The ability to produce more of a good or service than competitors, using the same amount of resources is

Related MCQs

• The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
• Country A and Country B produce computers and Web sites. The unit labor requirements are given in the table below: Computers Web pages Country A 50 1 Country B 100 1 At which of the following relative prices (computers in terms of Web sites) will Country B produce both goods under free trade?
• Given below is a table whowing the maximum amount of wheat and cloth that the U K and U S could produce if they fully utilize all the factors of production with the best technology available indicate the comparative advantage of U K and U S. U K U S Bushels of wheat 50 120 Meters of Cloth 150 80
• Countries H and F operate in an H-O world. Each country produces two goods, A and B. Good A is relatively capital intensive and country F is relatively labor abundant. Suppose however, that the production technology is not the same in the two countries. That is, H has a superior technology of production compared to F.
• The amount of commodity a nation is willing to give up to get an additional unit of another commodity and still remain on the same indifference curve is known as
• Country A has 5000 units of labor. It takes 50 units of labor to produce one computer and 1 unit to create a Web page. What is the opportunity cost of a Web page in terms of computers?
• Country A has 100 units of labor and Country B has 200 units of labor. Both countries produce computers and Web pages. The unit labor requirements are given in the table below: Computers Web pages Country A 50 1 Country B 100 1 Assume free trade exists and that the relative price is such that both countries specialize completely in the industry in which they have a comparative advantage (neither country produces both goods). The supply of computers relative to Web pages will be:
• In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would
• In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ in
• __________ are profits that accrue to whomever has the right to import the good that is restricted by the quota.