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1. The United States requires 20 hours of labor to produce 1 ton of

steel and 30 hours of labor to produce 1,000 board feet of timber. In Canada, 20 hours of labor are required to produce 1 ton of steel and 25 hours of labor to produce 1,000 board feet of timber. Which country has an absolute advantage in the production of steel?
Select one:
a. the United States
b. Canada
c. Neither the United States nor Canada has an absolute advantage.
d. Both the United States and Canada have an absolute advantage.
2.Fill in the blank . Consider a Ricardian economy that produces tennis rackets (T) and baseball bats (B). Let MPLT = 5 and MPLB = 10. The opportunity cost of a tennis racket is ____ Answer baseball bats.
3.
What is the idea behind fair-trade coffee?
Select one:
a. Ensuring a minimum price for middlemen.
b. Ensuring a maximum price for consumers.
c. Ensuring a minimum price for the consumers.
d. Ensuring a minimum price for the producers.
4.
A specific factor of production is:
Select one:
a. critical to the production of the good or service.
b. the opposite of a general factor, meaning it must fit within certain narrow quality parameters.
c. a set quantity for each unit produced.
d. not transferable to other types of production and can only be used for the product in question.

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Subject: Business, Economics

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