1) When Japan is in a state of autarky how many yachts do they produce?

4 billion

800

400

500

Incorrect

Question 2

0/ 0.18pts

Utilize the following graphs to answer the following question:

When South Korea is in a state of autarky how many smartphones does it produce?

4 billion

100

8 billion

6 billion

Incorrect

Question 3

0/ 0.18pts

Utilize the following graphs to answer the following question:

After Japan and South Korea engage in trade with one another how many smartphones does Japan produce?

2 billion

800

1 billion

0

Incorrect

Question 4

0/ 0.18pts

Utilize the following graphs to answer the following question:

After Japan and South Korea engage in trade with one another how many yachts does South Korea produce?

100

4 billion

200

0

Incorrect

Question 5

0/ 0.18pts

Utilize the following graphs to answer the following question:

What item does Japan have a comparative advantage in?

yachts

both goods

not enough information to answer

smartphones

Question 6

0.18/ 0.18pts

Utilize the following graphs to answer the following question:

What item does South Korea have a comparative advantage in?

yachts

smartphones

both goods

not enough information to answer

Incorrect

Question 7

0/ 0.18pts

Utilize the following graphs to answer the following question:

How many yachts and smartphones respectively was Japan consuming in a state of autarky?

100; 4 billion

200; 2 billion

400; 1 billion

400; 4 billion

Incorrect

Question 8

0/ 0.18pts

Utilize the following graphs to answer the following question:

How many yachts and smartphones respectively was South Korea consuming in a state of autarky?

100; 4 billion

400; 1 billion

200; 4 billion

100; 8 billion

Incorrect

Question 9

0/ 0.18pts

Utilize the following graphs to answer the following question:

How many yachts and smartphones respectively is Japan consuming after engaging in trade with South Korea?

100; 1 billion

400; 4 billion

400; 8 billion

800; 1 billion

Incorrect

Question 10

0/ 0.18pts

Utilize the following graphs to answer the following question:

How many yachts and smartphones respectively is South Korea consuming after engaging in trade with Japan?

200; 8 billion

100; 4 billion

100; 2 billion

400; 4 billion

Question 11

0.18/ 0.18pts

Utilize the following graphs to answer the following question:

What is the total amount of production of yachts and smartphones before and after trade?

Before:

yachts: 100

smartphones: 5 billion

After:

yachts: 800

smartphones: 8 billion

Before:

yachts: 500

smartphones: 5 billion

After:

yachts: 800

smartphones: 8 billion

Before:

yachts: 400

smartphones: 5 billion

After:

yachts: 700

smartphones: 8 billion

Before:

yachts: 500

smartphones: 5 billion

After:

yachts: 800

smartphones: 5 billion

Question 12

0.18/ 0.18pts

What enabled both countries to move beyond their production possibility curves?

Both countries decided to solely produce the good in which they had the largest opportunity cost in. This allowed total production of both goods to decrease.

Both countries decided to solely produce the good in which they had the largest opportunity cost in and engage in trade with one another. This allowed total production of both goods to increase.

Both countries decided to solely produce the good they had a comparative advantage in and engaged in trade with one another.This allowed total production of both goods to increase.

Both countries decided to solely produce the good in which they had the smallest opportunity cost in. This allowed total production of both goods to decrease.

Question 13

0.18/ 0.18pts

What assumption(s) in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model?

The assumption that all resources are converted into the other sector.This implies that there is no idle resources in the economy.Therefore, there is no unemployment in the model and all production facilities are running at 100 percent capacity.In reality there will be unemployment and idle production facilities because all of the land, labor, and capital can't be converted into the other sector.

The assumption that individuals will consume all that is produced.This leads the model to overstate the gains from trade because in reality items will not be consumed.

The assumption that there is only a two good economy.In reality the economy is much more complex, so the gains from trade will in fact be larger than what the model predicts.

Incorrect

Question 14

0/ 0.31pts

Who gains from trade in this scenario?Who may be hurt by trade in this scenario?

Overall at the aggregate level both countries gain. There is no one hurt by trade.

Overall at the aggregate level both countries gain. Overall consumption is increased for both countries, but workers in the sector that disappeared may become unemployed.The communities that have large numbers of unemployed people will be hurt.

Overall we can't say who benefits or who is hurt by trade.There are too many unknown factors to make a general prediction.

Overall at the aggregate level both countries lose. Overall consumption is decreased for both countries, because workers in the sector that disappeared may become unemployed.The communities that have large numbers of unemployed people will be hurt.