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BROSE0407 BROSE0407
wrote...
Posts: 511
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6 years ago
If one nation is able to produce a good at a lower opportunity cost than another, it has
 
  A) an absolute advantage in that good.
  B) a comparative advantage in that good.
  C) a productivity advantage in that good.
  D) a technological advantage in that good.



Question 2 - The largest country in the EU is
 
  A) Germany.
  B) France.
  C) the United Kingdom.
  D) Italy.



Question 3 - All of the following are reasons countries may be unable to use discriminatory trade practices to enforce labor standards EXCEPT
 
  A) countries can never impose trade barriers on other sovereign nations.
  B) the WTO requires nations to treat other nations the same.
  C) a single country may be unsuccessful in convincing members of its trading block to participate in imposing the sanctions.
  D) retaliation or a full blown trade war might result.



Question 4 - When aggregate demand meets aggregate supply in the horizontal portion of the aggregate supply curve,
 
  A) a decrease in demand will cause prices to rise but no change in output.
  B) a decrease in demand will cause output to rise but no change in prices.
  C) a decrease in demand will cause prices to fall but no change in output.
  D) a decrease in demand will cause output to fall but no change in prices.



Question 5 - The United States' comparative advantage over Japan in the production of rock-n-roll music implies that (for a similar quality of music) the
 
  A) opportunity cost of production is less in Japan.
  B) absolute cost of production is less in the United States.
  C) absolute cost of production is less in Japan.
  D) opportunity cost of production is less in the United States.
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Replies
wrote...
6 years ago
[ 1 ]  B

[ 2 ]  A

[ 3 ]  A

[ 4 ]  D

[ 5 ]  D
BROSE0407 Author
wrote...
6 years ago
Nice!
wrote...
6 years ago
Happy Dummy
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