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Jamaica has a comparative advantage in the production of

04/01/2021 Client: saad24vbs Deadline: 7 Days

Question 1


If Shawn can produce donuts at a lower opportunity cost than Sue, then


A. Shawn has a comparative advantage in the production of donuts.


B. Sue has a comparative advantage in the production of donuts.


C. Shawn should not produce donuts.


Question 2


When each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy


A. falls.


B. stays the same.


C. rises.


Question 3


Both Dave and Caroline produce sweaters and socks. If Dave’s opportunity cost of 1 sweater is 3 socks and Caroline’s opportunity cost of 1 sweater is 5 socks, then


A. Dave has a comparative advantage in the production of sweaters.


B. Caroline has a comparative advantage in the production of sweaters.


C. Dave has a comparative advantage in the production of socks.


D. Dave has a comparative advantage in the production of both sweaters and socks.


Question 4


Assume that Jamaica and Norway can switch between producing coolers and


producing radios at a constant rate. The following table shows the


number of coolers or number of radios each country can produce in one


day.


----------- One day output


----------- Coolers | Radios


--------------------------------


Jamaica | 12 '''''' | 6


Norway | 24 ''''' | 3


Complete the sentence: Jamaica has a comparative advantage in the production of


A. coolers and Norway has a comparative advantage in the production of radios.


B. radios and Norway has a comparative advantage in the production of coolers.


C. both goods and Norway has a comparative advantage in the production of neither good.


D. neither good and Norway has a comparative advantage in the production of both goods.


Question 5


By definition, imports are


A. people who work in foreign countries.


B. goods in which a country has an absolute advantage.


C. limits placed on the quantity of goods leaving a country.


D. goods produced abroad and sold domestically.


Question 6


A tariff is a tax on


A. savings.


B. capital goods.


C. imports.


D. land.


Question 7


Refer to Exhibit 34-6. Which of the following is true? http://i.imgur.com/tMn3SHt.png




A. Country A has a comparative advantage in both cheese and wine.




B. Country B has a comparative advantage in both cheese and wine.




C. Country A has a comparative advantage in cheese, and country B has a comparative advantage in wine.




D. Country B has a comparative advantage in cheese, and country A has a comparative advantage in wine.


Question 8


Over a given period of time, if imports are greater than exports, the result is


A. A trade war.


B. A trade deficit.


C. An embargo.


D. A trade surplus.

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