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Exam (elaborations) ECS3702 - International Trade (ECS3702) ASSIGNMENT 1 SEMESTER 2 YEAR 2022
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Exam (elaborations) ECS3702 - International Trade (ECS3702)
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ECS3702ASSIGNMENT 1
1.)
The figure below shows production frontiers for Kyrgyzstan and Turkmenistan with
increasing costs. Use the figure to answer the next question
Which of the following statements is correct with respect to Kyrgyzstan?
a.
Kyrgyzstan must give up more and more of shoes for each additional batch of 15 crops
that it produces
b.
Kyrgyzstan must give up more and more of crops for each additional batch of 15 shoes
that it produces
c.
Kyrgyzstan must give up more and more of shoes for each additional batch of 15crops
that it consumes
,d.
Kyrgyzstan must give up more and more of crops for each additional batch of 15 shoes
that it consumes
2)
Use the hypothetical information in the table below to answer the question that follows
Output per hour Kyrgyzstan Turkmenistan
Shoes 8 3
Crops 3 8
Which of the following statements is correct regarding Kyrgyzstan?
a.
Kyrgyzstan has comparative advantage in producing crops as the opportunity cost is
lower than in Turkmenistan, and comparative disadvantage in producing shoes
b.
Kyrgyzstan has comparative advantage in producing shoes as the opportunity cost is
lower than in Turkmenistan, and has comparative disadvantage than in producing crops
c.
Kyrgyzstan has comparative disadvantage in producing shoes and crops as the
opportunity cost is lower for both products than in Turkmenistan
d.
Kyrgyzstan has comparative advantage in producing shoes and crops as the opportunity
cost is lower for both products than in Turkmenistan
,3.)
The figure below shows production frontiers for Kyrgyzstan and Turkmenistan with
increasing costs. Use the figure to answer the question that follows
Why is there a difference in the production frontiers of Kyrgyzstan and Turkmenistan in
the figure above?
a.
The difference is because the two countries have different factor endowments at their
disposal and/or use different technologies in production
b.
The difference is because the two countries have similar factor endowments at their
disposal and/or use different technologies in production
c.
The difference is because the two countries have different tastes and preferences
d.
The difference is because the two countries have different indifference curves
, 4.)
Use the hypothetical information in the table below to answer the question that follows
Output per hour Kyrgyzstan Turkmenistan
Shoes 8 3
Crops 3 8
Which of the following statements is correct regarding Turkmenistan?
a.
Turkmenistan has comparative advantage in producing crops as the opportunity cost is
lower than in Kyrgyzstan and comparative disadvantage in producing shoes
b.
Turkmenistan has comparative advantage in producing shoes as the opportunity cost is
lower than in Kyrgyzstan and a comparative disadvantage in producing crops
c.
Turkmenistan has comparative disadvantage in producing shoes and crops as the
opportunity cost is lower for both products in Kyrgyzstan
d.
Turkmenistan has comparative advantage in producing shoes and crops as the
opportunity cost is lower for both products than in Kyrgyzstan
5.)
Use the figure below to the question that follows
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