Business Math Quiz

The cost of producing one item over another is called

This refers to the disruption process followed by innovation created by trade

The party who looses the least at producing the same item has a

Countries cannot produce everything due to

Company A can produce 40 cars in 45 days, Company B can produce 30 cars in 30 days: Which company has absolute advantage

Trade helps both parties involved

This item helped the expansion of trade tremendously

This is NOT a reason that causes countries to specialize in something specifically

Japan is one of the very few countries that has beaten the odds regarding the pillars of specialization

The shipping container allowed trade to expand globally

This is how output is measured within a countries boundaries

The United States chosed to produce 1 plane over 10 pairs of shoes, What is the opportuity cost of producing 2 planes?

Carlos Makes 10 pizzas or 5 cheestakes Marina makes 10 Pizzas or 12 cheestakes. Who has a comparative advantage at pizza

This helps increase efficiecy and productivity which results in low cost of goods.

Price helps parties to determine their specialization