Maximum Feasible Hourly Production Rates for either Computers or Bicycles Using All Available Resources \[\begin{array}{l} \begin{array} {lll} \hline Product & United States & Mexico \\ \hline Computers & 8 & 2 \\ Bicydes & 6 & 4 \\ \hline \end{array} \end{array}\] -According to the above table,if these two countries trade,

A) Mexico should import computers and the United States import bicycles. B) the United States should import computers and Mexico should import bicycles. C) the United States should export bicycles and Mexico should export computers. D) we cannot tell which country should export which good without knowing the amount of labor utilized in each country. A) Mexico should import computers and the United States import bicycles. B) the United States should import computers and Mexico should import bicycles. C) the United States should export bicycles and Mexico should export computers. D) we cannot tell which country should export which good without knowing the amount of labor utilized in each country.

Maximum Feasible Hourly Production Rates of Either Product A or Product B Using All Available Resources \(\begin{array}{l} \begin{array}{lll} \text { Product }&\text {Country } X& \text { Country } Y\\ \text { A } & 4 & 8 \\ \text { B } & 4 & 4 \end{array} \end{array}\) -Refer to the above table.Assuming constant opportunity costs,

A) neither country will be willing to engage in trade at any rate of exchange of product A for product B. B) both countries will be willing to engage in trade at a rate of exchange of 0.3 unit of product A for 1 unit of product B. C) both countries will be willing to engage in trade at a rate of exchange of 3 units of product A for 1 unit of product B. D) both countries will be willing to engage in trade at a rate of exchange of 1.5 unit of product A for 1 unit of product B. A) neither country will be willing to engage in trade at any rate of exchange of product A for product B. B) both countries will be willing to engage in trade at a rate of exchange of 0.3 unit of product A for 1 unit of product B. C) both countries will be willing to engage in trade at a rate of exchange of 3 units of product A for 1 unit of product B. D) both countries will be willing to engage in trade at a rate of exchange of 1.5 unit of product A for 1 unit of product B.

Maximum Feasible Hourly Production Rates (in Tons) of Either Knives or Forks Using All Available Resources \[\begin{array}{l} \begin{array} {lll } Product & Country Alpha & Country Beta \\ \hline Knives & 9 & 3 \\ Forks & 6 & 12 \end{array} \end{array}\] -Use the above table.Assuming constant opportunity costs,if countries Alpha and Beta specialize based on comparative advantage,then

A) Alpha should specialize in knives and Beta should specialize in forks. B) Alpha should specialize in forks and Beta should specialize in knives. C) Alpha should specialize in producing both items. D) Beta should produce both items. A) Alpha should specialize in knives and Beta should specialize in forks. B) Alpha should specialize in forks and Beta should specialize in knives. C) Alpha should specialize in producing both items. D) Beta should produce both items.

Maximum Feasible Hourly Production Rates (in Tons) of Either Knives or Forks Using All Available Resources \[\begin{array}{l} \begin{array} {lll } Product & Country Alpha & Country Beta \\ \hline Knives & 9 & 3 \\ Forks & 6 & 12 \end{array} \end{array}\] -Use the above table.Assuming constant opportunity costs,if countries Alpha and Beta specialize based on comparative advantage,then they will trade if the rate of exchange is

A) 5 knives for 1 fork,and Alpha imports forks. B) 0.5 knives for 1 fork,and Alpha imports forks. C) 0.5 fork for 1 knife,and Beta imports knives. D) 6 forks for 1 knife,and Beta imports knives. A) 5 knives for 1 fork,and Alpha imports forks. B) 0.5 knives for 1 fork,and Alpha imports forks. C) 0.5 fork for 1 knife,and Beta imports knives. D) 6 forks for 1 knife,and Beta imports knives.

Exam 19: Comparative Advantage and the Open Economy

Maximum Feasible Hourly Production Rates for either Computers or Bicycles Using All Available Resources Product UnitedStates Mexico Computers 8 2 Bicydes 6 4 -According to the above table,if these two countries trade,

(Multiple Choice)

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Question 241

Mercosur is a trade agreement between nations

(Multiple Choice)

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Question 242

Maximum Feasible Hourly Production Rates of Either Product A or Product B Using All Available Resources Product Country X Country Y A 4 8 B 4 4 -Refer to the above table.Assuming constant opportunity costs,

(Multiple Choice)

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Question 243

Assume that maximum feasible hourly productions levels if all resources are utilized in the United States are either 3 yards of fabric or 9 bushels of wheat.Maximum feasible production levels if all resources are utilized in Japan are either 6 yards of fabric or 12 bushels of wheat.Based on this information

(Multiple Choice)

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Question 244

Maximum Feasible Hourly Production Rates (in Tons) of Either Knives or Forks Using All Available Resources Product CountryAlpha CountryBeta Knives 9 3 Forks 6 12 -Use the above table.Assuming constant opportunity costs,if countries Alpha and Beta specialize based on comparative advantage,then

(Multiple Choice)

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Question 245

Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day.Ethel can produce a maximum of eight pies or two cakes in a day.Ethel has an comparative advantage in the production of

(Multiple Choice)

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Question 246

All of the following are arguments against free trade EXCEPT

(Multiple Choice)

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Question 247

Dumping occurs when,in a foreign market,a good is sold

(Multiple Choice)

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Question 248

What is the relationship between imports and employment?

(Essay)

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Question 249

U.S.automakers have an interest to make it more difficult for European competitors to locate assembly plants in Canada or Mexico and thereby ship finished automobiles to the United States duty-free.This is an example of

(Multiple Choice)

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Question 250

When the principle of comparative advantage determines trade,then a country will

(Multiple Choice)

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Question 251

-Refer to the above figures.A tariff is placed on a foreign good.Which figure represents the situation in the domestic market for the foreign good?

(Multiple Choice)

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Question 252

If protective import-restricting tariffs are imposed by a country,in the majority of cases that nation's consumers end up

(Multiple Choice)

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Question 253

U.S.job losses cited by anti-trade critics

(Multiple Choice)

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Question 254

Maximum Feasible Hourly Production Rates (in Tons) of Either Knives or Forks Using All Available Resources Product CountryAlpha CountryBeta Knives 9 3 Forks 6 12 -Use the above table.Assuming constant opportunity costs,if countries Alpha and Beta specialize based on comparative advantage,then they will trade if the rate of exchange is

(Multiple Choice)

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Question 255

The organization that settles trade disputes between countries is the

(Multiple Choice)

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Question 256

If protective import-restricting tariffs are imposed by a country,in the majority of cases that nation's producers end up

(Multiple Choice)

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Question 257

The United States is considered by the Institute for Management Development to be the most competitive economy because

(Multiple Choice)

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Question 258

Dumping typically occurs because

(Multiple Choice)

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Question 259

Mary can clean 20 windows per hour or type 30 pages of paper per hour.Tom can clean 18 windows per hour or he can type 25 pages of paper per hour.Based on this

(Multiple Choice)

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Question 260

Showing 241 - 260 of 314

Maximum Feasible Hourly Production Rates for either Computers or Bicycles Using All Available Resources Product UnitedStates Mexico Computers 8 2 Bicydes 6 4 -According to the above table,if these two countries trade,

Mercosur is a trade agreement between nations

Maximum Feasible Hourly Production Rates of Either Product A or Product B Using All Available Resources Product Country X Country Y A 4 8 B 4 4 -Refer to the above table.Assuming constant opportunity costs,

Maximum Feasible Hourly Production Rates (in Tons) of Either Knives or Forks Using All Available Resources Product CountryAlpha CountryBeta Knives 9 3 Forks 6 12 -Use the above table.Assuming constant opportunity costs,if countries Alpha and Beta specialize based on comparative advantage,then

Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day.Ethel can produce a maximum of eight pies or two cakes in a day.Ethel has an comparative advantage in the production of

All of the following are arguments against free trade EXCEPT

Dumping occurs when,in a foreign market,a good is sold

What is the relationship between imports and employment?

U.S.automakers have an interest to make it more difficult for European competitors to locate assembly plants in Canada or Mexico and thereby ship finished automobiles to the United States duty-free.This is an example of

When the principle of comparative advantage determines trade,then a country will

-Refer to the above figures.A tariff is placed on a foreign good.Which figure represents the situation in the domestic market for the foreign good?

If protective import-restricting tariffs are imposed by a country,in the majority of cases that nation's consumers end up

U.S.job losses cited by anti-trade critics

The organization that settles trade disputes between countries is the

If protective import-restricting tariffs are imposed by a country,in the majority of cases that nation's producers end up

The United States is considered by the Institute for Management Development to be the most competitive economy because

Dumping typically occurs because

Mary can clean 20 windows per hour or type 30 pages of paper per hour.Tom can clean 18 windows per hour or he can type 25 pages of paper per hour.Based on this

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Consumer Choice

Rents, profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Exchange Rates and the Balance of Payments

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