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quiz 15 chapter 15 solutions

quiz 15 chapter 15 solutions - Self-Test Questions Chapter...

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Self-Test Questions Chapter 15 MULTIPLE CHOICE 1. Why does trade make all parties better off? a. Because it always expands the amount of domestic production of each good and service, and more is preferred to less. b. Because it permits all parties to acquire some items better suited to their tastes. c. Because it makes people appreciate what they have, and they are happier. d. Because it encourages consumption rather than saving. e. All of the above are true. ANS: B 2. Oceania buys $100 of wine from Escudia and Escudia buys $40 of wool from Oceania. What are the net exports of Oceania and Escudia in that order? 3. If a nation does not have an absolute advantage in producing anything, it:
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