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【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. What is the opportunity cost of producing a bushel of corn in the United Kingdom? Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】The figure given below shows the production possibility curves for Canada (AB) and the Rest of the World (CD). The opportunity cost of producing a bushel of corn in Canada and in the Rest of the World are _____ liters and _____ liters of maple syrup respectively.
【判断题】According to the theory of comparative advantage, trade will not occur if one country is less efficient in the production of all products.
【判断题】Straight-line production-possibility curves indicate that the opportunity cost of producing additional units of each good is constant.
【判断题】The production-possibility curve shows various bundles of quantities of two goods that lead to the same level of well-being to the consumers.
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. Calculate the opportunity cost of producing an umbrella in the Rest of the World. Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. The number of labor hours required to produce 1 unit of good X in country A is: Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【简答题】Briefly discuss the primary features of the mercantilist philosophy. Mention any two major criticisms of the mercantilist theory as put forward by Adam Smith and other economists.
【判断题】Arbitrage is the act of buying at one place and selling at another place in order to profit from the price differences that exist between the two places.
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. If the U.K. and the Rest of the World begin to trade with each other, the international price of umbrellas will lie between _____ and _____. Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】Which of the following is true of a constant cost production-possibility curve?
【判断题】If country X has a higher labor productivity than the rest of the world in the production of a good, then country X has a comparative advantage in the production of the good.
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. The Rest of the World has an absolute advantage in the production of _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【判断题】Mercantilists believed that a country gains from international trade only at the expense of another country or countries.
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. If the U.K. and the Rest of the World begin to trade with each other, the international price of corn will lie between _____ and _____. Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. The United States has an absolute advantage in the production of _____. Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. The opportunity cost of producing a bushel of corn in the United Kingdom is _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【判断题】In the two-country two-good model, both countries can gain from trade as long as their relative advantages and disadvantages in producing different goods are different.
【单选题】A bottle of wine can be produced in France with 2 labor hours, and in the United States with 4 labor hours. A pound of beef can be produced in France with 1 labor hour, and in the United States with 1⁄2 labor hours. Which of the following is true in this context?
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. If the U.S. and France engage in free trade with each other, the international price of wine will lie between _____ and _____. Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. What is the relative price of cheese (the price of cheese in terms of wine) in France under no trade situation? Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. The United Kingdom has a comparative advantage in the production of _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. If the U.K. and the Rest of the World begin to trade with each other, the international price of umbrellas will lie between _____ and _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. If country B transfers 1 labor hour from the production of good X to the production of good Y, total world production of good Y will _____ by _____ units. Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. The opportunity cost of producing an umbrella in the United Kingdom is _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【判断题】In a two-country two-commodity model, if a country has higher labor productivity in producing both the goods, it must produce and export both the goods to the other country.
【判断题】Adam Smith’s theory of absolute advantage is based on the labor theory of value.
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. If country A transfers 1 labor hour from the production of good Y to the production of good X, total world production of good X will _____ by _____ units. Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. The number of labor hours required to produce 1 unit of good Y in country B is: Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. The United Kingdom has an absolute advantage in the production of _____. Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】In a two-country two-good model, if a country has an absolute advantage in the production of a certain good, it implies that:
【单选题】The figure given below shows the production possibility curves for Canada (AB) and the Rest of the World (CD). Suppose Canada begins to trade with the Rest of the World. If in the international market 1 bushel of corn is exchanged for 1 liter of maple syrup, Canada will produce _____ bushels of corn and the Rest of the World will produce _____ liters of maple syrup.
【单选题】If country X has higher labor productivity in the production of umbrellas than the rest of the world, we would say that country X has a(n) _____ in the production of umbrellas.
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. The United States has a comparative advantage in the production of _____. Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. Country B has an absolute advantage in the production of: Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【单选题】Which of the following is NOT true of a nation’s production-possibility curve?
【单选题】If a country exports the good that it can produce at a low opportunity cost and imports those goods that it would otherwise produce at a high opportunity cost, we say that such trade is based on:
【单选题】The figure given below shows the production possibility curves for Canada (AB) and the Rest of the World (CD). The opportunity cost of producing one liter of maple syrup in Canada and in the Rest of the World are _____ bushels and _____ bushels of corn respectively.
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. The opportunity cost of producing cheese the United States is _____. Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】Consider a two-country, two-commodity model. The table given below shows the units of good X and good Y produced in country A and country B per labor hour. Which of the following statements is true? Productivity Country A Country B Good X 1.00 0.50 Good Y 0.20 0.70
【单选题】In a two-country two-good model, if a country has a comparative advantage in the production of a certain good, it implies that this country:
【单选题】The theory of comparative advantage was proposed by:
【判断题】If a country does not have an absolute advantage in the production of at least one commodity, then it cannot gain from free trade.
【单选题】The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. If the U.S. and France engage in free trade with each other, the international price of cheese will lie between _____ and _____. Labor hours to make: In the United States In France 1 gallon of wine 4.00 1.00 1 pound of cheese 1.00 2.00
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. Which of the following statements is true? Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
【单选题】Vintland and Moonited Republic produce wine and cheese. The opportunity cost for the production of a bottle of wine in Vintland is 2 pounds of cheese, and in the Moonited Republic is 2.5 pounds of cheese. Based on this information, it can be concluded that:
【判断题】The act of buying at a low price in one place and selling at a high price in another place is called relative pricing.
【判断题】The opportunity cost of producing a good is the additional labor cost incurred to produce an extra unit of the good.
【单选题】The table given below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the Rest of the World per labor hour. If the U.K. and the Rest of the World begin to trade with each other, the international price of corn will lie between _____ and _____. Productivity In the United Kingdom In the Rest of the World Umbrellas per labor hour 0.25 1 Bushels of corn per labor hour 0.5 0.67
【单选题】The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. The Rest of the World has an absolute advantage in the production of _____. Labor hours to make: In the United Kingdom In the Rest of the World 1 umbrella 3.00 2.00 1 bushel of corn 1.00 0.25
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