Econ+13--hwk2--due+Aug+23rd

Econ+13--hwk2--due+Aug+23rd - UCISummerII2011 Econ13/IS13

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UCI Summer II 2011 Econ 13 / IS 13 Homework 2 (Due Tuesday Aug 23 rd  in class) Name___________________________________ ID___________________________________  Each question worth 4 pts.  (104 total)   MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question.  Table 8 - 1 Berries  Fish Rob   20   80 Bill    30   60 Rob Crusoe and Bill Friday spent their week - long vacation on a desert island where they had to find and make their own food. Rob  and Bill spent one day each fishing and picking berries. The following table lists the pounds of output Rob and Bill produced.   1) 
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Refer to  Table 8 - 1.  Use the  table  above to  select the  statement  that  accurately  interprets  the data in  the table.  
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1) 
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_______  A) 
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Bill has an  absolute advantage in picking berries and catching fish.  B) 
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Rob has an  absolute advantage in picking berries and Bill has an absolute advantage in catching fish.   C) 
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Rob has an  absolute advantage in picking berries and catching fish.   D) 
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Bill has an  absolute advantage in picking berries and Rob has an absolute advantage in catching fish.    2) 
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Refer to  Table 8 - 1.  Use the  table  above to  select the  statement  that  accurately  interprets  the data in  the table. 
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2)  ____ ___  R o b   h a s   a   c o m p a r a t i v e  a dv an ta ge  in  ca tc hi ng  fis an pi ck in be rri es.  Bi ll  ha s a comparative  advantage in catching  fish.  
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Bill has a  comparative advantage in picking berries.   D) 
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Rob has a  comparative advantage in picking berries.     3) 
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The terms  of trade  refers to 
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3)  ____ ___  t h e   r a t i o   a t   w h i c h   a   c o u n tr ca tra de  its  ex po rts  fo im po rts  fr o ot he co un tri es.  le ga document that  specifies the trade  quantities agreed to by  two countries. 
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the role of the  government in overseeing international trade.  D) 
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the rules and  regulations that countries must adhere to when trading.    Figure 8 - 1 Figure 8 - 1 shows the U.S. demand and supply for leather footwear.   4) 
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Econ+13--hwk2--due+Aug+23rd - UCISummerII2011 Econ13/IS13

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