Home > Microeconomics > Quiz: PPF, Absolute and Comparative Advantage

Quiz: PPF, Absolute and Comparative Advantage

For students wishing to work on this over the weekend, I’m reproducing the quiz questions here:

a

  1. If Paul divides his time equally between corn and wheat, he will be able to produce _______ bushels of wheat and _______ bushels of corn.
  2. The opportunity cost of 1 bushel of wheat for Cliff is _______ bushel of corn.
  3. The opportunity cost of 2 bushels of corn for Cliff is _______ bushels of wheat.
  4. Assume both Paul and Cliff divide their time equally between the production of corn and wheat, and they do not trade. If they are the only producers of wheat and corn, then total production of wheat and corn is _______ bushels of wheat and _______ bushels of corn.
  5. Paul has an _____________________ advantage in both wheat and corn.
  6. Suppose Paul must work 2 hours to produce each bushel of corn. Paul’s production possibilities frontier is based on _______ hours of work.
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Categories: Microeconomics
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