1: Question 5 (1 point) Table 3-2 Labour hours Kilograms produced needed to make 1 in 40 hours: ge 2: kilogram: Meat Potatoes Meat Potatoes age 3: Farmer 4 2 3 Rancher 14 6 12 Page 4: 4 Refer to Table 3-2. What does each producer have an absolute or comparative advantage in? a) The farmer has an absolute advantage in potatoes, and the rancher has a comparative advantage in meat. ()The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in potatoes160 60 15 Japan 40 Refer to Table 3-5. Which country has an absolute or comparative advantage in each product? a) Japan has an absolute advantage in cars, and Canada has a comparative advantage in airplanes. b) Japan has an absolute advantage in airplanes, and Canada has a comparative advantage in cars. C) Japan has an absolute advantage in both goods, and Canada has a comparative advantage in neither good. 4: d) Japan has an absolute advantage in both goods, and Canada has a comparative advantage in cars. Previous Page Next Page Page 10 of 15Question 15 (1 point) Table 3-5 Labour hours needed to make 1 unit. Amount produced in 24 hours: Cars Airplanes Cars Airplanes Canada 30 120 54 18 Japan 40 160 60 15 Refer to Table 3-5. If Japan and Canada open up trade based on the principle of comparative advantage, who loses in the short term in Canada? (a) workers in airplane-producing companies Ob ) owners of car-producing companiesAmy 40 10 4 16 2: Refer to Table 3-3. What does each of the two producers have a comparative or absolute advantage in? (a) Kevin has a comparative advantage in sweaters, and Amy has an absolute advantage in blankets. e 3: b) Kevin has a comparative advantage in blankets, and Amy has an absolute advantage in sweaters. ge 4: C) Kevin has a comparative advantage in sweaters, and Amy has an absolute advantage in neither good. (d) Kevin has a comparative advantage in blankets. and Amy has an absolute advantage in both goods. Previous Page Next Page Page 4 of 15 OLD - CO L OMM\fRefer to Table 3-5. Which country has a comparative advantage in each product? a) Canada has a comparative advantage in airplanes, and Japan has a comparative advantage in cars. b) Canada has a comparative advantage in airplanes, and Japan has a comparative advantage in neither good. c) Canada has a comparative advantage in cars, and Japan has a comparative advantage in airplanes. d) Canada has a comparative advantage in neither good, and Japan has a comparative advantage in cars. Previous Haga Next Page Page 1 of 15ige 1: Question 6 (1 point) Figure 3-3 Ice cream and cones are measured in kilograms Ben Jam Cones Page 2: 2 Page 3: 3 lee Cream Page 4: 4 Refer to Figure 3-3. What does each of the two producers have a comparative or absolute advantage in? a) Ben has a comparative advantage in cones, and Jerry has an absolute advantage in ice cream. b) Ben has a comparative advantage in ice cream, and Jerry has an absolute advantage in neither good. OLD O Mahir: Attempt 1 Previous Page Next Fike Page 9 of 1 Question 9 (1 point) Which of the following do economists generally support? a) trade restrictions 3: (b) free international trade d export subsidies ge 4: Od) government management of trade Previous Page Next Page Page 9 of 15Question 10 (1 point) Table 3-5 Labour hours needed to make 1 unit: Amount produced in 24 hours: Cars Airplanes Cars Airplanes Canada 30 120 54 18 Japan 40 160 60 15 4: Refer to Table 3-5. Which country has an absolute or comparative advantage in each product? a) Japan has an absolute advantage in cars, and Canada has a comparative advantage in airplanes. Ob) Japan has an absolute advantage in airplanes, and Canada has a comparative advantage in cars.Question 11 (1 point) Figure 3-5 These graphs illustrate the production possibilities available for dancing shoes to Fred and Ginger with 40 hours of labour. Fred Ginger Balet Bolict Slippers 7 8 9 10 Tap Snood Refer to Figure 3-5. If Fred and Ginger both specialize in the good in which they have a comparative advantage, what would the total consumption be? a) 6 ballet slippers and 6 tap shoesPrevious Page Next Page Page 3 of 1. Question 3 (1 point) What is David Ricardo known for? a) He was an early supporter of trade restrictions. 3: (b) He opposed the Corn Laws as a member of the British Parliament. He advocated trade based on absolute advantage. 2 4: (d) He disputed Adam Smith's theory of specialization and trade in the early 1800s. Previous Page Next Page Page 3 of 15Previous Page Next Page Page 13 of 15 Question 13 (1 point) Suppose a gardener produces both green beans and corn in her garden. If the opportunity cost of one bushel of corn is 2/3 bushel of green beans, what is the opportunity cost of 1 bushel of green beans? O a) 2/5 bushel of corn b) 8/5 bushels of com c 3/2 bushels of corn d) 5/3 bushels of com Previous Page Next Page Page 13 of 15age 1: 40 160 60 15 Italy Page 2: Refer to Table 3-5. What is the opportunity cost of one unit of cheese in Italy? 2 a) 1/4 bread Page 3: b) 1/2 bread 3 d 2 breads Page 4: 4 d) 4 breads Previous Page Next Page Page 7 of 152 5 6 7 8 9 20 TAB 4 5 6 7 8 9 10 snow Refer to Figure 3-5. If Fred and Ginger both specialize in the good in which they have a comparative advantage, what would the total consumption be? a) 6 ballet slippers and 6 tap shoes ( b) 8 ballet slippers and 8 tap shoes c) 4 ballet slippers and 6 tap shoes ( d) s ballet slippers and 10 tap shoes Previous Page Next Page Page 11 of 15Refer to Figure 3-6. What is the opportunity cost of one pie for Betty? O a) 1/4 loaf of bread O b) 3/4 loaf of bread c 1 loaf of bread ( d) 4 3 loaves of breadPrevious Page Next Page Page 14 of 15 Question 14 (1 point) Regan grows flowers and makes vases. Jayson also grows flowers and makes vases, but Regan is better at producing both. Who has an absolute or comparative advantage in what activity? ( a) Jayson has an absolute advantage in both activities. ( b) Regan has an absolute advantage in both activities. c) Regan has a comparative advantage in growing flowers. d) Jayson has a comparative advantage in growing flowers Previous Page Next Page Page 14 of 15ge 1: Question 7 (1 point) Table 3-6 age 2: Labour hours needed to make 1 unit: Amount produced in 40 hours: 2 Cheese Bread Cheese Bread Denmark 30 120 54 18 Page 3: Italy 40 160 60 15 3 Page 4: Refer to Table 3-5. What is the opportunity cost of one unit of cheese in Italy? 4 a) 1 4 bread b) 1/2 breadage 1: 1 Ice Cream lee Cream Page 2: 2 Refer to Figure 3-3. What does each of the two producers have a comparative or absolute advantage in? Page 3: O a) Ben has a comparative advantage in cones, and Jerry has an absolute advantage in ice cream. 3 (b) Ben has a comparative advantage in ice cream, and Jerry has an absolute advantage in neither good. Page 4: 4 C) Ben has a comparative advantage in ice cream, and Jerry has an absolute advantage in cones. d) Ben has a comparative advantage in ice cream, and Jerry has an absolute advantage in both goods.Question 12 (1 point) Figure 3-6 These figures illustrate the production possibilities available to Barney and Betty with eight hours of labour in their bakery. Bamey Loaves of Refer to Figure 3-6. What is the opportunity cost of one pie for Betty? ( a) 1/4 loaf of bread ( b) 3 4 loaf of bread60 15 160 Japan 40 Refer to Table 3-5. If Japan and Canada open up trade based on the principle of comparative advantage, who loses in the short term in Canada? a) workers in airplane-producing companies Ob) owners of car-producing companies consumers O d) owners of airplane-producing companies Previous Page Next Page Page 15 of 15Question 8 (1 point) Currently, a farmer can either grow 40 bushels of wheat or 120 bushels of corn per acre. If he were able to trade 70 bushels of corn for 30 bushels of wheat, would he be better off or worse off? a) worse off, because his opportunity cost of wheat would increase from 50 bushels of corn to 80 bushels of corn b) better off, because his opportunity cost of wheat would fall from 80 bushels to 50 bushels (c) better off, because his opportunity cost of wheat would fall from 3 bushels of corn to 2.33 bushels worse off because his opportunity cost of wheat would increase from 2.33 bushels of corn to 3 bushels of corn Previous Page Next Page Page 8 of 15Refer to Table 3-2. What does each producer have an absolute or comparative advantage in? ge 2: a) The farmer has an absolute advantage in potatoes, and the rancher has a comparative advantage in meat. ()) The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in age 3: potatoes. 3 C) The farmer has an absolute advantage in meat, and the rancher has a comparative advantage in potatoes. Page 4: )The farmer has an absolute advantage in neither good, and the rancher has a comparative advantage in meat. 4 Previous Page Next Page Page 5 of 15Previous Page Next Page Page 2 of 15 Question 2 (1 point) What should a country do if it has a comparative advantage in a product? a) It should lower the costs of production until realizing an absolute advantage. (b) It should import that product d It should export that product. d) It should keep the product for domestic use since it is relatively inexpensive to produce. Previous Page Next Page Page 2 of 15ule 3 Ch 3 Tahir: Attempt 1 Question 4 (1 point) shy Table 3-3 2: Labour hours needed to make one unit Amount produced in 80 hours: Sweater Blanket Sweater Blanket e 3: Kevin 80 6 10 Amy 40 10 16 ge 4: Refer to Table 3-3. What does each of the two producers have a comparative or absolute advantage in? a) Kevin has a comparative advantage in sweaters, and Amy has an absolute advantage in blankets (b) Kevin has a comparative advantage in blankets, and