Economics Unit 1 Specialization and Trade
Quiz by Mark Stegall
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- Q 1/5Score 0Which of the following is true according to the data in the table?29Country B has an absolute and comparative advantage in the production of computersCountry A has an absolute and comparative advantage in the production of computersCountry B should import computers and export carsSince Country B has an absolute advantage in the production of both goods, it will not trade with Country A.
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- Q1Which of the following is true according to the data in the table?Country B has an absolute and comparative advantage in the production of computersCountry A has an absolute and comparative advantage in the production of computersCountry B should import computers and export carsSince Country B has an absolute advantage in the production of both goods, it will not trade with Country A.30s
- Q2If two nations specialize according to the law of comparative advantage and then trade with each other, which of the following would be true?Total world production of goods would decrease.A smaller number of goods would be available in each trading nationOne nation would benefit at the expense of the other nationEach nation would increase its consumption possibilities.30s
- Q3Who has a comparative advantage in the production of oranges?MarieNeither Marie nor IsabellaBoth Marie and IsabellaIsabella30s
- Q4Suppose that Australia and Brazil ave the outputs per worker in producing sleds and clarinets shown on the table. Then Brazil has aAbsolute advantage in sledsComparative advantage in sledsComparative advantage in clarinetsAbsolute advantage in clarinets.30s
- Q5Given 2 PPCs for countries Alpha and Beta. At what real exchange ratio, also referred to as the terms of trade, between grain (G) and steel (S) would both Alpha and Beta find it mutually advantageous to specialize and trade?1G = 1.5S1G = 0.5S1G = 3.0S1G = 1.0S30s
