Exam (elaborations)
ECON 201 Problem Set 10 International Trade and Protectionism. Montgomery College
- Course
- Institution
ECON 201 Problem Set 10 International Trade and Protectionism. Montgomery College
[Show more]
Seller
Follow
StudyConnect
Reviews received
Content preview
My Cours CommunBlackboard es ity
1. 201940 - ECON-201-40224
2. Course Content
3. Chapters 20 & 21 International Trade & Protectionism. Problem Set 10 (due Wednesday
06/26).
4. Review Test Submission: Problem Set 10_International Trade and Protectionism
201940 - ECON-201-40224
Home Page
Announcements
Syllabus
Course Content
Grades
MC Resources
Review Test Submission: Problem Set 10_International Trade and
Protectionism
User Ms. Jane Angum Buro
Course 201940 - ECON-201-40224
Test Problem Set 10_International Trade and
Protectionism
Started 6/26/19 9:55 AM
Submitted 6/26/19 11:46 AM
Due Date 6/26/19 11:59 PM
Status Completed
Attempt Score 45 out of 50 points
Time Elapsed 1 hour, 51 minutes
Results All Answers, Submitted Answers, Incorrectly
Displayed Answered Questions
Question 1
1 out of 1 points
When one nation can produce a product at lower cost relative to another nation
, it is said to have a(n)_________________ in producing thatproduct.
Selected b.
Answer: absolute advantage
Answers: a.
relative advantage
b.
, absolute advantage
c.
economy of scale
d.
production efficienc
y
Question 2
1 out of 1 points
Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.
From the data, the USA:
Selected b.
Answer: has an absolute advantage over India in the production of whe
at
Answers: a.
has an absolute advantage over India in the production o
f textiles.
b.
has an absolute advantage over India in the production of whe
at
c.
has a comparative advantage in the production of textiles
d.
should export textiles to India
Question 3
1 out of 1 points
Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.
The opportunity cost of one bushel of wheat in India is:
Selected c.
Answer: 4 yards of textiles
Answers: a.
1 yard of textiles
b.
3 yards of textiles
c.
4 yards of textiles
d.
12 yards of textile
, s
Question 4
1 out of 1 points
In India one average worker can produce 330 pounds of rice or 110 shirts in one
year. In China one
average worker can produce 400pounds of rice or 200 shirts in one year. Which
of the following statements is true?
Selected a.
Answer: An Indian worker has a comparative advantage in the production of rice
Answers: a.
An Indian worker has a comparative advantage in the production of rice
b.
A Chinese worker has a comparative advantage in the production of rice
c.
A Chinese
worker has both absolute and comparative advantages in the production of rice
d.
An Indian worker has an absolute advantage in the production of rice
Question 5
1 out of 1 points
Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce
either 16 oranges or 4 apples an hour. Theopportunity cost of producing 1 orange f
or Alpha and Beta, respectively, are:
Selected c.
Answer: 0.5 apples; 0.25 apple
s
Answers: a.
0.25 apples; 0.5 ap
ples.
b.
9 apples; 4 apples
c.
0.5 apples; 0.25 apple
s
d.
2 apples; 4 apples
Question 6
0 out of 1 points
Which of the following is true?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudyConnect. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now