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1) The fictional country of Anastialia is a small country with rich resources in minerals. In...

1) The fictional country of Anastialia is a small country with rich resources in minerals. In an 8 hr work day it can produce 100 pounds of silver or 50 pounds of copper. If Anastialia decides to produce copper instead of silver it is ignoring the fact that its silver production has a (n)________ to copper.

a) comparative advantage

b) absolute advantage

c) production advantage

2) Here are alternate outputs from one day's labor input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. From the data, the USA

a) has an absolute advantage over India in the production of wheat

b) has an absolute advantage over India in the production of textiles

c) should export textiles to India

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Answer #1

1) c. Production advantage

2) a. has an absolute advantage over India in the production of wheat

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