AnswersCHS EconomicsComparative and Absolute Advantage

Comparative and Absolute Advantage Answers

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1
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Which best describes how consumers may benefit from specialization?

A
Consumers can only purchase high-quality goods.
B
Consumers have more price options.
C
Consumers receive more sale offers.
D
Consumers find products at lower prices.
2
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What can a producer gain by specializing?

A
sales
B
new customers
C
absolute advantage
D
opportunity costs
3

Which describes a way in which consumers most likely benefit from producers’ absolute advantage?

A
Consumers’ opportunity costs decrease.
B
Prices decrease as a result of increased production efficiencies.
C
Producers always use savings to improve products.
D
Consumers can find a given product in more places.
4

[BLANK]

A
higher
B
lower
C
multiple

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