ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Output questions
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Input questions
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Either A or B
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None of the above
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Detailed explanation-1: -The strategy to calculate opportunity cost will be the “other goes over” rule for output questions (finished products) and “other goes under” rule for input questions (time it takes to produce-per hour). The country with the lower opportunity costs is the one with the comparative advantage.
Detailed explanation-2: -With output questions the numbers provided are the quantities of finished products. Since the amount of time is fixed, this is an output question.
Detailed explanation-3: -Input-Output questions consist of the pattern which is either based on numbers or alphabets. The concept of Input-Output is similar to the concept of computer input and output. The questions from this topic involve the input of the pattern of numbers or alphabets and the output comes from following a certain pattern.
Detailed explanation-4: -The first and the most important thing is to read the question carefully and analyse the steps based on which the Output is given. At times, just looking at Step 1 and step 2 only candidates shall be able to understand the pattern followed. More items