Economics 201 Exam 1 UTK: Questions & Answers: Latest Updated
Exports (Ans- Goods shipped out of country Imports (Ans- Goods shipped into country Absolute Advantage (AnsThe ability to produce a good using fewer inputs than someone else (when comparing, be able to identify country with absolute advantage) Comparative Advantage (AnsThe ability to produce a good at a lower opportunity coset than another producer. (When comparing, be able to identify country with comparative advantage) Reasons why a country may choose not to trade (Ans- -National defense items (best produced within country in case of war)
Written for
- Institution
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Williston State College
- Course
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ECON 201
Document information
- Uploaded on
- May 22, 2025
- Number of pages
- 17
- Written in
- 2024/2025
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
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exports ans goods shipped out of country
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imports ans goods shipped into country
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absolute advantage ansthe ability to produce a go
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