Question 1

Use the data in the table to answer the question. The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds.
Who has a comparative advantage in mowing lawns?

Accepted Answer

The answer of Use the data in the table to...

Question 2

(Table: Maia and Juanita's opportunity cost) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds.
Who has a comparative advantage in weeding the flower beds?

Accepted Answer

Maia has a comparative advantage in weeding the flower beds because she has a lower opportunity cost. Opportunity cost is the value of the next best alternative that must be given up in order to undertake a certain activity. Maia's opportunity cost of mowing the lawn is 2/3 of an hour, while her opportunity cost of weeding the flower beds is 1/3 of an hour. In contrast, Juanita's opportunity cost of mowing the lawn is ½ of an hour, while her opportunity cost of weeding the flower beds is 1 hour. Therefore, Maia has a lower opportunity cost of weeding the flower beds, so she has a comparative advantage in this activity.

Question 3

(Table: Comparative Advantage for Mia and Juanita) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds.
Maia's opportunity cost for mowing the lawn is _____, and Juanita's opportunity cost for mowing the lawn is _____.

Accepted Answer

The answer of (Table: Comparative Advantage for Mia and Juanita)...

Question 4

(Table: Joachim and Zane's opportunity cost) The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home.
Joachim's opportunity cost for cleaning bathrooms is _____, and Zane's opportunity cost for cleaning bathrooms is _____.

Accepted Answer

To find opportunity cost, we need to compare the trade-offs each person makes when completing a task. Joachim takes 20 minutes to clean a bathroom and 30 minutes to wash a window, while Zane takes 30 minutes to clean a bathroom and 20 minutes to wash a window. Therefore, Joachim's opportunity cost for cleaning a bathroom is 1.5 windows washed (30 minutes divided by 20 minutes per window), while Zane's opportunity cost for cleaning a bathroom is 0.67 windows washed (20 minutes divided by 30 minutes per window). Comparing the two, we see that Zane has a lower opportunity cost for cleaning bathrooms, as he gives up fewer windows washed compared to Joachim. Therefore, the best choice is B, where Zane should clean the bathrooms as his opportunity cost for this task is lower.

Question 5

(Table: Joachim and Zane's opportunity cost) The table shows data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home.
Who has a comparative advantage in washing windows?

Accepted Answer

Zane has a lower opportunity cost for washing windows because he can clean 1 window in only 5 minutes compared to Joachim's 10 minutes. This means that Zane only gives up 10 minutes of bathroom cleaning for every window cleaned, while Joachim gives up 20 minutes of bathroom cleaning for every window cleaned. Therefore, Zane has a comparative advantage in washing windows.

Question 6

(Table: Time taken to clean). The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Who has a comparative advantage in cleaning bathrooms and why?

Accepted Answer

Joachim has a lower opportunity cost in cleaning bathrooms because he can clean a bathroom in 60 minutes or wash windows in 30 minutes. In contrast, Zane can clean a bathroom in 90 minutes or wash windows in 60 minutes. Joachim has a trade-off of sacrificing 30 minutes of washing windows to clean a bathroom, while Zane must sacrifice 60 minutes of washing windows to clean a bathroom. Therefore, Joachim has a comparative advantage in cleaning bathrooms.

Question 7

People are capable of completing many different tasks, each person's comparative advantage is in the particular task that they

Accepted Answer

Comparative advantage refers to the ability of an individual to perform a particular task or produce a specific good at a lower opportunity cost than others. It doesn't necessarily mean that the person is the best at that task, but rather that they sacrifice less to accomplish it compared to engaging in other tasks.

Question 8

Which of the following statements is TRUE regarding comparative advantage and absolute advantage?

Accepted Answer

Comparative advantage refers to the ability of a person or country to produce a good or service at a lower opportunity cost than another person or country, while absolute advantage refers to a person or country's ability to produce more of a good or service with the same amount of resources. Therefore, it is possible for someone to have a comparative advantage (producing at a lower opportunity cost) without having an absolute advantage (producing more with the same resources).

Question 9

Which of the following is NOT used in identifying who has a comparative advantage in a particular task when multiple people can perform that task and another one? (Note: The tasks are not necessarily listed in chronological order.)

Accepted Answer

Comparative advantage is determined by who has the lowest opportunity cost in performing a task, not by the total time it takes to perform both tasks consecutively. Calculating the total time for both tasks does not directly relate to identifying comparative advantage, which is more about efficiency and opportunity cost in performing one task over another.

Question 10

People have different abilities for performing the same two tasks, and you want to identify who has a comparative advantage in one of the tasks. Which of the following is NOT one of the three steps for identifying, who has a comparative advantage in performing the selected task?

Accepted Answer

Identifying who can perform a task most quickly does not necessarily indicate who has a comparative advantage. Comparative advantage is determined by opportunity cost, which takes into account the trade-off between the two tasks.

Question 11

(Table: Cooking time). The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry.
Marla's opportunity cost of making lasagna is _____, and Jason's opportunity cost is _____.

Accepted Answer

The answer of (Table: Cooking time). The table provides data...

Question 12

(Table: Cooking times). The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry.
Marla's opportunity cost of making chicken curry is _____, and Jason's opportunity cost is _____.

Accepted Answer

The answer of (Table: Cooking times). The table provides data...

Question 13

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna or chicken curry.
Which statement explains who has a comparative advantage in cooking lasagna?

Accepted Answer

To determine who has a comparative advantage in cooking lasagna, we need to look at the opportunity cost of each person. Marla takes 90 minutes to cook lasagna and 120 minutes to cook chicken curry. Therefore, the opportunity cost of cooking lasagna for Marla is 120/90 = 1.33 (meaning she could have cooked 1.33 chicken curries in the time it takes her to cook one lasagna). Jason takes 120 minutes to cook lasagna and 90 minutes to cook chicken curry. Therefore, the opportunity cost of cooking lasagna for Jason is 90/120 = 0.75 (meaning he could have cooked 0.75 chicken curries in the time it takes him to cook one lasagna). Since Jason has a lower opportunity cost for cooking lasagna (0.75) than Marla (1.33), he has a comparative advantage in cooking lasagna.

Question 14

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry.
Which statement explains who has a comparative advantage in cooking chicken curry?

Accepted Answer

To determine who has a comparative advantage, we need to look at the opportunity cost of producing each dish. Jason would take 60 minutes to cook both lasagna and chicken curry, whereas Marla would take 70 minutes to cook both dishes. Therefore, Jason has a lower opportunity cost in cooking chicken curry compared to Marla.

Question 15

(Table: Fazio and Gabriella's opportunity cost) The table provides data on how long it takes Fazio and Gabriella to learn to play a particular new song on the piano and to complete a given person's tax return. Use the data to answer the question.
Fazio's opportunity cost of learning the song is _____, and Gabriella's opportunity cost is _____.

Accepted Answer

The answer of (Table: Fazio and Gabriella's opportunity cost) The...

Question 16

(Table: Fazio and Gabriella's opportunity cost) The table provides data on how long it takes Fazio and Gabriella each to learn to play a particular new song on the piano and to complete a given person's tax return. Use the data to answer the question.
Fazio's opportunity cost of completing tax returns is _____, and Gabriella's opportunity cost is _____.

Accepted Answer

To find opportunity cost, we need to look at the trade-off between learning a new song and completing a tax return for each individual. Fazio takes 4 hours to complete a tax return, while Gabriella takes 5 hours. Meanwhile, Fazio takes 2 hours to learn a new song, while Gabriella takes 4 hours.

For Fazio, the opportunity cost of completing one tax return is the value of what he gives up to complete that tax return, which is 2 hours of practicing piano. So his opportunity cost is .5 of a new song learned (2 hours/4 hours per new song = .5 new songs).

For Gabriella, the opportunity cost of completing one tax return is the value of what she gives up to complete that tax return, which is 4 hours of practicing piano. So her opportunity cost is .8 of a new song learned (4 hours/5 hours per new song = .8 new songs).

Therefore, the answer is B.

Question 17

(Table : Fazio and Gabriella's opportunity cost) The table provides data on how long it takes Fazio and Gabriella each to learn to play a particular new song on the piano and to complete a given person's tax return. Use the data to answer the question.
Which statement explains who has a comparative advantage in learning a new song?

Accepted Answer

The answer of (Table : Fazio and Gabriella's opportunity cost)...

Question 18

(Table: Fazio and Gabriella's opportunity cost) The table provides data on how long it takes Fazio and Gabriella each to learn to play a particular new song on the piano and to complete a given person's tax return. Use the data to answer the question.
Which statement explains who has a comparative advantage in completing tax returns?

Accepted Answer

The answer of (Table: Fazio and Gabriella's opportunity cost) The...

Question 19

(Table: Bruno and Sasha's comparative advantage) The table provides data on the number of minutes it takes for Bruno and Sasha to change a tire and iron a dress shirt. Use the data to answer the question.
Which statement explains who has a comparative advantage in changing a tire?

Accepted Answer

The answer of (Table: Bruno and Sasha's comparative advantage) The...

Question 20

(Table: Bruno and Sasha's opportunity cost) The table provides data on the number of minutes it takes for Bruno and Sasha to each change a tire and iron a dress shirt. Use the data to answer the question.
Which statement explains who has a comparative advantage in ironing a dress shirt?

Accepted Answer

Comparative advantage is determined by the lowest opportunity cost, which means the person who can produce one good at a lower opportunity cost than the other person. Sasha has a lower opportunity cost for ironing a dress shirt because it only takes her 20 minutes, while it takes Bruno 30 minutes. Therefore, Sasha has a comparative advantage in ironing a dress shirt.

Quiz 8: Gains From Trade

Use the data in the table to answer the question. The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Who has a comparative advantage in mowing lawns?

(Table: Maia and Juanita's opportunity cost) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Who has a comparative advantage in weeding the flower beds?

(Table: Comparative Advantage for Mia and Juanita) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Maia's opportunity cost for mowing the lawn is _, and Juanita's opportunity cost for mowing the lawn is _.

(Table: Joachim and Zane's opportunity cost) The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Joachim's opportunity cost for cleaning bathrooms is _, and Zane's opportunity cost for cleaning bathrooms is _.

(Table: Joachim and Zane's opportunity cost) The table shows data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Who has a comparative advantage in washing windows?

(Table: Time taken to clean) . The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Who has a comparative advantage in cleaning bathrooms and why?

People are capable of completing many different tasks, each person's comparative advantage is in the particular task that they

Which of the following statements is TRUE regarding comparative advantage and absolute advantage?

Which of the following is NOT used in identifying who has a comparative advantage in a particular task when multiple people can perform that task and another one? (Note: The tasks are not necessarily listed in chronological order.)

People have different abilities for performing the same two tasks, and you want to identify who has a comparative advantage in one of the tasks. Which of the following is NOT one of the three steps for identifying, who has a comparative advantage in performing the selected task?

(Table: Cooking time) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making lasagna is _, and Jason's opportunity cost is _.

(Table: Cooking times) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making chicken curry is _, and Jason's opportunity cost is _.

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna or chicken curry. Which statement explains who has a comparative advantage in cooking lasagna?

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Which statement explains who has a comparative advantage in cooking chicken curry?

(Table: Bruno and Sasha's comparative advantage) The table provides data on the number of minutes it takes for Bruno and Sasha to change a tire and iron a dress shirt. Use the data to answer the question. Which statement explains who has a comparative advantage in changing a tire?

(Table: Bruno and Sasha's opportunity cost) The table provides data on the number of minutes it takes for Bruno and Sasha to each change a tire and iron a dress shirt. Use the data to answer the question. Which statement explains who has a comparative advantage in ironing a dress shirt?

Quiz 8: Gains From Trade

Use the data in the table to answer the question. The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Who has a comparative advantage in mowing lawns?

(Table: Maia and Juanita's opportunity cost) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Who has a comparative advantage in weeding the flower beds?

(Table: Comparative Advantage for Mia and Juanita) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Maia's opportunity cost for mowing the lawn is _____, and Juanita's opportunity cost for mowing the lawn is _____.

(Table: Joachim and Zane's opportunity cost) The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Joachim's opportunity cost for cleaning bathrooms is _____, and Zane's opportunity cost for cleaning bathrooms is _____.

(Table: Joachim and Zane's opportunity cost) The table shows data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Who has a comparative advantage in washing windows?

(Table: Time taken to clean) . The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Who has a comparative advantage in cleaning bathrooms and why?

People are capable of completing many different tasks, each person's comparative advantage is in the particular task that they

Which of the following statements is TRUE regarding comparative advantage and absolute advantage?

Which of the following is NOT used in identifying who has a comparative advantage in a particular task when multiple people can perform that task and another one? (Note: The tasks are not necessarily listed in chronological order.)

People have different abilities for performing the same two tasks, and you want to identify who has a comparative advantage in one of the tasks. Which of the following is NOT one of the three steps for identifying, who has a comparative advantage in performing the selected task?

(Table: Cooking time) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making lasagna is _____, and Jason's opportunity cost is _____.

(Table: Cooking times) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making chicken curry is _____, and Jason's opportunity cost is _____.

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna or chicken curry. Which statement explains who has a comparative advantage in cooking lasagna?

(Table: Cooking time) The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Which statement explains who has a comparative advantage in cooking chicken curry?

(Table: Bruno and Sasha's comparative advantage) The table provides data on the number of minutes it takes for Bruno and Sasha to change a tire and iron a dress shirt. Use the data to answer the question. Which statement explains who has a comparative advantage in changing a tire?

(Table: Bruno and Sasha's opportunity cost) The table provides data on the number of minutes it takes for Bruno and Sasha to each change a tire and iron a dress shirt. Use the data to answer the question. Which statement explains who has a comparative advantage in ironing a dress shirt?

(Table: Comparative Advantage for Mia and Juanita) The table provides data on how long it takes Maia and Juanita to mow the lawn and weed the flower beds. Maia's opportunity cost for mowing the lawn is _, and Juanita's opportunity cost for mowing the lawn is _.

(Table: Joachim and Zane's opportunity cost) The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Joachim's opportunity cost for cleaning bathrooms is _, and Zane's opportunity cost for cleaning bathrooms is _.

(Table: Cooking time) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making lasagna is _, and Jason's opportunity cost is _.

(Table: Cooking times) . The table provides data on how long it takes Marla and Jason to cook lasagna and cook chicken curry. Marla's opportunity cost of making chicken curry is _, and Jason's opportunity cost is _.