HOMEWORK 4: (2.a) Comparative advantage and gains from trade & Chapter 2 of Food Police

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HOMEWORK 4: (2.a) Comparative advantage and gains from trade & Chapter 2 of Food Police

Due January 27 by the beginning of class

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(2.a) Comparative advantage and gains from trade

See the material at the following link for help: http://seedsppp.blogspot.com/2013/11/2a-videos-on-comparative-advantage.html

1. A Production Possibilities Frontier is a curve depicting the ...

a. The maximum amount of good A one region can produce, given it is producing a certain amount of good B.

b. All the various "feasible" points of production for goods A and B for a region.

c. All the various combinations of consumption of goods A and B a region can realize, if it trades with other regions

d. both a and b

Clear selection

2. In the graph below, the formula for the U.S. PPF is...?

(Oops! Options A and b are the same. If you think a or b is correct, please answer "a")

a) US: Meat = 200 - 1(Veggies)

b) US: Meat = 200 - 1(Veggies)

c) US: Meat = 200 - 2(Veggies)

d) US: Meat = 200 - (1/2)(Veggies)

Clear selection

3. In the graph below, the formula for the E.U. PPF is...?

a) EU: Meat = 200 - (1/2)(Veggies)

b) EU: Meat = 200 - 2(Veggies)

c) EU: Meat = 200 - 1(Veggies)

d) EU: Meat = 100 - 2(Veggies)

Clear selection

U.S. and E.U. PPF (use this graph to answer questions 2 and 3)

4. In the graph below, the formula for the U.S. PPF is...?

a) US: Meat = 200 - 1(Veggies)

b) US: Meat = 200 - 2(Veggies)

c) US: Meat = 100 - (1/2)(Veggies)

d) US: Meat = 100 - 1(Veggies)

Clear selection

5. In the graph below, the formula for the E.U. PPF is...?

a) EU: Meat = 100 - (1/2)(Veggies)

b) EU: Meat = 100 - 2(Veggies)

c) EU: Meat = 200 - 1(Veggies)

d) EU: Meat = 200 - (1/2)(Veggies)

Clear selection

Use this graph to answer questions 4 and 5.

6. If the PPF for a clan is: grain = 10 - (3/4)(salmon), the opportunity cost of grain is ______ salmon.

(Enter a precise number or a fraction)

7. If the PPF for a clan is: grain = 10 - (3/4)(salmon), the opportunity cost of salmon is ______ grain.

(Enter a precise number or a fraction)

8. If the PPF for a clan is: grain = 10 - (1/2)(salmon), the opportunity cost of salmon is ______ grain.

(Enter a precise number or a fraction)

9. If the PPF for a clan is: grain = 10 - (1/2)(salmon), the opportunity cost of grain is ______ salmon.

(Enter a precise number or a fraction)

10. If the opportunity cost of one grain is 1/5 salmon, the opportunity of one salmon must be ____grain.

(Enter a precise number or a fraction)

Note: question 11 deliberately omitted

12. Countries can only consume at a point outside (above, and to the right) of their PPF curve if they...

a. exploit their laborers

b. engage in slavery

c. trade with other regions

d. export goods but do not import anything

e. both c and d

Clear selection

13. When two countries engage in and benefit from trade (and have linear PPFs), each country will produce ...

a. only those goods for which they have a comparative advantage

b. only those goods in which they produce at a lower opportunity cost

c. all the goods which they can produce the most number of units, relative to other countries

d. any good, it doesn't matter, as both countries will still benefit from trade

e. both a and b

Clear selection

14. Trade is such a blessing to the world because it allows every region to "get something for nothing",

True

False

Clear selection

15. When countries trade, the type of food a country produces doesn't tell us everything about the type of foods that country consumes.

True

False

Clear selection

16. Two countries can always engage in trade so long as their PPFs are different. If the PPFs are the same, they are neither harmed nor benefited by trade.

True

False

Clear selection

Use the following information for questions 17 & 18.

Suppose that, initially, the US and EU do not engage in trade. In autarky, the U.S. produces and consumes 1,000 Meat and 2,000 Veggies, while the EU produces and consumes 1,500 Meat and 2,000 Veggies. Once they engage in trade, the US produces 4,500 Veggies and no Meat, while the EU produces no Veggies and 3,000 Meat.

17. True or False: If the U.S. and EU traded 2,000 Veggies for 1,000 Meat, both countries are made unambiguously better off.

True

False

Clear selection

18. True or False: If the U.S. and EU traded 1,000 Veggies for 2,000 Meat, both countries are made unambiguously better off.

True

False

Clear selection

19. The anti-globalization crowd is largely against international trade because ...

They believe trade allows multinational corporations to "bully and oppress" smaller countries.

They believe most countries have near identical PPFs

They believe most countries have non-linear PPFs

They don't believe in the concept of comparative advantage

Clear selection

Questions from Chapter 2 of Food Police

Which of the following is least likely to happen?

Die in a car accident

Die from food pesticides

Die from drowning in a bathtub

Clear selection

What was the recipe Dr. Lusk included in the chapter?

Mama's Homemade Food Crisis

Locally Grown Blueberry Muffins

Perfectly Organic Fruit Salad

Food Police Fondue

Clear selection

What they [the food police] resent is, in truth, that there is a(n) ______problem.

economic

food

social

political

Clear selection

Anthony Bourdain believes everyone should know how to ________.

cook

plant and care for a garden

slaughter the live animals they will consume

measure the caloric content of all foods they eat

Clear selection

According to the food police, what causes obesity?

supporting corporate farms and manipulative agribusinesses

being poor

eating processed foods

eating too much meat

eating nonlocally

all of the above

Clear selection

Fill in the blank: In actuality, the progressives' plan for slow, natural, and organic food production has been tried. It's called _____________.

Lusk says that if we are to discuss the morality of food, foremost in our minds must be

the environment

well-being of farm animals

the ability of the poor to eat

the prevention of soil erosion

Clear selection

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