Exam 3: Interdependence and the Gains From Trade

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 3-9 -Refer to Figure 3-9.If the production possibilities frontiers shown are each for two days of production,then which of the following combinations of bolts and nails could Uzbekistan and Azerbaijan together not make in a given 2-day production period?

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 how long does it take Bonovia to make one pound of cheese?

Figure 3-3 -Refer to Figure 3-3.If Dina must work 0.25 hour to produce each taco,then her production possibilities frontier is based on how many hours of work?

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.Zimbabwe's opportunity cost of one hairbrush is

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 Miguel is

Figure 3-4 -Refer to Figure 3-4.The opportunity cost of 1 novel for Jordan is

Figure 3-8 -Refer to Figure 3-8.Chile should specialize in the production of

Figure 3-5 -Refer to Figure 3-5.Hosne's opportunity cost of one wallet is

Table 3-2 Assume that Aruba and Iceland can switch between producing coolers and producing radios at a constant rate. -Refer to Table 3-2.Aruba has a comparative advantage in the production of

Table 3-4 Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. -Refer to Table 3-4.Assume that the farmer and the rancher each has 24 labor hours available.If each person spends all his time producing the good in which he has a comparative advantage and trade takes place at a price of 1 pound of meat for 2 pounds of potatoes,then

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 3-7 -Refer to Figure 3-7.If Bintu and Juba switch from each person dividing her time equally between the production of cups and bowls to each person spending all of her time producing the good in which she has a comparative advantage,then total production will increase by

Figure 3-7 -Refer to Figure 3-7.The opportunity cost of 1 cup for Juba is

Mike and Sandy are two woodworkers who both make tables and chairs.In one month,Mike can make 4 tables or 20 chairs,where Sandy can make 6 tables or 18 chairs.Given this,we know that the opportunity cost of 1 table is

Figure 3-3 -Refer to Figure 3-3.If the production possibilities frontier shown for Arturo is for 100 hours of production,then how long does it take Arturo to make one burrito?

Suppose the US and Mexico both produce semiconductors and auto parts and the US has a comparative advantage in semiconductors while Mexico has a comparative advantage in auto parts.Also suppose the US has an absolute advantage in the production of both semiconductors and auto parts.The US should

Figure 3-1 -Refer to Figure 3-1.The rate of tradeoff between producing chairs and producing couches is constant in

Figure 3-8 -Refer to Figure 3-8.If Chile and Colombia each divides its time equally between making coffee and making soybeans,then total production is

Figure 3-10 Alice and Betty's Production Possibilities in one 8-hour day. -Refer to Figure 3-10.Which of the following statements is correct regarding absolute advantage?