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ECON 2110 - Clemson Exam 1 Actual Questions and CORRECT Answers
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ECON 2110 - Clemson Exam 1 Actual Questions and CORRECT Answers Absolute Advantage - CORRECT ANSWER- The ability to produce a good using fewer inputs than another producer. Comparative Advantage - CORRECT ANSWER- The ability to produce a good at a lower opportunity cost than another producer

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  • October 3, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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ECON 2110 - Clemson Exam 1 Actual
Questions and CORRECT Answers
Absolute Advantage - CORRECT ANSWER✔✔- The ability to produce a good using fewer
inputs than another producer.


Comparative Advantage - CORRECT ANSWER✔✔- The ability to produce a good at a
lower opportunity cost than another producer.


True or False: It is impossible for a country to have an absolute advantage in both goods. -
CORRECT ANSWER✔✔- False.


True or False: It is impossible for a country to have a comparative advantage in both goods. -
CORRECT ANSWER✔✔- True.


If you have the opportunity cost of one good, how can you find the opportunity cost of the
other? - CORRECT ANSWER✔✔- The inverse of the first good.



Trade Off - CORRECT ANSWER✔✔- The idea of having to sacrificing something for
something else because of limits.


In order to have a higher overall production, a country should specialize in the good that it
has a(n) (absolute/comparative) advantage in. - CORRECT ANSWER✔✔- Comparative
Advantage.


What makes everyone better off? - CORRECT ANSWER✔✔- Trade



Production Possibility Frontier - CORRECT ANSWER✔✔- A graph that shows the
combination of two goods the economy can possibly produce given the available technology.


Point A, B, and C: Possible and Efficient
Point D: Possible but Inefficient

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