11 May EXPLAIN WHAT IS MEANT BY THE ECONOMIC PRINCIPLE OF VOLUNTARY EXCHANGE.
Absolute advantage occurs when one producer has greater productivity compared
to another producing the same product.
52)
The principles of comparative advantage and specialization only apply to trade
between different nations.
53)
Imports are products produced in the home country and sold in another country.
54)
Exports are products produced in the home country and sold in another country.
55)
Trade will be beneficial for a nation with a comparative advantage in producing
a certain product.
56)
Trade is only beneficial if a nation has an absolute advantage in producing all
products.
57)
What does it mean for a person or nation to have a comparative advantage in
producing a product?
58)
Explain what is meant by the economic principle of voluntary exchange.
59)
Consider two individuals, Ozzy and Sharon, who produce toy boats and yoyos.
Ozzy’s and Sharon’s hourly productivity are as follows:
Yoyos /hour
Toy boats /hour
Ozzy
12
4
Sharon
10
5
Who
has the absolute advantage or comparative advantage in the production of yoyos
or boats?
60)
What does it mean for a nation to have an absolute advantage in producing a
product?
51)
Absolute advantage occurs when one producer has greater productivity compared
to another producing the same product. 52)
The principles of comparative advantage and specialization only apply to trade
between different nations. 53)
Imports are products produced in the home country and sold in another country. 54)
Exports are products produced in the home country and sold in another country. 55)
Trade will be beneficial for a nation with a comparative advantage in producing
a certain product. 56)
Trade is only beneficial if a nation has an absolute advantage in producing all
products. 57)
What does it mean for a person or nation to have a comparative advantage in
producing a product? 58)
Explain what is meant by the economic principle of voluntary exchange. 59)
Consider two individuals, Ozzy and Sharon, who produce toy boats and yoyos.
Ozzy’s and Sharon’s hourly productivity are as follows:Yoyos /hourToy boats /hourOzzy124Sharon105Who
has the absolute advantage or comparative advantage in the production of yoyos
or boats? 60)
What does it mean for a nation to have an absolute advantage in producing a
product?
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