Econ 353-2009Fall-PS1-Answers

Econ 353-2009Fall-PS1-Answers - METU/FEAS Econ 353 Hakan...

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METU/FEAS 28.10.2009 Econ 353 Hakan ERCAN Tuna Gönüldaş Görkem Karabayir PROBLEM SET 1 –Answer Key PART A 1) D 2) C 3) D 4) C 5) A 6) C 7) D 8) A 9) A 10) B 11) D 12) A 13) A 14) D 15) C PART B 1) T 2) F 3) F 4) F PART C 1) According to Smith, a wealth of nation is determined by its productive capacity (specie holdings/productive capacity). Countries should specialize in commodities in which they have a(n) absolute (absolute/comparative) advantage. States must produce commodities, which require
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Econ 353-2009Fall-PS1-Answers - METU/FEAS Econ 353 Hakan...

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