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Answers: Lyla is a little more efficient at making potato soup than Jose

  1. Lyla is a little more efficient at making potato soup than Jose. She is a lot more efficient than Jose at making bread. They decide to specialize and trade. What should Jose specialize in making?

Solution: Soup

The two important tips on this question are comparative and absolute advantage.

  • Absolute advantage – This implies that one party has the capability to produce goods and services more efficiently than the other.
  • Comparative advantage – This introduces opportunity cost as a factor for analysis in choosing between different options for production diversification

In the above example, Lyla has the greatest absolute advantage in production of potato soup and a little less absolute advantage in making bread.

2. Macroeconomics is concerned with the effect of monetary policy on inflation. ________ is(are) concerned with how trade policy can affect unemployment.

Answer: Macroeconomics

  • Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. 
  • Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach

3. Brad goes to the food court to grab a bite while shopping at the mall. His three favorite restaurants there in descending order are Curry Hut, China Bistro, and Burger Joint. On his way to Curry Hut he sees that China Bistro has closed. What is his opportunity cost of eating at Curry Hut?

Solution: Eating at Burger Joint

  • Opportunity cost is the forgone benefit that would have been derived by an option not chosen.
  • According to his priorities, Burger joint is more valuable than Curry Hut, hence any satisfaction that could receive by dining at his highest valued restaurant is the opportunity cost.

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