Trade

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Trade

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Period *

Period 1

Period 2

Period 3

Period 4

Period 5

If the trade between 2 countries is voluntary, one can expect that *

1 point

one country's gain is necessarily the other's loss.

exploitation of some sort will occur.

neither country really gains from the trade.

the larger country will always gain at the expense of the smaller.

both countries expect to gain something.

An economy is said to have a comparative advantage in the production of one good if it: *

1 point

can produce more of all goods than another economy.

can produce less of all goods than another economy.

has the highest opportunity cost for producing a particular good.

has the lowest opportunity cost for producing a particular good.

This table shows the maximum amounts of coffee and salmon that Brazil and Alaska can produce if they just produce one good. Brazil has an absolute advantage in producing: *

1 point

coffee only.

salmon only.

both coffee and salmon.

neither coffee nor salmon.

In the same table Brazil has a comparative advantage in producing: *

Remember Units Under "UU"

1 point

coffee only.

salmon only.

both coffee and salmon.

neither coffee nor salmon.

Given the table below what is the opportunity cost of wheat in France? *

Remember time on top "TOT"

1 point

1/2 cloth

1/2 wheat

2 cloth

2 Wheat

1/4 cloth

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