final exam ch 8 & 30

final exam ch 8 & 30 - Grades Worksheets Assignments...

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User : Alaa Alakeely In Course : PRIN ECONOMICS II ( ECN 222W SU810 09 SP) Instructor : Edward T Derbin Your score on this exam is 85 out of 100 . Instructions : You have two hours to complete your exam. Once you begin (open), the clock is ticking, so plan accordingly. You will have plenty of time to complete it. Answer Key Question 1 (Worth 5 points) If, when using the same amount of resources, a nation can produce more of a good or service, it is said to possess absolute advantage in that good. True This is a correct answer False Points earned on this question : 0 Question 2 (Worth 5 points) If nation A can produce 20 power plants and 16 ships while nation B can
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produce 18 power plants and 12 ships, then according to comparative advantage B should produce power plants and A should produce ships. True This is a correct answer False Points earned on this question : 5 Question 3 (Worth 5 points) The impact of a tariff on an imported good is it increases the amount of imports. True False This is a correct answer Points earned on this question : 5 Question 4 (Worth 5 points) World output of goods and services can be maximized by having every nation produce only the good it has an absolute advantage in producing. True False This is a correct answer Points earned on this question : 0
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Question 5 (Worth 5 points) If nation A can produce 20 power plants and 16 ships while nation B can produce 18 power plants and 12 ships, then A's opportunity cost to produce a ship is 1.25 power plants.
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final exam ch 8 & 30 - Grades Worksheets Assignments...

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