Pre-Test Chapter 5 ed17

Pre-Test Chapter 5 ed17 - Pre-Test Chapter 5 ed17 Answer...

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Prof Keep Econ Pre-Test Chap 5 ed 17 Page 1 of 6 Pre-Test Chapter 5 ed17 Answer the next question(s) on the basis of the following production possibilities tables for countries Alpha and Beta: 1. Refer to the above tables. The domestic opportunity cost of one unit of X in Alpha is: A. 2 units of Y. B. 4 units of Y. C. 1 unit of Y. D. 3 units of Y. 2. Refer to the above data. If Alpha and Omega each were producing at alternatives B before trade, the gain from specialization and trade would be: A. 30 tons of wheat. B. 15 tons of steel. C. 30 tons of steel and 30 tons of wheat. D. 60 tons of wheat and 60 tons of steel. 3. The physical import of DVD players to the United States from Japan best illustrates a: A. resource flow. B. financial flow. C. trade flow. D. technology flow.
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Prof Keep Econ Pre-Test Chap 5 ed 17 Page 2 of 6 4. Which of these groups of nations are all members of the Euro Zone? A. Great Britain, France, and Switzerland B. Denmark, Sweden, and Norway C. France, Germany, and Italy D. Russia, Poland, and Hungary 5. (Consider This) If the price of tickets for fair rides increases from $.50 to $1 and the same number of tickets are required for each ride as before: A. the dollar has appreciated relative to fair tickets. B. the dollar price of the fair rides has declined. C. the dollar has depreciated relative to fair tickets. D. dollar ticket exchange rate has changed from $1 equals ½ ticket to $1 equals 1 ticket. 6. Refer to the above data. On the basis of the above information: A. Alpha should export both steel and wheat to Omega. B. Omega should export both steel and wheat to Alpha. C. Omega should export steel to Alpha and Alpha should export wheat to Omega. D. Alpha should export steel to Omega and Omega should export wheat to Alpha. 7. Which of the following concepts provides the basic rationale for international trade?
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Pre-Test Chapter 5 ed17 - Pre-Test Chapter 5 ed17 Answer...

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