
Columbia in both goods
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True
False
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TJ has the comparative advantage in both area.
TJ has the comparative advantage in folding letters and Colton has the comparative advantage in sealing envelopes.
TJ has the comparative advantage in sealing envelopes and Colton has the comparative advantage in folding letters.
Colton has the comparative advantage in both areas.
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True
False
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Creating 1/3 of a web page
Creating 1/2 of a web page
Creating 2 web pages
Creating 3 web pages
None of the above
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True
False
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Editing 1/3 of a video
Editing 1/2 of a video
Editing 2 videos
Editing 3 videos
None of the above
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Melody has the absolute advantage in editing videos and the comparative advantage in creating web pages
Melody has the absolute advantage in editing videos and the comparative advantage in editing videos.
Brandon has the absolute advantage in editing videos and the comparative advantage in creating web pages.
Brandon has the absolute advantage in editing videos and the comparative advantage in editing videos.
None of the above
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Jake has an absolute advantage in completing tax forms.
Jake has an absolute advantage in updating files.
Jake has a comparative advantage in completing tax forms
Jake has a comparative advantage in updating files.
None of the above
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Alex has an absolute advantage washing cars.
Alex has an absolute advantage waxing cars.
Alex has a comparative advantage waxing cars.
Alex has a comparative advantage waxing cars
None of the Above
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Lucy has the absolute advantage and comparative advantage in making chocolate.
Lucy has the absolute advantage in making chocolate and a comparative advantage making juice.
Ethel has the absolute advantage and the comparative advantage in making juice.
Ethel has the absolute advantage making chocolate and comparative advantage in making juice.
Ethel has the absolute advantage making juice and comparative advantage in making chocolate.
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Socialist economies.
Command economies.
Market economies.
Comparative economies.
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Bob should pay Jack $26 dollars an hour to clean his house.
Bob should clean his own house to save $40.
Bob should pay Jack more than $20 an hour but less than $25 per hour to clean his house.
Bob should pay Jack more than $25 an hour but less than $50 per hour to clean his house.
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Capital-intensive; labor-intensive
Comparative; absolute
Labor-intensive; capital-intensive
Capital-intensive; land-intensive
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Everyone who was part of the production process.
Everyone who wants the goods and has sufficient income to buy them
Everyone shares equally, at least in theory.
Everyone who deserves the goods.
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Goods are scarce.
Goods are not scarce.
Non-necessities are scarce.
Necessities are scarce
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True
False
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Not possible
Possible
Not efficient
Efficient
Both possible and efficient
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True
False
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Not possible
Possible
Possible and efficient
Possible but not efficient
Not efficient
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True
False
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True
False
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The international substitution effect
The interest rate effect
The real balance effect
All of the above
None of the above
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Higher prices in the U.S. cause consumers to buy more goods from other countries which means they buy fewer goods from within the U.S.
Higher domestic prices reduce the purchase power of all deposits which means that consumers buy fewer goods.
Higher prices mean that consumers hold more money which reduces the supply of loanable funds which increases interest rates which causes consumers to buy fewer goods
All of the above
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Resource prices do not change in the short run but will change in the long run.
Resource prices do not change in the long run but will change in the short run.
Resource prices change in both the short run and the long run.
Resource prices change in neither the short run nor the long run.
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An increase in AD.
An increase in SRAS
An increase in AD and SRAS
An increase in AD and a decrease in SRAS
An increase in AD, SRAS, and LRAS.
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An increase in AD.
An increase in SRAS
A decrease in AD
A decrease in SRAS.
An increase in AD, SRAS, and LRAS.
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An increase in AD
An increase in SRAS
An increase in AD and a decrease in SRAS
A decrease in AD and a decrease in SRAS.
A decrease in AD and a increase in SRAS and LRAS.
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An increase in AD
An increase in SRAS.
A decrease in AD.
A decrease in SRAS
An increase in SRAS and LRAS
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A decrease in AD.
A decrease in SRAS.
A decrease in AD and SRAS
A decrease in SRAS and LRAS
A decrease in AD, SRAS, and LRAS
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A decrease in AD.
A decrease in SRAS.
A decrease in AD and SRAS.
A decrease in SRAS and LRAS.
A decrease in AD, SRAS, and LRAS.
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An increase in AD
An increase in SRAS
An increase in AD and SRAS
An increase in SRAS and LRAS
An increase in AD, SRAS, and LRAS
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A decrease in consumer confidence
An increase in national income
A decrease in resource costs
An unfavorable supply show such as a horrible weather event
None of the above
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A decrease in interest rates
An increase in the exchange rate value of the dollar
Lower resource costs
A decrease in taxes on corporations
An increase in environmental regulations
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An increase in consumer confidence
An increase in interest rates
An unfavorable weather event
A decrease in resource prices
None of the above
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An increase in consumer confidence
An increase in interest rates
An unfavorable weather event
A decrease in resource prices
A decrease in worker productivity
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An increase in output and an increase in the price level
An increase in output and a decrease in the price level
A decrease in output and an increase in the price level
A decrease in output and a decrease in the price level
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An increase in output and an increase in the price level
An increase in output and a decrease in the price level
A decrease in output and an increase in the price level
A decrease in output and a decrease in the price level
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An increase in output and an increase in the price level
An increase in output and a decrease in the price level
A decrease in output and an increase in the price level
A decrease in output and a decrease in the price level
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An increase in both prices and output
An increase in prices and a decrease in output
A decrease in prices and an increase in output
A decrease in both prices and output
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An increase in both prices and output
An increase in prices and a decrease in output
A decrease in prices and an increase in output
A decrease in both prices and output
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An increase in both prices and output
An increase in prices and a decrease in output
A decrease in prices and an increase in output
A decrease in both prices and output
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An increase in both prices and output
An increase in prices and a decrease in output
A decrease in prices and an increase in output
A decrease in both prices and output
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True
False
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True
False
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True
False
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An increase in AD
A decrease in AD
An increase in SRAS
A decrease in SRAS
An increase in LRAS
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