Which company has the comparative advantage in producing large tubes of toothpaste?
0%
Mmmint
50%
efficiency
25%
to gain a comparative advantageto increase efficiency
25%
Amount produced divided by resources used
Q.2.
Which best explains why producers choose to specialize? Check all that apply.
50%
Prices decrease as a result of increased production efficiencies.
0%
Producers reduce their costs.
50%
to gain a comparative advantageto increase efficiency
0%
Amount produced divided by resources used
Q.3.
is the act of limiting the types of goods and services produced.
0%
Producers reduce their costs.
0%
Uncle John's
100%
specialization
0%
efficiency
Q.4.
A producer with a comparative advantage has the ability to produce a good or service at
0%
Amount produced divided by resources used
75%
a lower opportunity cost than any competitor can
25%
Prices decrease as a result of increased production efficiencies.
0%
to gain a comparative advantageto increase efficiency
Q.5.
Which describes a way in which consumers most likely benefit from producers' absolute advantage?
0%
Amount produced divided by resources used
25%
Producers reduce their costs.
0%
to gain a comparative advantageto increase efficiency
75%
Prices decrease as a result of increased production efficiencies.
Q.6.
Which most likely results from producers engaging in specialization?
50%
Producers reduce their costs.
0%
Amount produced divided by resources used
25%
Prices decrease as a result of increased production efficiencies.
25%
to gain a comparative advantageto increase efficiency
Q.7.
The term , often used in conjunction with absolute advantage, is defined as making the best use of resources.
100%
efficiency
0%
Mmmint
0%
Uncle John's
0%
2, 1, 3, 4
Q.8.
This table shows the production possibility schedule for several toothpaste companies. Use the numbers to place the companies in order of greatest comparative advantage to least comparative advantage in producing small tubes of toothpaste.
33%
efficiency
33%
Mmmint
33%
2, 1, 3, 4
0%
Uncle John's
Q.9.
Which calculation helps determine which producer has the absolute advantage?
67%
Amount produced divided by resources used
33%
Producers can increase their profits.
0%
Consumers find products at lower prices
0%
Producers reduce their costs.
Q.10.
What can a producer gain by specializing?
0%
Producers can increase their profits.
0%
Amount produced divided by resources used
67%
absolute advantage
33%
Producers reduce their costs.
Q.11.
This table shows the number of cookies several bakeries sell each day.All else being equal, which bakery has the absolute advantage?
100%
Fresh!
0%
Producers can increase their profits.
0%
Producers reduce their costs.
0%
NOT Mrs. Track'sNOT The Bakeshop
Q.12.
This table shows the production possibility schedule for several toothpaste companies.Which company has the comparative advantage in producing small tubes of toothpaste?
0%
Producers reduce their costs.
50%
absolute advantage
0%
Fresh!
50%
NOT Mrs. Track'sNOT The Bakeshop
Q.13.
Which best describes specialization?
0%
developing expertise in certain types of production