If Alice can produce 10 cakes or 20 cookies in a day, and Bob can produce 15 cakes or 15 cookies, who has the comparative advantage in cookie production?

What is the primary assumption of the Production Possibilities Frontier (PPF)?

How does specialization and trade affect resource allocation in an economy?

What distinguishes comparative advantage from absolute advantage?

If a worker in Factory A can produce 5 widgets per hour and a worker in Factory B can produce 8 widgets per hour, which factory has the absolute advantage in widget production?

What is a potential downside of specialization and trade in an economy?

How does specialization contribute to increased productivity in an economy?

Why might a country choose to specialize in the production of a particular good?

Given the PPFs of two individuals, Person A can produce 40 units of good X or 20 units of good Y, and Person B can produce 30 units of good X or 30 units of good Y. Which person has the comparative advantage in producing good X?

If a farmer can produce a maximum of 100 bushels of wheat or 200 bushels of corn, what is the opportunity cost of producing one bushel of wheat?