Actor: Firm, individual, nation, or other participant in the economy Opportunity Cost: The benefit that would have been received by taking the next best
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They can take advantage of their differences in order to Absolute advantage: The person or country that produces a good with a smaller
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(b) 1 point: • One point is earned for stating that Erica has a comparative advantage in producing donuts and for explaining that Erica's opportunity cost
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4 6 Who is right? A Short Evaluation of the Differences 67 5 Smith's Theory of Absolute Advantage and Trade between Developed and Underdeveloped Countries
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9 Refer to Figure 1 Ginger has an absolute advantage in a tap shoes and Fred has a comparative advantage in ballet slippers b
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Country X has an absolute advantage in the production of both goods, but only has a comparative advantage in producing steel Assume that the free trade price
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The linear production possibilities frontier in the figure indicates that A) Mendonca has a comparative advantage in the production of vegetables B) Mendonca
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Note: In this example, each producer has the absolute advantage in producing one item: Barry in potatoes and Anna in cabbage That might not be the case in the
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9) ______ A) Brenda has an absolute advantage over Agnes in the production of both goods B) Agnes has a comparative advantage in the production of Y
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Big Idea #2: Comparative Advantage, Absolute Advantage, Specialization and Trade Essential Question #2: What is the difference between total
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