Quiz 2-Macroeconomics

Quiz 2-Macroeconomics - Macroeconomics Quiz 2 Name:_ _...

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Macroeconomics Quiz 2 Name:_____ _______________________________ ____B____1. Trade can make everybody better off because it
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a. increases cooperation among nations. b. allows people to specialize according to comparative advantage. c. requires some workers in an economy to be retrained.
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d. reduces competition among domestic companies.
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Table 1 Assume that Sardi and Tinaka can switch between producing corn and producing pork at a constant rate.
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Minutes Needed to Make 1 Bushel of Corn Pound of Pork Sardi 20 12
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Tinaka 15 10
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___D_____2. Refer to Table 1. What is Sardi’s opportunity cost of producing one bushel of corn?
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a. 3/5 pound of pork b. 6/5 pounds of pork c. 4/3 pounds of pork
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d. 5/3 pounds of pork
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___B_____3. Refer to Table 1. Sardi should specialize in the production of
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a. corn and Tinaka should specialize in the production of pork. b. pork and Tinaka should specialize in the production of corn. c. both goods and Tinaka should specialize in the production of neither good.
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d. neither good and Tinaka should specialize in the production of both goods.
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_____D___4. Which of the following statements is not correct?
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a. Trade allows for specialization.
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This note was uploaded on 01/31/2012 for the course ECON 201 taught by Professor Sinha during the Winter '11 term at Post.

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Quiz 2-Macroeconomics - Macroeconomics Quiz 2 Name:_ _...

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