ECON 201 Problem Set 10 International Trade and Protectionism. Montgomery College

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1. 201940 - ECON-201-40224



2. Course Content

3. Chapters 20 & 21 International Trade & Protectionism. Problem Set 10 (due Wednesday
06/26).
4. Review Test Submission: Problem Set 10_International Trade and Protectionism

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201940 - ECON-201-40224
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Review Test Submission: Problem Set 10_International Trade and
Protectionism
User Ms. Jane Angum Buro
Course 201940 - ECON-201-40224
Test Problem Set 10_International Trade and
Protectionism
Started 6/26/19 9:55 AM
Submitted 6/26/19 11:46 AM
Due Date 6/26/19 11:59 PM
Status Completed
Attempt Score 45 out of 50 points
Time Elapsed 1 hour, 51 minutes
Results All Answers, Submitted Answers, Incorrectly
Displayed Answered Questions
 Question 1
1 out of 1 points

When one nation can produce a product at lower cost relative to another nation
, it is said to have a(n)_________________ in producing thatproduct.

Selected b.
Answer: absolute advantage
Answers: a.
relative advantage
b.

, absolute advantage
c.
economy of scale
d.
production efficienc
y
 Question 2
1 out of 1 points

Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.
From the data, the USA:

Selected b.
Answer: has an absolute advantage over India in the production of whe
at
Answers: a.
has an absolute advantage over India in the production o
f textiles.



b.
has an absolute advantage over India in the production of whe
at
c.
has a comparative advantage in the production of textiles
d.
should export textiles to India
 Question 3
1 out of 1 points

Alternate Outputs from One Day's Labor Input:
USA: 12 bushels of wheat or 3 yards of textiles.
India: 3 bushels of wheat or 12 yards of textiles.
The opportunity cost of one bushel of wheat in India is:

Selected c.
Answer: 4 yards of textiles
Answers: a.
1 yard of textiles
b.
3 yards of textiles
c.
4 yards of textiles
d.
12 yards of textile

, s
 Question 4
1 out of 1 points

In India one average worker can produce 330 pounds of rice or 110 shirts in one
year. In China one
average worker can produce 400pounds of rice or 200 shirts in one year. Which
of the following statements is true?

Selected a.
Answer: An Indian worker has a comparative advantage in the production of rice
Answers: a.
An Indian worker has a comparative advantage in the production of rice
b.
A Chinese worker has a comparative advantage in the production of rice
c.
A Chinese
worker has both absolute and comparative advantages in the production of rice
d.
An Indian worker has an absolute advantage in the production of rice
 Question 5
1 out of 1 points

Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce
either 16 oranges or 4 apples an hour. Theopportunity cost of producing 1 orange f
or Alpha and Beta, respectively, are:

Selected c.
Answer: 0.5 apples; 0.25 apple
s
Answers: a.
0.25 apples; 0.5 ap
ples.



b.
9 apples; 4 apples
c.
0.5 apples; 0.25 apple
s
d.
2 apples; 4 apples
 Question 6
0 out of 1 points

Which of the following is true?