A country's production possibilities will grow if it

QZ3-SLO8 oSs_87896137 When a country produces on its production possibilities curve, then this country's unemployment is expected to be at one of its lowest rates, however, prices in this country are not expected to be relatively low. Question 1 options: True False Question 2 (10 points) 2 In a world of only two countries producing only two products using the same amount of resources in each country; which of the following statements is/are expected to be true? Question 2 options: If one country has a comparative advantage in producing one of the two products, then we know that the other country has a comparative advantage in producing the other product. It is possible that one of the two countries enjoy comparative advantages in producing both products. All of the above statements are true. None of the above statements is true. Question 3 (10 points) oSs_87896145 Which of the following explains the gains from trade, when two different economies still working, after trade, at the same full-employment capacity? Question 3 options: The gains come from the extra production obtained when each economy specializes in producing fewer products. The gains come from the extra revenues that the economies earn from tariffs. The gains come because each economy should be producing beyond its potentials in production if involved in free trade. None of the above is true. Question 4 (10 points) oSs_87896142 A "tariff" on imported products is an example of a trade barrier that is always preferred to the free trade, because it generates government revenues in addition to restricting the amounts of imports. Question 4 options: True False Question 5 (10 points) 5 False within any economy, when "free trade" is preferred to both "no trade" and "regulated trade" then there are no losers from free trade. Question 5 options: True False Question 6 (10 points) 1 14375210 Which of the following is an example of government intervention in the free trade, without a directly associated increase in government revenues? Question 6 options: A tariff on an imported product. A tax on an exported product. A quota on an imported product. None of the above is a valid example. Question 7 (10 points) 1 14375217 International trade promotes economic growth when it allows any two countries to grow (in their combined production) beyond (above) their pre-trade production possibilities curve (PPC). Question 7 options: True False Question 8 (10 points) 14375174 Between any two countries trading two products, where each country has a comparative advantage in producing one of these two products, we know that the regulated trade is always better than the free trade. Question 8 options: True False Question 9 (10 points) 9 What is the meaning of "protectionism" in economics? Question 9 options: The view that both imports and exports are causing gains from trade and therefore free trade should be protected from government intervention. The view that free trade is worse than regulated trade and therefore trade should be restricted. All of the above is true. None of the above is true. Question 10 (10 points) 10 True 1 14375216 "Free Trade" (with no barriers) is considered to be better than "No Trade" if it guarantees a more efficient reallocation of available economic resources within each economy, and between all economies involved in this trade. Question 10 options: True False ( not sure) QZ2-SLO1 Question 1 (1 point) 1 oSs_87896132 For any economy, the "scarcity" problem simply means that the available free resources are "not enough" to produce all goods and services required to satisfy the unlimited human wants. Question 1 options: True False Question 2 (1 point) Division of labor in some cases is used to explain why countries gain when specializing in producing fewer goods and services. Question 2 options: True False Question 3 (1 point) 3 Why economies may gain when specializing in producing fewer goods and services? Question 3 options: Because producing fewer products with higher scales allows for an advanced level of "division of labor". Because producing at a higher scale in fewer products always implies higher profits for the producers and greater consumption level for the buyers.