2024 – 1 The people in the village remember the good old days when tourists came to visit and the place seemed

1. The people in the village remember the good old days, when tourists came to visit and the place seemed to be alive day and night. Now, there is very little to do, although land and locally produced food are inexpensive.
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2. The ability to produce a good at a lower opportunity cost than another producer is called:
Substitution effect
Externality
Comparative Advantage
Absolute Advantage

3. Gasoline has doubled in price over the past couple years. Which graph best depicts the markets for bicycles, scooters, and other alternative modes of transportation?
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Graph D

4. Solar panels, windmills, and bio diesel generators are cheaper and almost as efficient for office buildings to produce the electricity that they need for themselves. Which graph depicts the market for existing utility companies?
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Graph D