Question

1.According to the concept of comparative​ advantage, a good should be produced in that nation in which

A. domestic opportunity cost is greatest.

B.terms of trade are maximized.

C.money is used.

D. domestic opportunity cost is the smallest.

2. What is the type of mechanism that answers the basic economic questions through a decentralized decision making​ process?

A.market system

B.command and control

C.dictatorship

D.mixed economic system

3. The impact of an increase in the gasoline tax on SUV sales is

A.a macroeconomics topic because it deals with taxes.

B.a normative issue and so it is not an economic topic.

C. a microeconomics topic because it deals with one industry.

D.not an economic​ issue, but rather a political issue.

4. To an​ economist, the term​ "needs"

A.means the purchase of necessary goods.

B. refers to the purchase of goods by the poor.

C. identifies the purchases of basic goods and services.

D. is objectively undefinable.

Answer 1

1):-D is right option

Comparative Advantage is defined as the ability of an individual firm or country to produce a good or service at a lower opportunity cost than competitors.

2) :-A is right option

market system is defined as goods and services are produced & supplied by whoever is willing to do so

3) :-C is right option

4) :-D is right option

Needs is defined as necessary wants, such as food, shelter, and clothing

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