PLATO Economics End of Semester Test Questions & 100% Correct Answers
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Module
PLATO
Institution
PLATO
absolute advantage
~~> the advantage gained when a country's per-unit production
cost is lower than that of other countries
acceptability
~~> the property of a good or service being universally acceptable
in an economy
allocation of resources
~~> the distribution of availabl...
✓ ~~> a secret agreement to set production and price limits
command economy
✓ ~~> a situation in which allocation and distribution of resources are
controlled solely by the government
commodity money
✓ ~~> an object that has value in itself and can also be used as money
communism
✓ ~~> an economic and social system in which private ownership is
completely eliminated and society collectively owns the rights to all
resources
comparative advantage
✓ ~~> the advantage gained when a country produces goods and
services at lower opportunity cost than other countries in the market
competition
Master01 | September, 2024/2025 | Latest update
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