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Exam 3: Interdependence and the Gains From Trade

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Question 31

Multiple Choice

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Use the accompanying table to answer the following questions: Table 3-6 -Refer to Table 3-6.The opportunity cost of 1 unit of cheese in England is

A) 4 units of bread.
B) 2 units of bread.
C) 1/2 unit of bread.
D) 1/4 unit of bread.

E) A) and C)
F) All of the above

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Question 32

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Unless two people who are producing two goods have exactly the same opportunity costs,then one person will have a comparative advantage in one good,and the other person will have a comparative advantage in the other good.

A) True
B) False

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Question 33

Multiple Choice

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Trade can make everybody better off because it

David Ricardo

Figure 3-2 -Refer to Figure 3-2.For Ben,the opportunity cost of 1 pound of cones is

Table 3-1 -Refer to Table 3-1.The rancher has an absolute advantage in

Figure 3-5 The graph below represents the various combinations of cars and corn that Country A could produce in a given month. (On the vertical axis, corn is measured in bushels.) -Refer to Figure 3-5.Under which of the following circumstances would Country A be able to consume outside of its production possibilities frontier?

Table 3-5 -Refer to Table 3-5.The United States has a comparative advantage in

Table 3-3 -Refer to Table 3-3.The opportunity cost of 1 birdhouse for Montana is

Figure 3-2 -Refer to Figure 3-2.Suppose Jerry's production possibilities frontier is based on 4 hours of work.Jerry requires

Figure 3-2 -Refer to Figure 3-2.Ben has a comparative advantage in

Figure 3-2 -Refer to Figure 3-2.For Jerry,the opportunity cost of 1 pound of ice cream is

Table 3-5 -Refer to Table 3-5.The opportunity cost of 1 car for the United States is

Use the accompanying table to answer the following questions: Table 3-6 -Refer to Table 3-6.England has a comparative advantage in

Figure 3-1 -Refer to Figure 3-1.Which of the following statements is correct?

If Shawn can produce more donuts in one day than Sue can produce in one day,then

The producer that requires a smaller quantity of inputs to produce a certain amount of a good,relative to the quantities of inputs required by other producers to produce the same amount of that good,

Table 3-4 Brenda and Eric run a business that involves setting up and testing computers. The following table applies. -Refer to Table 3-4.For Brenda,the opportunity cost of testing a computer is

Figure 3-1 -Refer to Figure 3-1.Suppose Paul must work 2 hours to produce each bushel of corn.Then Paul

Figure 3-2 -Refer to Figure 3-2.Ben has an absolute advantage in