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Previous Page Next Page Page 38 of 66 Questions 33-38 information Preferences are described by the utility function U = Min[3QShelter, QFood]. Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 Foreign 2 2 Question 36 (3 points) The world equilibrium price ratio is O a ) 2 O b) 1 O c) 1/ 2 O d) 1/3 ( e) 3/10Questions 33 - 38 information Questions 33 - 38 use the following information. Again a graph will help. Preferences are described by the utility function U = Min[3Qshelter, QFood]- Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 Foreign 2 2 Question 33 (3 points) Saved If there is no trade, the opportunity cost of producing a unit of food in Home is units of Shelter and the (Pshelter/PFood) is a) 3/10, 3/10 b) 10/3, 3/10 O c) 3/10, 10/3 O d) 10/3, 10/3 O e) 10, 3Previous Page Next Page Page 39 of 66 Questions 33-38 information Preferences are described by the utility function U = Min[3QShelter, QFood]. Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 3 Foreign 2 2 Question 37 (3 points) The Home country O a) specializes in Food while the Foreign country produces both goods. ( b) specializes in Shelter while the Foreign country specializes in Food. O c) produces both goods while Foreign specializes in Food. O d) produces both goods while Foreign specializes in Shelter. (e) specializes in Shelter while Foreign produces both goods.Questions 33-38 information Preferences are described by the utility function U = Min[3QShelter, QFood]. Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 3 Foreign 2 2 Question 34 (3 points) Saved If preferences are described by the utility function U = Min[3Qshelter, QFood], the relative demand curve is given by a) (P shelter/PFood) (QShelter/QFood)=3 Ob) (P shelter/PFood) (Qshelter/QFood)=1/3 ( c) Q shelter/QFood = 1/3 O d) (P shelter/PFood) = 3 ( e) Qshelter/QFood = 3Questions 33-38 information Preferences are described by the utility function U = Min[3QShelter, QFood]. Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 3 Foreign 2 2 Question 35 (3 points) If both countries specialize in producing the goods in which they have a comparative advantage, (Qshelter)/(QFood) in the world will be ( a) 4/3 O b ) 1 O c) 8/3 O d) 3/8 O e) 3/4Previous Page Next Page Page 40 of 66 Questions 33-38 information Preferences are described by the utility function U = Min[3QShelter, QFood]. Home country labour is 300 and Foreign country labour is 200. Unit labour requirements are given by Food Shelter Home 10 3 Foreign 2 2 Question 38 (3 points) If Home sees its unit labour requirement to produce food fall from 10 to 4, a) the vertical portion of the Relative Supply curve at P Shelter/PFood Shifts left. O b) the vertical portion of the Relative Supply curve at P Shelter/PFood shifts right. O c) the equilibrium world price ratio, (P Shelter/PFood), will increase. O d) comparative advantage is reversed. O e) Both response (a) and (d)