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Figure: The Production Possibilities for Two Countries
Reference: Ref 8-6
(Figure: The Production Possibilities for Two Countries) Look at the figure The Production
Possibilities for Two Countries. If Malaysia specializes in the production of the good of its
comparative advantage, it will produce:
108. Multiple Choice: Figure: The Production Possibilities ...
Question Figure: The Production Possibilities for Two Countries
Reference: Ref 8-6
(Figure: The Production Possibilities for Two Countries) Look at the figure The Production
Possibilities for Two Countries. Both nations will gain from trade when 1 tire trades for:
Points: 0
109. Multiple Choice: Figure: The Production Possibilities ...
Question Figure: The Production Possibilities for Two Countries
Reference: Ref 8-6
(Figure: The Production Possibilities for Two Countries) Look at the figure The Production
Possibilities for Two Countries. Trade will not take place if 1 radio trades for:
Points: 0
110. Multiple Choice: Figure: The Production Possibilities ...
Question Figure: The Production Possibilities for Two Countries
Reference: Ref 8-6
(Figure: The Production Possibilities for Two Countries) Look at the figure The Production
Possibilities for Two Countries. If Indonesia and Malaysia trade 1 radio for 1 tire, the most that
Indonesia can consume is ________ radios and ________ tires, while the most that Malaysia
can consume is ________ radios and ________ tires.
111. Multiple Choice: Figure: The Production Possibilities ...
Question
Points: 0
Points: 0
Figure: The Production Possibilities for Two Countries
Reference: Ref 8-6
(Figure: The Production Possibilities for Two Countries) Look at the figure The Production
Possibilities for Two Countries. If Indonesia and Malaysia trade 1 radio for 1.5 tires, the most
that Indonesia can consume is ________ radios and ________ tires, while the most that
Malaysia can consume is ________ radios and ________ tires.
112. Multiple Choice: (Figure: The Production Possibilitie...
Question (Figure: The Production Possibilities for Two Countries) Indonesia has an absolute
advantage in producing:
113. Multiple Choice: (Figure: The Production Possibilitie...
Question (Figure: The Production Possibilities for Two Countries) Malaysia has an absolute
advantage in producing:
Points: 0
Points: 0
114. Multiple Choice: Figure: Comparative Advantage and the...
Question Figure: Comparative Advantage and the Production Possibility Frontier
Reference: Ref 8-7
(Figure: Comparative Advantage and the Production Possibility Frontier) Look at the
figure Comparative Advantage and the Production Possibility Frontier. In the figure,
________ has an absolute advantage in the production of ________ and a
comparative advantage in the production of ________.
Answer the United States; computers; roses
Points: 0
115. Multiple Choice: Figure: Comparative Advantage and the...
Question Figure: Comparative Advantage and the Production Possibility Frontier
Reference: Ref 8-7
(Figure: Comparative Advantage and the Production Possibility Frontier) Look at the
figure Comparative Advantage and the Production Possibility Frontier. In the figure,
________ has an absolute advantage in the production of ________ and a
comparative advantage in the production of ________.
Points: 0
116. Multiple Choice: Figure: Comparative Advantage and the...
Question Figure: Comparative Advantage and the Production Possibility Frontier
Reference: Ref 8-7
(Figure: Comparative Advantage and the Production Possibility Frontier) Look at the
figure Comparative Advantage and the Production Possibility Frontier. In the figure,
trade will be beneficial for both countries in all of the following cases except:
Points: 0
Answer 1 computer is traded for more than 1/2 box of roses but fewer than 2 boxes of
roses.
117. Multiple Choice: Reference: Ref 8-8 (Table: Productio...
Question
Reference: Ref 8-8
(Table: Production Possibilities) Look at the table Production Possibilities.
According to the data in the table, the opportunity cost of 1 computer for ________
is ________.
Answer the United States; 2 boxes of roses
118. Multiple Choice: Reference: Ref 8-8 (Table: Productio...
Question
Points: 0
Points: 0
Reference: Ref 8-8
(Table: Production Possibilities) Look at the table Production Possibilities.
According to the data in the table, the opportunity cost of 1 computer for ________
is ________.
119. Multiple Choice: Figure: The Gains from International ...
Question
Points: 0
Figure: The Gains from International Trade
Reference: Ref 8-9
(Figure: The Gains from International Trade) Look at the figure The Gains from
International Trade. In the figure, each country must trade ________ to consume at
combination C.
120. Multiple Choice: An economy moves from autarky to free...
Question An economy moves from autarky to free international trade. In the import sector
________:
Points: 0
Answer consumer and producer surplus both rise, and the economy as a whole gains.
121. Multiple Choice: Figure: The Market for Roses Referenc...
Question Figure: The Market for Roses
Reference: Ref 8-10
(Figure: The Market for Roses) Look at the figure The Market for Roses. In the figure,
consumer surplus without international trade would be area or areas:
Answer W + X + Y.
122. Multiple Choice: Figure: The Market for Roses Referenc...
Question
Points: 0
Points: 0
Figure: The Market for Roses
Reference: Ref 8-10
(Figure: The Market for Roses) Look at the figure The Market for Roses. In the figure,
consumer surplus with international trade would be area or areas:
Answer W + X + Y.
123. Multiple Choice: Figure: The Market for Roses Referenc...
Question Figure: The Market for Roses
Reference: Ref 8-10
(Figure: The Market for Roses) Look at the figure The Market for Roses. In the figure,
producer surplus without international trade would be area or areas:
Answer X + Y + Z.
Points: 0
124. Multiple Choice: Figure: The Market for Roses Referenc...
Question Figure: The Market for Roses
Reference: Ref 8-10
(Figure: The Market for Roses) Look at the figure The Market for Roses. In the figure,
producer surplus with international trade would be area or areas:
Answer X + Y + Z.
125. Multiple Choice: If a nation imports a good when the e...
Question If a nation imports a good when the economy is opened to trade, the domestic price
of the good will ________ and domestic consumption will ________.
Answer rise; rise
Points: 0
Points: 0
126. Multiple Choice: Figure: The Market for Oranges in Sou...
Question Figure: The Market for Oranges in South Africa
Reference: Ref 8-11
(Figure: The Market for Oranges in South Africa) Look at the figure The Market for
Oranges in South Africa. In autarky, the price of oranges in South Africa is P1.
When the economy is opened to trade, the price falls to PW. South Africa will
________ oranges and the volume of trade will equal ________.
127. Multiple Choice: Figure: The Market for Oranges in Sou...
Question
Points: 0
Points: 0
Figure: The Market for Oranges in South Africa
Reference: Ref 8-11
(Figure: The Market for Oranges in South Africa) Look at the figure The Market for
Oranges in South Africa. In autarky, the price of oranges in South Africa is P1.
When the economy is opened to trade, the price falls to PW and consumer surplus
will ________ to ________.
128. Multiple Choice: Figure: The Market for Oranges in Sou...
Question
Points: 0
Figure: The Market for Oranges in South Africa
Reference: Ref 8-11
(Figure: The Market for Oranges in South Africa) Look at the figure The Market for
Oranges in South Africa. In autarky, the price of oranges in South Africa is P1.
When the economy is opened to trade, the price falls to PW and producer surplus
will ________ to ________.
129. Multiple Choice: Figure: The Market for Oranges in Sou...
Question
Points: 0
Figure: The Market for Oranges in South Africa
Reference: Ref 8-11
(Figure: The Market for Oranges in South Africa) Look at the figure The Market for
Oranges in South Africa. In autarky, the price of oranges in South Africa is P1.
When the economy is opened to trade, the price falls to PW and the change in total
surplus is:
Answer O.
130. Multiple Choice: The United States can produce wine do...
Question The United States can produce wine domestically, but it can also import wine on the
world market if the world price of wine is lower than the domestic price of wine.
Which of the following correctly describes the impact of imported wine on total
surplus in the U.S. wine market?
Answer Consumer surplus will increase by less than producer surplus will decrease;
total surplus will decrease.
Points: 0
131. Multiple Choice: Mexico can produce lettuce domestical...
Question Mexico can produce lettuce domestically, but lettuce can also be imported from
other nations. If Mexico imports some lettuce from other nations, it must be the
case that:
Answer Mexico has the comparative advantage in lettuce production compared to other
nations that produce lettuce.
132. Multiple Choice: Figure: The Domestic Market for Digit...
Question Figure: The Domestic Market for Digital Cameras
Reference: Ref 8-12
(Figure: Domestic Market for Digital Cameras) Look at the figure The Domestic
Market for Digital Cameras. Total surplus before international trade is equal to the
area:
133. Multiple Choice: Figure: The Domestic Market for Digit...
Question
Points: 0
Points: 0
Points: 0
Figure: The Domestic Market for Digital Cameras
Reference: Ref 8-12
(Figure: Domestic Market for Digital Cameras) Look at the figure The Domestic
Market for Digital Cameras. Consumer surplus after international trade is equal to
the area:
134. Multiple Choice: Figure: The Domestic Market for Digit...
Question Figure: The Domestic Market for Digital Cameras
Reference: Ref 8-12
(Figure: Domestic Market for Digital Cameras) Look at the figure The Domestic
Market for Digital Cameras. Total surplus after international trade ________ by the
area ________.
Answer rises; B + D + E
Points: 0
135. Multiple Choice: A road blockade at the border between...
Question A road blockade at the border between the United States and Canada prevents the
entry of all lumber products to the United States from Canada. This blockade will:
Answer increase the consumer surplus for American lumber consumers.
136. Multiple Choice: Figure: The Market for MP3 Players Re...
Question Figure: The Market for MP3 Players
Reference: Ref 8-13
(Figure: The Market for MP3 Players) Look at the figure The Market for MP3
Players. In the market for MP3 players, the autarky price equals ________.
Answer $140
Points: 0
Points: 0
