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Comparative vs. Absolute Advantage in Microeconomics

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The term for being able to make the greatest amount of a good in a given time is:

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1. Economy A has a comparative advantage over Economy B. What is the reason for this?

2. If Jim can make 40 chocolates in one hour and Kate can make 20 chocolates in that same hour, who has the absolute advantage?

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About This Quiz & Worksheet

This quiz and worksheet will gauge your understanding of absolute and comparative advantage. The quiz will also assess your understanding of concepts such as opportunity costs.

Quiz & Worksheet Goals

These assessment tools will cover the following topics:

  • Lower opportunity costs
  • Absolute advantage
  • Comparative advantage

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Making connections: use understanding of the concept opportunity costs to answer question about factory relocation
  • Critical thinking: apply relevant concepts to examine information about absolute advantage in a different light
  • Problem solving: use acquired knowledge to solve comparative advantage practice problems

Additional Learning

Learn more about economics by reading the lesson on Comparative vs. Absolute Advantage in Microeconomics, which covers these objectives:

  • Define absolute advantage
  • Apply advantages in economics
  • Understand how to determine advantages
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