Question 1 [1 point} Saved Because Nebraska specializes in the production of corn and Maine specializes in the production of lobsters, the two states could engage in trade that benefits both parties. This law of economics is known as C. supplv and demand. 0. absolute advantage 0. parallel consumption. 0. relative distribution. (i). comparative advantage. Question 2 {1 point} Comparative and Absolute Advantage Japan Korea Cars Electric Vehicles {Thousands} Baseline Vehicles {Thousands} Japan an 100 Korea F0 50 According to the data in the table, I-(orea would have {3. a comparative advantage in producing gasoline vehicles. {3. a comparative advantage in producing electric vehicles. F\". no advantage in producing vehicles. \\_./' C. an absolute and comparative advantage in producing gasoline vehicles. C. an absolute advantage in producing electric vehicles. Question 3 (1 point) Why might Ecuador have a lower opportunity cost than the United States in producing bananas? O Ecuador has natural resources that give it a comparative advantage. Ecuador has a higher cost of labor than the United States. O The United States has a much larger physical geography than Ecuador. O Ecuador has superior human and physical capital.Question 4 [1 point} Comparative Advantage {Input Question} Cars Trucks United States 8 4 Japan 2 2 Based on the table about the hours needed for production, which statement is accurate when analvzing comparative advantage? (3. Japan has a comparative advantage in the production of cars and trucks. (W, The United States has a comparative advantage in the production of trucks and K_x" Japan has a comparative advantage in the production of cars. C. Neither countrv has a comparative advantage in the production of cars or trucks. (W, Japan has a comparative advantage in the production of trucks and the United K_x" States has a comparative advantage in the production of cars. F\". The United States has a comparative advantage in the production of cars and \\_/ trucks. Question 5 (1 point) Which of these is a major motivation for countries to trade with one another? higher costs to consumers O obtaining scarce resources O decrease in wages O access to illegal goodsQuestion 6 (1 point) Rachel and Graycen currently have the same amount of resources. Rachel can grade 100 essays or create 20 tests and Graycen can grade 120 essays or create 20 tests. Who has an absolute advantage in grading essays or creating tests? Graycen has an absolute advantage in grading essays and Rachel has an absolute advantage in creating tests. O Graycen has an absolute advantage in grading essays; both have an absolute advantage in creating tests. Graycen has an absolute advantage in both grading essays and creating tests. Graycen has an absolute advantage in grading essays; nobody has an absolute advantage in creating tests. O Rachel has an absolute advantage in both grading essays and creating tests.Question 7 (1 point) Labor County Units of labor needed to produce 100 computers Units of labor needed to produce 1,000 computers United States 2 18 Brazil 3 25 The table shows the number of units of labor needed to produce 100 and 1,000 computers in both the United States and Brazil. Which economic factor would MOST LIKELY influence whether the United States will import computers from Brazil? O speed of production cost of shipping safety precautions cost of laborQuestion 8 (1 point) Comparative Advantage Donuts Cupcakes Sally 100 50 Mae 75 25 Based on the table, which statement best is accurate when evaluating comparative advantage? Mae has a comparative advantage in the production of cupcakes while Sally has a comparative advantage in the production of donuts. Neither Sally nor Mae have a comparative advantage because Sally has an absolute advantage in both the production of cupcakes and donuts. Sally has a comparative advantage in the production of cupcakes while Mae has a comparative advantage in the production of donuts. Sally has a comparative advantage in both the production of cupcakes and donuts. Mae has a comparative advantage in both the production of cupcakes and donuts.Question 9 {1 point} What is the primary.r purpose of job specialization? C. increased efficiency.r and productivity 0. increased marginal utilityr 0. regional selfsufficiency ('3. increased consumer income Question 10 (1 point) Saved The United States can grow more corn than Switzerland, which can produce watches more economically than the United States can. If the two countries form a trade agreement from which they both gain, this is O a comparative advantage. a global exchange. O an absolute advantage. O an economic union.Question 11 (1 point) How do comparative advantage and absolute advantage differ? Absolute advantages is a relative concept when comparing production of different items, and comparative advantage means a country is better at at one particular good. Comparative advantage refers to production of agricultural goods while absolute advantage refers to industrial production. Comparative advantage implies a country is better at producing everything better than another country and absolute advantage means they're better at a few things. O Absolute advantage means more can be made given the resources while comparative advantage means the good may be made cheaper given the other items that could also be produced. Absolute advantage refers to production of agricultural goods while comparative advantage refers to industrial production.Question 12 (1 point) With regards to international trade, which economic concept has the most importance on a country's specialization and trade? comparative advantage O absolute advantage cultural preference O political history O raw materialsQuestion 13 (1 point) Saved Comparative Advantage Computers Drills Country Computers Drills United States 10 20 Germany 2 10 This chart shows how many units of Computers or Drills a worker can produce in one day if he/she specializes the production of only one good. Using this data, determine which of the statements is correct. The U.S. has an absolute advantage in computer production and Germany has an absolute advantage in drill production. Germany has an comparative advantage in both drill and computer production. C The U.S. has an absolute advantage in drill production and Germany has an absolute advantage in computer production. The U.S. has an absolute advantage in both drill and computer production. Germany has an absolute advantage in both drill and computer production.Question 14 (1 point) If Japan has a comparative advantage in the production of microchips, how would that affect their international trade? Countries are less likely to buy microchips from Japan because they are more expensive. Japan would not make microchips because they are expensive to produce. Japan would produce microchips only for their domestic consumption. O Countries would purchase microchips from Japan because they are cheaper.Question 15 (1 point) Comparative Advantage Widgets & Hoozits Country Labor Hours Needed Labor Hours Needed to Make a Widget to Make a Hoozit Econoland 5 10 Demandistan 20 20 According to this table, which statement is accurate? Demandistan has a comparative advantage in widgets. Demandistan has an absolute advantage in widgets and hoozits. Demandistan has a comparative advantage in hoozits. O Econoland should export widgets.Question 16 (1 point) Comparative Advantage Widgets & Hoozits Labor Hours Needed Labor Hours Needed Country to Make a Widget to Make a Hoozit Econoland 5 10 Demandistan 20 20 Which statement is ALSO accurate? Econoland must import widgets. Econoland exports to Demandistan. Demandistan has a comparative advantage in hoozits. Demandistan has an absolute advantage in both products.Question 17 (1 point) Trade between nations can be mutually beneficial if one country has O a protective tariff on imports. O a comparative advantage. O a quota on exports. O an absolute advantage. a monopoly.Question 18 (1 point) Comparative and Absolute Advantage Japan Korea Cars Electric Vehicles (Thousands) Gasoline Vehicles (Thousands) Japan 80 100 Korea 70 50 According to the data in the table, what is Japan's opportunity cost when producing 1 gasoline vehicle? 1.4 gasoline vehicles 2 gasoline vehicles .8 electric vehicles .71 electric vehicles 1.25 electric vehicles