Exam 3: Interdependence and the Gains from Trade.

Suppose a gardener produces both green beans and corn in her garden.If she must give up 14 bushels of corn to get 5 bushels of green beans,then her opportunity cost of 1 bushel of green beans is

Figure 3-5 -Refer to Figure 3-5.If Hosne and Merve each divides her time equally between making purses and making wallets,then total production is

Figure 3-3 -Refer to Figure 3-3.Suppose Arturo is willing to trade 6 burritos to Dina for each 10 tacos that Dina produces and sends to Arturo.Which of the following combinations of tacos and burritos could Dina then consume,assuming Dina specializes in taco production and Arturo specializes in burrito production?

Table 3-11 Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate. -Refer to Table 3-11.Varick has an absolute advantage in the production of

Table 3-1 Assume that Andia and Zardia can switch between producing wheat and producing beef at a constant rate. -Refer to Table 3-1.What is Andia's opportunity cost of producing one bushel of wheat?

Table 3-18 Chris and Tony's Production Opportunities -Refer to Table 3-18 Chris and Tony both produce tomatoes and pasta sauce.The table shows their possible production per month if both work the same number of 8 hour days.Which of the following statements is correct?

Figure 3-8 -Refer to Figure 3-8.Chile has an absolute advantage in the production of

Table 3-3 Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate. -Refer to Table 3-3.Portugal has an absolute advantage in the production of

Figure 3-8 -Refer to Figure 3-8.If Chile and Colombia each spends all of its time producing the good in which it has a comparative advantage and the countries agree to trade 7 pounds of coffee for 5 pounds of soybeans,then Chile will consume

Table 3-11 Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate. -Refer to Table 3-11.Assume that Falda and Varick each has 1 hour available.If each person divides his time equally between the production of wheat and cloth,then total production is

If Korea is capable of producing either shoes or soccer balls or some combination of the two,then

Goods produced abroad and sold domestically are called

Table 3-6 Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. -Refer to Table 3-6.The opportunity cost of 1 toaster for Maya is

Figure 3-5 -Refer to Figure 3-5.Hosne should specialize in the production of

The most obvious benefit of specialization and trade is that they allow us to

A production possibilities frontier is bowed outward when

In one month,Moira can knit 2 sweaters or 4 scarves.In one month,Tori can knit 1 sweater or 3 scarves.Together,they could produce more output in total if Moira knits only sweaters and Tori knits only scarves.

Figure 3-11 The graph below represents the various combinations of ham and cheese (in pounds) that the nation of Bonovia could produce in a given month. -Refer to Figure 3-11.If the production possibilities frontier shown is for 240 hours of production,then which of the following combinations of ham and cheese could Bonovia produce in 240 hours?

Table 3-9 Barb and Jim run a business that sets up and tests computers. Assume that Barb and Jim can switch between setting up and testing computers at a constant rate. The following table applies. -Refer to Table 3-9.Barb's opportunity cost of setting up one computer is testing

Adam Smith