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Sample Questions for Exam 3

Sample Questions for Exam 3 - Sample Questions for Exam 3 1...

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Sample Questions for Exam 3 1. Refer to Table A. Table A In the United Kingdom In the Rest of the World Productivity Umbrellas per labor hour 1.00 0.50 Units of corn per labor hour 0.20 0.70 If the United Kingdom shifts 1 hour of labor from the production of corn to the production of umbrellas and the rest of the world shifts 1 hour of labor from the production of umbrellas to the production of corn, total world production of corn will _______ by _______ units and total world production of umbrellas will _______ by _______. a. increase; 1; decrease; 1 b. increase; 1.43; increase 1 c. increase; 0.5; increase; 0.5 d. decrease; 0.5; increase; 0.7 2. If a country exports the good that it can produce at a low opportunity cost and imports those goods that it would otherwise produce at a high opportunity cost, we say that such trade is based upon _______.
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