Question 2: Multiple choice questions and True/FalseChoose one correct Answer:1. By definition, imports arepeople who work in foreign countries.goods in which a country has an absolute advantage.limits placed on the quantity of goods leaving a country.goods produced abroad and sold domestically.a.b.с.d.2. Comparative advantage is related most closely to which of the following?Output per hour.Opportunity cost.Efficiency.а.b.с.d.Bargaining strength in international trade.3. The opportunity cost of an item isa.the number of hours that one must work in order to buy one unit of the item.what you give up to get that item.always less than the dollar value of the item.b.с.d.always greater than the cost of producing the item.Mention if the below statement is True or False:1. In most countries today, many goods and services consumed are imported from abroad, and manygoods and services produced are exported to foreign customers.2. A production possibilities frontier is a graph that shows the combination of outputs that aneconomy should produce.

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Question 2: Multiple choice questions and True/False Choose one correct Answer: 1. By definition, imports are people who work in foreign countries. goods in which a country has an absolute advantage. limits placed on the quantity of goods leaving a country. goods produced abroad and sold domestically. а. b. с. d.

Question 2: Multiple choice questions and True/False Choose one correct Answer: 1. By definition, imports are people who work in foreign countries. goods in which a country has an absolute advantage. limits placed on the quantity of goods leaving a country. goods produced abroad and sold domestically. а. b. с. d.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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