37.In a two-good, two country world, if one country has an absolute advantage in theproduction of both goods, it cannot benefit by trading with the other countryA) TrueB) False
Table for Individual Question FeedbackPoints Earned:0.0/2.0Correct Answer(s):False38.For a person to have a comparative advantage in producing a product, she must be able to produce that product at a lower opportunity cost than her competitorsTable for Individual Question FeedbackPoints Earned:2.0/2.0Correct Answer(s):True39.It is possible to have a comparative advantage in producing a good or service without having an absolute advantageTable for Individual Question FeedbackPoints Earned:2.0/2.0Correct Answer(s):True40.
An increase in the unemployment rate may be represented as a movement from
a point on the production possibilities frontier to a point inside the frontierTable for Individual Question FeedbackPoints Earned:2.0/2.0Correct Answer(s):76.00%TrueHomework 2 Submitted by WILSON, WESLEY (WBW5085) on 9/20/2015 11:34:51 PMPoints AwardedPoints Missed24.00Percentage76.01.
Part 1: 32 questions at 3 points each for a total of 96 pointsFOR FILL-IN-THE-BLANK questions: If your answer is in decimal form, round to 2 decimal places. For example, if your answer is .412, enter it into the fill-in-the-blank as .41, or if your answer is 1.415, enter it into the fill-in-the-blank as 1.42. Ifthere are no decimals in your answer, you will simply enter the number; so if youranswer is 2, enter 2 with no decimals. Do not enter any extra spaces, do not enter commas or $ or % symbols.Use the information below to answer questions 1-6Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie’s Farms is the only company that grows fresh apricots, while Darryl’s Dried Victuals is
the only producer of dried apricots. Fannie’s sells some of its apricots directly to consumers for consumption. The relevant revenue and cost information for each of the two firms in the economy is given below:Darryl's Dried VictualsRevenue from selling dried apricots:$2,300,000Cost of buying fresh apricots from Fannie’s:1,200,000Interest on funds borrowed to buy drying racks:250,000Wages paid to employees600,000Taxes100,000Fannie’s FarmsRevenue from selling fresh apricots:$2,000,000Rent on land (including apricot trees)300,000Wages to employees1,200,000Taxes200,000Darryl's profit from selling dried apricots is:Table for Individual Question FeedbackPoints Earned:3.0/3.0Correct Answer(s):B