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Chapter 2 Test

Enter the letter for the matching Definition
incorrect
1.
Comparative Advantage
incorrect
2.
Preferences
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3.
PPF
A.
shows all the combinations of goods that a country can produce given its productivity and supply of inputs
B.
the ability to produce a good with a lower opportunity cost
C.
The value a person puts on a good or service. The reason trades occur is the seller has a lower value of the item they are selling than the buyer.
Type the Term that corresponds to the displayed Definition.
incorrect
4.
in economics, measures output per unit of input, such as labor, capital or any other resource
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5.
the ability to produce the same good using fewer inputs than another produce
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6.
A nation or person is economically self-sufficient. Produces all goods and services they consume

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Created by: eclardy
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