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AnBOCCOdED AaBbCCD AaBOCCOdE Normal No Spacing Haading 1 Heading 10. Assume that China has a Production Possibility Frontier given by: 60=4F+2C where F represents units of Food produced by China, and C represents units of Clothing produced by China. If China produces 5 units of Food and 10 units of Clothing, which of the following is true? a) China is at a point of inefficiency, inside the Production Possibility Frontier b) China is at a point of efficiency, on the Production Possibility Frontier () This point is not currently attainable by China because it lies outside the Production Possibility Frontier d) None of the above 11. For price inelastic demand, when considering the impact of a change in price on total revenue, which of the following is true? a. Quantity effect is greater than price effect b. Price effect is greater than quantity effect c. Price effect is equal to quantity effect d. Total revenue is not impacted 12. For two countries to experience gains from trade, which of the following needs to happen? a) Each country should specialize in the product they have a comparative advantage in, this is the product with lower opportunity costs b) Each country should only specialize in the product they have an absolute advantage in c) Each country should specialize in the product in which it has both a comparative and absolute advantage d) None of the above 13.What is the consequence of imposing a quota in a competitive market? a. There is some transfer from producers to consumers b. There is a wedge between demand price and supply price C. Both a) and b) are true d. Neither a) nor b) is true