economics homework

economics homework - 1. (Points: 1) A country that...

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1. (Points: 1) A country that specializes according to its comparative advantage and then trades with another country will be able to: a. consume more goods b. produce more of all goods. c. produce less of all goods and consume more of one good. d. both produce and consume less. Save Answer 2. (Points: 1) The principle of increasing marginal opportunity cost is true in which of the following cases? a. All inputs are equally adaptable to the production of all goods. b. The production possibility curve is a downward sloping straight line. c. Some inputs are better off producing particular goods. d. Each input can be used to produce only one good. Save Answer 3. (Points: 1) If you move from a point inside the production possibility curve to a point on the production possibility curve, it follows that efficiency is:
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a. increased because the economy is now on the production possibility curve. b. increased only if production of both goods increases. c. increased as long as the combined output of both goods increases. d. reduced if less of one good is produced. Save Answer 4. (Points: 1) Suppose that in Slovakia, one unit of labor can produce either 16 tons of wheat or 32 tons of soy while in Poland, one unit of labor can produce either 4 tons of wheat or 2 tons of soy. Given this information, which of the following statements is true? a. Slovakia has a comparative advantage in producing neither wheat nor soy. b. Slovakia has a comparative advantage in producing both wheat and soy. c. Poland has a comparative advantage in producing soy but not wheat. d. Poland has a comparative advantage in producing wheat but not soy.
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economics homework - 1. (Points: 1) A country that...

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