{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ch 3 - Chapter 3 Interdependence and the Gains from Trade...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
80 Chapter 3/Interdependence and the Gains from Trade Chapter 3 Interdependence and the Gains from Trade Multiple Choice 1. People who provide you with goods and services a. are acting out of generosity. b. do so because they have no other choice. c. do so because they get something in return. d. are required to do so by government. ANS: C PTS: 1 DIF: 1 REF: 3-0 TOP: Trade MSC: Interpretive 2. When an economist points out that you and millions of other people are interdependent , he or she is referring to the fact that we all a. rely upon government to provide us with the basic necessities of life. b. rely upon one another for the goods and services we all consume. c. have similar tastes and abilities. d. are concerned about one another’s well-being. ANS: B PTS: 1 DIF: 1 REF: 3-0 TOP: Trade MSC: Interpretive 3. People generally choose to depend upon others for goods and services. Economists view this interdependence as 4. Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes vases, but Regan is better at producing both. In this case, trade could 5. Ben bakes bread and Shawna knits sweaters. Ben likes to eat bread and wear sweaters, and the same is true for Shawna. In which of the following cases is it impossible for both Ben and Shawna to benefit from trade? 6. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade? a. Shannon does not like vegetables and Justin does not like cookies. b. Shannon is better than Justin at baking cookies and Justin is better than Shannon at growing vegetables. c. Justin is better than Shannon at baking cookies and at growing vegetables. d. All of the above are correct. ANS: A PTS: 1 DIF: 2 REF: 3-1 TOP: Trade MSC: Applicative
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
81 Chapter 3/Interdependence and the Gains from Trade
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern