Use the following to answer questions: Table: Production Possibilities for the United States and Mexico \[\begin{array} { l c c } \hline & \text { Corn (millions of tons) } & \text { Potatoes (millions of tons) } \\ \hline \text { United States } & 50 & 10 \\ \text { Mexico } & 40 & 5 \\ \hline \end{array}\] -(Table: Production Possibilities for the United States and Mexico) According to the table on production possibilities for the United States and Mexico, Mexico's opportunity cost of producing each ton of potatoes is ______, while the United States' opportunity cost of producing each ton of potatoes is ______.

A) 0.125 tons of potatoes; 0.2 tons of potatoes B) eight tons of corn; 0.2 tons of potatoes C) eight tons of corn; five tons of corn D) five tons of corn; 0.2 tons of corn A) 0.125 tons of potatoes; 0.2 tons of potatoes B) eight tons of corn; 0.2 tons of potatoes C) eight tons of corn; five tons of corn D) five tons of corn; 0.2 tons of corn

Exam 2: The Power of Trade and Comparative

Use the following to answer questions: Table: Production Possibilities for the United States and Mexico Corn (millions of tons) Potatoes (millions of tons) United States 50 10 Mexico 40 5 -(Table: Production Possibilities for the United States and Mexico) According to the table on production possibilities for the United States and Mexico, Mexico's opportunity cost of producing each ton of potatoes is , while the United States' opportunity cost of producing each ton of potatoes is .

(Multiple Choice)

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Question 101

Use the following to answer questions: Figure: Computers and Books -(Figure: Computers and Books) According to the figure, if country A produces only the good for which it has a comparative advantage and then consumes the other good by exchanging computers for books, then:

(Multiple Choice)

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Question 102

(Table: iPhone and iPod Production) According to the table on iPhone and iPod production, the opportunity cost of producing one iPhone is:

(Multiple Choice)

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Question 103

Economies can grow due to:

(Multiple Choice)

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Question 104

In his prime, Michael Jordan played both professional basketball and professional baseball. Compared with most people, Jordan would have an absolute advantage in:

(Multiple Choice)

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Question 105

Increased trade has also led to:

(Multiple Choice)

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Question 106

Anita is a wonderful baker and can bake 10 cakes in a day, but then has no time left to make cookies. If she bakes only cookies, she can make 200 cookies in a day. John can make equally delicious cakes and cookies but can only make seven cakes or 100 cookies in a day. Based on this information, which of the following statements is true?

(Multiple Choice)

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Question 107

New Zealand is more productive than Madagascar at producing all goods and services. In this situation:

(Multiple Choice)

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Question 108

The shows all combinations of goods that a country can produce given its productivity and .

(Multiple Choice)

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Question 109

An advantage to specialization is that it can decrease the average cost of production by concentrating on smaller-scale production.

(True/False)

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Question 110

Which of the following is least likely a consequence of the division of knowledge?

(Multiple Choice)

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Question 111

Trading increases the amount a single country can produce.

(True/False)

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Question 112

Absolute advantage derives from which of the following?

(Multiple Choice)

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Question 113

The United States and the European Union are groups of semi-independent states that have come together under an agreement whereby resources can travel freely across borders and a common currency is in use. Which of the following statements best explains how this allows for the achievement of economies of scale?

(Multiple Choice)

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Question 114

Use the following to answer questions: Figure: Rice and Shirts -(Figure: Rice and Shirts) Use the PPFs shown for the United States and India. With specialization and trade, the United States would produce and India would produce _.

(Multiple Choice)

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Question 115

The slope of the production possibilities frontier at a given point indicates ______.

(Multiple Choice)

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Question 116

Trade refers to the exchange of goods and services between at least two different nations.

(True/False)

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Question 117

Two countries that specialize where they have a comparative advantage and then trade with each other will experience increases in: I. wages in both countries. II. total output in both countries. III. living standards in both countries.

(Multiple Choice)

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Question 118

Because Chinese wages are much lower than wages in the United States, the Chinese can outcompete the United States in everything.

(True/False)

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Question 119

Adam Smith advocated the benefits of:

(Multiple Choice)

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Question 120

Showing 101 - 120 of 262

Exam 2: The Power of Trade and Comparative

Use the following to answer questions: Figure: Computers and Books -(Figure: Computers and Books) According to the figure, if country A produces only the good for which it has a comparative advantage and then consumes the other good by exchanging computers for books, then:

(Table: iPhone and iPod Production) According to the table on iPhone and iPod production, the opportunity cost of producing one iPhone is:

Economies can grow due to:

In his prime, Michael Jordan played both professional basketball and professional baseball. Compared with most people, Jordan would have an absolute advantage in:

Increased trade has also led to:

New Zealand is more productive than Madagascar at producing all goods and services. In this situation:

The ______ shows all combinations of goods that a country can produce given its productivity and ______.

An advantage to specialization is that it can decrease the average cost of production by concentrating on smaller-scale production.

Which of the following is least likely a consequence of the division of knowledge?

Trading increases the amount a single country can produce.

Absolute advantage derives from which of the following?

Use the following to answer questions: Figure: Rice and Shirts -(Figure: Rice and Shirts) Use the PPFs shown for the United States and India. With specialization and trade, the United States would produce ________ and India would produce _________.

The slope of the production possibilities frontier at a given point indicates ______.

Trade refers to the exchange of goods and services between at least two different nations.

Two countries that specialize where they have a comparative advantage and then trade with each other will experience increases in: I. wages in both countries. II. total output in both countries. III. living standards in both countries.

Because Chinese wages are much lower than wages in the United States, the Chinese can outcompete the United States in everything.

Adam Smith advocated the benefits of:

The Big Ideas

Supply and Demand

Equilibrium

Elasticity and Its Applications

Taxes and Subsidies

The Price System

Price Ceilings and Floors

International Trade

Externalities- When the Price Is Not Right

Costs and Profit Maximization Under Competition

Competition and the Invisible Hand

Monopoly

Price Discrimination

Oligopoly and Game Theory

Competing for Monopoly

Monopolistic Competition and Advertising

Labor Markets

Public Goods and the Tragedy of the Commons

Political Economy and Public Choice

Economics, Ethics, and Public Policy

Managing Incentives

Stock Markets and Personal Finance

Price Discrimination

Consumer Choice

Filters

The shows all combinations of goods that a country can produce given its productivity and .

Use the following to answer questions: Figure: Rice and Shirts -(Figure: Rice and Shirts) Use the PPFs shown for the United States and India. With specialization and trade, the United States would produce and India would produce _.