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Quiz 4 - Quiz 4 1 A country that can produce more of a good...

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Quiz 4 1. A country that can produce more of a good or service than another country, is said to have __________ over the other country. A) a comparative advantage B) a redistributive advantage C) an international trade D) an opportunity cost advantage E) an absolute advantage Ans: E 2. Consider the following monthly production possibilities for two countries per 100 workers: Country A Country B Product Labor Output Labor Output Food 100 workers 60 tons 100 workers 50 tons Equipment 100 workers 100 units 100 workers 120 units By specializing and trading, total global output in food can be increased __________ and total global output in machines can be increased __________ per 100 workers. A) 10 tons; 20 units B) 20 tons; 10 units C) 40 tons; 20 units D) 20 tons; 40 units E) 30 tons; 30 units Ans: A 3. Increase in the economic growth will generally A) increase opportunity costs B) shift the production possibilities curve outward C) shift the consumption possibilities curve inward D) reduce international trade
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Quiz 4 - Quiz 4 1 A country that can produce more of a good...

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