ECO 561 Final Exam Guide 2019
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ECO 561 Final Exam Guide 2019 ECO 561 Final Exam Guide 2019 (Update 2
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ECO 561 Final Exam Guide 2019
- Exam (elaborations)
- • 9 pages's •
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ECO 561 Final Exam Guide 2019•ECO 561 Final Exam Guide 2019
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ECO 561 Final Exam Guide 2019
1. In the theory of comparative advantage, a good should be produced in that nation where: 
the production possibilities line lies further to the right than the trading possibilities line
its cost is least in terms of alternative goods that might otherwise be produced
its absolute cost in terms of real resources used is least
its absolute money cost of production is least
2. The simple circular flow model shows that: 
businesses are on the selling side of both product and resource markets.
busi...
- Exam (elaborations)
- • 9 pages's •
-
ECO 561 Final Exam Guide 2019•ECO 561 Final Exam Guide 2019
Preview 1 out of 9 pages
1. In the theory of comparative advantage, a good should be produced in that nation where: 
the production possibilities line lies further to the right than the trading possibilities line
its cost is least in terms of alternative goods that might otherwise be produced
its absolute cost in terms of real resources used is least
its absolute money cost of production is least
2. The simple circular flow model shows that: 
businesses are on the selling side of both product and resource markets.
busi...