Question 1 When one country can produce a good or service using fewer resources, this country is said to have a(n) O complete advantage O comparative advantage O absolute advantage O abnormal advantage Question 2 A country has a comparative advantage when O they can produce a good or service at a higher opportunity cost O they can produce less of a good or service than another country O they can produce a good or service using fewer resources O they can produce a good or service at a lower opportunity cost Question 3 Colombia can produce 3 tons of cocoa beans or 6 tons of coffee per day. Ghana can produce 10 tons of cocoa beans or 8 tons of coffee per day. Which of the following statements is true? O Colombia has a comparative advantage in producing cocoa O Colombia has an absolute advantage in producing coffee Ghana has a comparative advantage in producing coffee Ghana has a comparative advantage in producing cocoa Question 4 The domestic price of wool is $20 per pound. Ireland opens for trade and finds that the world price of wool is $30 per pound. Which statement is true? O Ireland will import wool O Ireland will export wool O Ireland will not benefit from trade O Ireland will not want to trade Question 5 The US opens for trade and becomes an importing country. Which of the following statements is true? O foreign consumers benefit but domestic producers lose O domestic producers benefit but foreign consumers lose O domestic producers benefit but domestic consumers lose " domestic consumers benefit but domestic producers lose