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Table 3.3
In the United Kingdom In the Rest of the
World
Productivity
Umbrellas per labor hour 6 1
4 3
Units of corn per labor
hour
1.Refer to Table 3.3. The United Kingdom has an absolute advantage in the
production of __________ and the Rest of the World has an absolute
advantage in the production of __________.
a.Both goods; neither good
b.Neither good; both goods
c.Umbrellas; corn
d.Corn; umbrellas
2.Refer to Table
3.3. The United Kingdom has a comparative advantage in the
production of __________ and the Rest of the World has a comparative
advantage in the production of __________.
a.Both goods; neither good
b.Neither good; both goods
c.Umbrellas; corn
d.Corn; umbrellas
3.Refer to Table 3.3. The opportunity cost of producing a unit of corn in the
United Kingdom is __________ umbrellas and the opportunity cost of
producing a unit of corn in the Rest of the World is __________ umbrellas.
a.2/3; 3
b.3; 2/3
c.3/2; 1/3
d.1/3; 3/2
4.Refer to Table 3.3. The opportunity cost of producing an umbrella in the
United Kingdom is __________ units of corn and the opportunity cost of
producing an umbrella in the Rest of the World is __________ units of corn.
a.2/3; 3
b.3; 2/3
c.3/2; 1/3
d.1/3; 3/2
5.Refer to Table 3.3. Once trade is opened, we can anticipate that the
international price of umbrellas will lie between __________ and
__________.
a.2/3 of a unit of corn; 3 units of corn
b.3/2 units of corn; 2/3 of a unit of corn
c.3/2 of a unit of corn; 1/3 of a unit of corn
d. 3 units of corn; 1/3 of a unit of corn
6.Refer to Table 3.3. Once trade is open, we can anticipate that the international
price of corn will lie between __________ and __________.
a.2/3 of an umbrella; 3 umbrellas
b.3/2 umbrellas; 2/3 of an umbrella
c.3/2 umbrellas; 1/3 of an umbrella
d. 3 umbrellas; 3/2 umbrellas
Table 3.4
In the United States In France
Labor hours to make:
1 gallon of Wine 4.00 1.00
1 pound of Cheese 1.00 2.00
7.Refer to Table 3.4 and assume the United States and France trade only with
each other. The United States has an absolute advantage in the production of
__________ and France has an absolute advantage in the production of
__________.
a.Neither good; wine
b.Cheese; neither good
c.Wine; cheese
d.Cheese; wine
8.Refer to Table 3.4. What is the relative price of cheese (the price of cheese in
terms of wine) in France if it does not engage in trade?
a. 2 gallons of wine per pound.
b. 1 gallon of wine per pound.
c.0.5 gallons of wine per poun
d.
d.0.25 gallons of wine per pound.
9.Refer to table 3.4. The opportunity cost of cheese in France is __________
and the opportunity cost of cheese in the United States is __________.
a. 1 gallon of wine; 0.5 gallons of wine
b. 2 gallons of wine; 1 gallon of wine
c. 2 gallons of wine; 0.25 gallons of wine
d.0.5 gallons of wine; 4 gallons of wine
10.Refer to Table 3.4 and assume the United States and France trade only with
each other. The United States has a comparative advantage in the production of __________ and France has a comparative advantage in the production of __________.
a.Both goods; neither good
b.Cheese; wine
c.Wine; cheese
d.Neither good; both goods
11.Refer to Table 3.4. Once trade between the United States and France opens,
we can anticipate that the international price of wine will be between
__________ and __________.
a. 1 pound of cheese; 4 pounds of cheese
b.0.5 pounds of cheese; 4 pounds of cheese
c. 1 pound of cheese; 2 pounds of cheese
d.0.5 pounds of cheese; 2 pounds of cheese
12.Refer to Table 3.4. Once trade between the United States and France opens,
we can anticipate that the international price of cheese will be between
__________ and __________.
a. 1 gallon of wine; 0.5 gallons of wine
b. 2 gallons of wine; 4 gallons of wine
c. 2 gallons of wine; 0.25 gallons of wine
d. 1 gallon of wine; 4 gallons of wine。