Please answer the following questions:

Question 15 (1 point) Which of the following statements is TRUE regarding comparative advantage and absolute advantage? People can have a comparative advantage only if they also have an absolute advantage in a task. People can have no comparative and no absolute advantages in any of the tasks. People can have a comparative advantage without having an absolute advantage in a task. People can have an absolute advantage only if they also have a comparative advantage in a task. Question 16 (1 point) (Table: Eray and Ata's opportunity cost) Data for Eray's and Ata's decorating is given in the table. Which statement explains who has the comparative advantage in decorating cakes? Eray and Ata Decorate Cakes and Cupcakes Minutes to Number of cupcakes that can be decorated. decorate a cake in time it takes to decorate a cake. Eray 120 24 Ata 130 20 Ata, who can decorate a cake in 130 minutes. O Eray, who can decorate a cake in 120 minutes. Eray who gives up decorating 24 cupcakes when he decorates a cake. Ata, who gives up decorating 20 cupcakes when he decorates a cake.Question 11 (1 point) (Table: U.S. International Trade in Goods and Services, 2018, in millions of dollars. Details may not equal totals, due to seasonal adjustment and rounding.) Balance Exports Imports Period Total Goods Services Goods Total Services Total Goods (1) (1) Services 2018 205.812 1.888.941 1.262.335 626.606 2.334.107 1,913,313 420.794 January to 445,166 650.978 September From January to September in 2018, the United States was a net of million in goods and services. importer; $650,978 exporter; $445,166 importer; $445, 166 exporter; $650,978Question 8 (1 point) Nguyen manages a supply chain team. If she uses the concept of comparative advantage for assigning tasks to members of her team, then C more can be accomplished. less will be accomplished. O the team's output will vary more in quality. the team's output will consist of a wide range of goods. Question 9 (1 point) Saved Which of the following is an example of a trade cost associated with a U.S. citizen importing a sweater produced in India? the cost of the tariff on imported sweaters from India the cost of the wool used in producing the sweater the cost of the labor used in producing the sweater the final price of the sweaterQuestion 14 (1 point) (Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of televisions is $500: Price | 1,000 Domestic supply 500 Domestic -. demand ... 50 100 Quantity of TVs (in thousands) domestic producers will export 40,000 units. domestic consumers will import 30,000 units. O domestic consumers will export 30,000 units. O domestic producers will import 40,000 units.Question 3 (1 point) Which of the following is NOT used in identifying who has a comparative advantage in a particular task when multiple people can perform that task and another one? (Note: The tasks are not necessarily listed in chronological order.) Identify how long it takes each person to perform each task. Identify who has the lowest opportunity cost in performing the task. For each person, calculate how much of the alternative task could have been done in the time it takes to perform the desired task. For each person, calculate the total time it takes to perform both tasks consecutively. Question 4 (1 point) The person who has an absolute advantage in a task can perform the task at a lower opportunity cost than anyone else. OO can perform the task at a higher opportunity cost than anyone else. O is the one who is best at the task. is the person who should do the task. Question 5 (1 point) . Saved The principle of comparative advantage applies to interactionsQuestion 12 (1 point) (Figure: Market for TVs 2) The world price of televisions is $500. According to the figure, international trade will lead to in the domestic producer surplus and _in the domestic consumer surplus. Price | 1,000 -Domestic supply 500 Domestic demand . 50 100 Quantity of TVs (in thousands) O an increase; a decrease O a decrease; an increase an increase; an increase a decrease; a decreaseQuestion 5 (1 point) Saved The principle of comparative advantage applies to interactions in business production decisions but not between people. between people but not in business production decisions. between people as well as in business production decisions. in neither business production decisions nor between people. Question 6 (1 point) Which of the following statements is FALSE? The principle of comparative advantage applies to trade between people and companies. The principle of comparative advantage explains why companies do not specialize. The principle of comparative advantage applies to trade between buyers and sellers in different countries. The principle of comparative advantage explains why people specialize.Question 7 (1 point) (Figure: Average Tariff Rate by the United States) According to the figure, prior to 2018, the average tariff rate imposed by the United States has generally_ . This is associated with in international trade. Tariffs collected as a share of total imports 30% 20% 10% 1.9% 0% 1900 1940 1980 2018 Data from: U.S. International Trade Commission. increased; an increase Co O decreased; an increase O increased; a decrease decreased; a decrease 24 Question 8 (1 point) Nguyen manages a supply chain team. If she uses the concept of comparative advantage for assigning tasks to members of her team, thenQuestion 13 (1 point) (Figure: Market for Engines) Suppose that the world price of engines is $1,000. According to the figure, the domestic total surplus will _by in the free-trade equilibrium relative to the no international trade equilibrium. Price 2,000 Domestic 1,000 -.. supply .- Domestic demand 500 1,000 Quantity of engines increases; $240,000 OOO increases; $120,000 decreases; $240,000 C decreases; $120,000Question 10 (1 point) As globalization leads the United States to export more goods produced in skill-intensive sectors, real wages in these sectors will generally . As globalization leads the U.S. to import more goods produced in low- skilled sectors, real wages in these sectors will generally decrease; increase O decrease; decrease O increase; increase O increase; decreaseQuestion 17 (1 point) (Figure: Market for Engines) According to the figure, if there is international trade in this market, and the world price of an engine is $1,000: Price 2,000 Domestic 1,000 ....... supply .. Domestic demand 500 1,000 Quantity of engines domestic producers will import 600 units. O domestic producers will export 600 units. O domestic consumers will export 1,000 units. domestic consumers will import 1,000 units.Question 18 (1 point) When a country's production mix becomes more specialized due to increased international trade based on comparative advantage O all industries in the country will grow as the economy grows from the trade. O some industries in the country will shrink and possibly disappear. O the losses in industries without comparative advantage will offset the gains from trade. O the country will find it has less need for trade in the future