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9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David...

9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David

9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity cost, specialization. comparative advantage, absolute advantage. absolute advantage; specialization. specialization, comparative advantage. 12. McDonald's has locations in more than 100 countries. This is an example of globalization. interationalism trade. growth. 13. Goods and services that are produced in a foreign country but sold domestically are: high-value goods only. exports. imports. low-valuc goods only. occurs when a country imports more than it exports. No international trade A trade surplus Positive trade A trade deficit rate. 15. The rate at which one country's currency can be converted to another country's currency is known as the interest exchange savings mortgage
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Answer #1

9.Ans: opportunity cost

Explanation:

Comparative advantage in the production means lower opportunity cost to produce a particular commodity.

10.Ans: a) 2; 1.5

Explanation:

David's opportunity cost for cutting one lawn = 4/2 = 2 car washes

Ralph 's opportunity cost for cutting one lawn = 3/2 = 1.5 car washes

11.Ans: b) comparative advantage; absolute advantage

12. Ans: a) globalization

13.Ans: c ) imports

Explanation:

Goods and services that are produced in a foreign country but sold domestically are known as imports whereas goods and services that are produced domestically and sold in foreign country are known as exports.

14.Ans: d) A trade deficit

Explanation:

When total exports > total imports , then there will be a trade surplus

When total imports > total exports , then there will be a trade deficit.

15.Ans: b) exchange

Explanation:

The rate at which one country's currency can be converted to another country's currency is known as the exchange rate.

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