{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Econ2030 Test2 pg3

Econ2030 Test2 pg3 - /f ’1’ “f 12 Suppose that two...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: /f / / / ’1’ “f 12. Suppose that two countries produce the same kinds of goods, but the real wage is much lower in one country (5/ than the other. Workers from the country with the lower wage must t, p \ '. A. be less productive¥ "v".- ‘7' i - \ 3 ‘ ® be more productive. . I“. v) ,1’ z A“ “N O. 3/ C. have the same productivity} D. have workers who are willmg to take whatever wage they get. é B. have workers who has no idea about the wage rates in other countries. x 55m Domestic demand DDITIESfiC 4500 SUPFW '3- ("1‘ \: ._‘, E: 3500 i “a 2500 3 World price plus Tarifi' 5'. .3. u: D ca price $0 I I I I 1E] 30 50 m 90 110 0 uantity of sugar (tons per year) 13. The clear winners from the tariff are the ‘ , and the losers from the tariff are the . A. consumers; producers B. consumers and government; producers C. producers; consumers and government D. producers and consumers; government @producers and government; consumers 14. Ifthe price of a good in a closed economy is greater than the world price, then if the country opens its 65mm to world trade the country will be a of that good. ‘ ‘ A . et importer B. net exporter C. importer and exporter Rproducer ~E. price setter 15. The price at which a good or service is traded on international markets is called the price. A. international B. world C. universal D. market @exchange \\ . / ;~\s’ 16. The slope of the line tangent to a point on an economy's PPC equals . @the ratio of the world prices of the goods produced. B. the opportunity cost of producing one more unit of the good measured on the horizontal axis. I : C. the Opportunity cost of producing one more unit of the good measured on the vertical axis. : i" ’Q. the opportunity cost of producing one more unit of each good shown on the graph. E. the opportunity cost of technological improvements that increase total output. ...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online