Economics Chapter 8 Multiple Choice Figure The Market For Roses

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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

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

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

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

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

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

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

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