Exam 3: Interdependence and the Gains from Trade.

Table 3-5 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. -Refer to Table 3-5.If England and Spain each spends all its time producing the good in which it has a comparative advantage and the countries agree to trade 2 units of bread for 6 units of cheese,then England will consume

Kelly and David are both capable of repairing cars and cooking meals.Which of the following scenarios is not possible?

Which of the following statements about comparative advantage is not true?

What must be given up to obtain an item is 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 mixer for Miguel is

Table 3-8 Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate. -Refer to Table 3-8.The opportunity cost of 1 plate for Huang is

Table 3-7 Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate. -Refer to Table 3-7.Suppose Korea decides to increase its production of cars by 18.What is the opportunity cost of this decision?

Table 3-10 Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and Shantala can switch between programming and testing cellular phones at a constant rate. The following table applies. -Refer to Table 3-10.Shantala has an absolute advantage in

Table 3-8 Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate. -Refer to Table 3-8.At which of the following prices would both Huang and Min gain from trade with each other?

Table 3-17 US and French Production Opportunities -Refer to Table 3-17 The US has a comparative advantage in the production of

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.For Bonovia,what is the opportunity cost of a pound of cheese?

Figure 3-3 -Refer to Figure 3-3.Which of the following is not correct?

Figure 3-4 -Refer to Figure 3-4.If Perry and Jordan switch from each person dividing their time equally between the production of novels and poems to each person spending all of their time producing the good in which they have a comparative advantage,then total production of novels will increase by

Table 3-5 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. -Refer to Table 3-5.Assume that England and Spain each has 40 labor hours available.Originally,each country divided its time equally between the production of cheese and bread.Now,each country spends all its time producing the good in which it has a comparative advantage.As a result,the total output of cheese increased by

Figure 3-9 -Refer to Figure 3-9.If Uzbekistan and Azerbaijan switch from each country dividing its time equally between the production of bolts and nails to each country spending all of its time producing the good in which it has a comparative advantage,then total production will increase by

Figure 3-9 -Refer to Figure 3-9.Azerbaijan's opportunity cost of one bolt is

Figure 3-3 -Refer to Figure 3-3.Arturo would incur an opportunity cost of 36 burritos if he increased his production of tacos by

Figure 3-6 -Refer to Figure 3-6.Suppose Daisy decides to increase her production of pies by 6.What is the opportunity cost of this decision?

Interdependence among individuals and interdependence among nations are both based on the gains from trade.

Figure 3-7 -Refer to Figure 3-7.Bintu has a comparative advantage in the production of