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AP Macroeconomics
Unit 1 – Basic Economic Concepts
Topic 1.3
Which of the following statements best explains the concept of opportunity cost in the context of comparative advantage?
It is the difference in production costs between two countries for a given good
It refers to the value of the next best alternative given up when a choice is made
It represents the total cost of producing a good, including all resources used
It is the cost incurred when a country produces a good domestically instead of importing it
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AP Macroeconomics - 1.3 Comparative Advantage and Trade
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Opportunity cost
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Cram Mode
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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.
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