Question # 00052873
Posted By: solutionshere
Updated on: 03/08/2015 02:45 PM Due on: 03/09/2015
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Question 6 of 20
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2.5 Points
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Table
3.2
Refer to Table 3.2. The opportunity cost
of producing a unit of corn in the United Kingdom is __________ umbrellas and
the opportunity cost of producing a unit of corn in the Rest of the World is
__________ umbrellas.
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A. 1/8; 1/3
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B. 1/3; 1/8
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C. 3; 8
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D. 8; 3
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Question 7 of 20
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2.5 Points
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Table
3.4
Refer to Table 3.4.Once trade between the United States and
France opens, we can anticipate that the international price of wine will be
between __________ and __________.
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A. 1 pound of cheese; 4 pounds of cheese
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B. 0.5 pounds of cheese; 4 pounds of
cheese
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C. 1 pound of cheese; 2 pounds of cheese
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D. 0.5 pounds of cheese; 2 pounds of
cheese
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Question 8 of 20
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2.5 Points
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Table
3.4
Refer to Table 3.4. Once trade between the United States and France opens, we
can anticipate that the international price of cheese will be between
__________ and __________.
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A. 1 gallon of wine; 0.5 gallons of wine
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B. 2 gallons of wine; 4 gallons of wine
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C. 2 gallons of wine; 0.25 gallons of
wine
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D. 1 gallon of wine; 4 gallons of wine
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Question 9 of 20
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2.5 Points
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Which
of the following is NOT true about a nation’s production-possibility curve?
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A. The production-possibility curve shows all
the amounts of different products that an economy can produce when its
resources are fully employed.
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B. Points inside the production-possibility curve
are feasible, but may represent unemployment of some of the economy’s
resources.
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C. Points outside the production-possibility
curve are not feasible production points given the resources in the
economy.
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D. The production-possibility curve shows how
the country gains from trade.
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Question 10 of 20
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2.5 Points
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Figure
3.1
Refer to Figure 3.1.The opportunity cost
of one unit of corn production in Canada is __________ liters of maple syrup
and in the Rest of the World is __________ liters of maple syrup.
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A. 9/7; 2
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B. 7/9; 2
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C. 9/7; 1/2
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D. 7/9; 1/2
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Solution: Homework 2