Question 21 (1 point) The production possibilities frontier illustrates the combinations of output that an economy should produce. illustrates the combinations of output that an economy should consume. illustrates the combinations of output that an economy can produce. O illustrates the combinations of output that an economy wants to produce. Question 22 (1 point) If a Russia places tariffs on imported goods, then its currency appreciates which reduces exports leaving the trade balance unchanged. then its currency appreciates which increases exports improving the trade balance. then its currency depreciates which reduces exports leaving the trade balance unchanged. then its currency depreciates which increases exports improving the trade balance. Question 23 (1 point) Nick and Tabitha are two woodworkers who both make tables and chairs. In one month, Nick can make 9 tables or 27 chairs, whereas Tabitha can make 16 tables or 48 chairs. Given this, we know that the opportunity cost of 1 chair is O 13 table for Nick and 1/3 table for Tabitha. O 13 table for Nick and 3 tables for Tabitha. 3 tables for Nick and 1/3 table for Tabitha. 1/3 table for Nick and 3 tables for Tabitha Question 24 (1 point) Suppose Canada has an absolute advantage over other countries in producing grapes, but other countries have a comparative advantage over Canada in producing grapes. If trade in grapes is allowed, Canada O will import grapes. O will export grapes, will either import grapes or export grapes, but it is not clear from the given information. would have nothing to gain either from exporting or importing grapes. Question 25 (1 point) Using U.S. data for any year, which of the following measures income from largest to smallest? disposable personal income, gross national product, national income, net national product, personal income O personal income, net national product, national income, gross national product, disposable personal income O gross national product, net national product, national income, personal income, disposable personal income disposable personal income, personal income, national income, net national product, gross national product Question 26 (1 point) Human capital would be best represented by a student loan knowledge learned from reading books training videos for new corporate employees All of the above are correct