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Multiple choice: Choose the one alternative that best completes the statement or answers the
An economy is said to have a comparative advantage in the production of a good if it
can produce that good:
with a higher opportunity cost than another economy.
at a lower opportunity cost than another economy.
with more resources than another economy.
outside its production possibilities curve.
When moving along a production possibilities curve, the opportunity cost to society of
getting more of one good:
is measured in dollar terms.
is measured by the amount of the other good that must be given up.
Use the following to answer question 3:
The Demand for Chocolate-Covered Peanuts
(bags per month)
(Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are
the only three buyers in the market, and the price of a bag of chocolate-covered peanuts
is $0.80, the total market demand is ________ bags per month.
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