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Comparative Advantage, Specialization & Exchange

Instructions:

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

question 1 of 3

What is specialization?

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1. What is a comparative advantage?

2. What is an absolute advantage?

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About This Quiz & Worksheet

This quiz and worksheet will test your knowledge of advantage and specialization in trade. The questions assess your understanding of concepts like comparative advantage and absolute advantage.

Quiz & Worksheet Goals

Use these assessment tools to:

  • Define specialization
  • Identify absolute advantage in a given circumstance
  • Interpret comparative advantage in a real-world scenario

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Making connections: use understanding of the concept of advantage in real-world situations
  • Distinguishing differences: compare and contrast topics from the lesson, such as absolute advantage and comparative advantage
  • Information recall: access the knowledge you've gained regarding specialization

Additional Learning

To learn more about advantage and specialization, take some time to study the lesson called Comparative Advantage, Specialization & Exchange. It covers the following objectives:

  • Define absolute advantage
  • Understand how and why goods are exchanged
  • Apply comparative advantage theory
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