Chpt 3 Gains from Trade
Indicate whether the statement is true or false.
1. A production possibilities frontier is a graph that shows the combination of outputs that an economy should
2. Production possibilities frontiers cannot be
Unit 1 Practice Test, Chapters 1-3
Identify the choice that best completes the statement or answers the question.
1. Resources are
a. scarce for households but plentiful for economies.
b. plentiful for households but scarce
Name: _Class: _Date: _
Chapter 3 Test
Identify the letter of the choice that best completes the statement or answers the question.
1. Without trade,
2. a country is better off because it will have to
ASSIGNMENT: SUPPLY AND DEMAND IN AN OPEN ECONOMY
ECN 350: ECONOMICS OF INTERNATIONAL BUSINESS
On the diagram below, Q represents the quantity of computers and P represents the
price of computers. Answer the following questions using the appropriate var