Macro - 2.2.2 and 2.2.6

Which statement accurately describes how opportunity cost is calculated? a. by dividing the worst alternative by the best alternative b. by diving the best alternative by the production choice made c. by dividing the best production choice by the second-best alternative d. by dividing the production choice by its next-best alternative

by diving the best alternative by the production choice made

What does an opportunity cost of a 1.0 indicate

no difference between a given production choice and the next-best choice

Which of these correctly defines absolute advantage? a. the ability to do a task that no one else can do b. the ability to do a task that is the next-best alternative to the best choice c. the ability to do a task using fewer resources than anyone else d. the ability to do a task while giving up less alternative production than anyone else

the ability to do a task using fewer resources than anyone else

Which of these correctly defines comparative advantage? a. the ability to do a task using fewer resources than anyone else b. the ability to do a task better than the next-best person c. the ability to do a task in less time and with fewer resources than anyone else d. the ability to do a task while giving up less alternative production than anyone else

the ability to do a task while giving up less alternative production than anyone else