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1. The analysis of economic forces that justify the existence of trade and its degree between two nations is referred to as: A) basis for trade B) losses from trade C) gains from trade D) pattern of trade

1. The analysis of economic forces that justify the existence of trade and its degree between two nations is referred to as: A) basis for trade B) losses from trade C) gains from trade D) pattern of trade

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 2QCMC
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1. The analysis of economic forces that justify the existence of trade and its degree between two nations is referred to as: A) basis for trade B) losses from trade C) gains from trade D) pattern of trade 2. The increase in consumption in each nation resulting from specialization in production and trading is referred to as: A) basis for trade B) losses from trade C) gains from trade D) patterm of trade Commodities exported and imported by cach nation constitute the: A) basis for trade 3. B) losses from trade C) gains from trade D) pattern of trade If wage in country A is $6hour and in country B is £2/hour, and the exchange rate between a S and a £ is 1£-25, then given the information in the table, what is the dollar price of a bushel of apple in Country B? 4. Country A Country B Apple (bushelshr) Orange (bushels/hr) 8 2 3 A) S0.75 B) S1.33 C) S3.00 D) S4.00 states that the true cost of a commodity is the amount of a 5. second commodity that must be given up to release just enough resources to produce one more unit of the first commodity: A) Mercantilism B) The law of comparative advantage C) The labor theory of value D) The opportunity cost theory The ability of one nation to produce a commodity using fewer resoureces than 6. another nation is: A) absolute advantage B) comparative advantage C) mercantilism D) specialization
Transcribed Image Text:1. The analysis of economic forces that justify the existence of trade and its degree between two nations is referred to as: A) basis for trade B) losses from trade C) gains from trade D) pattern of trade 2. The increase in consumption in each nation resulting from specialization in production and trading is referred to as: A) basis for trade B) losses from trade C) gains from trade D) patterm of trade Commodities exported and imported by cach nation constitute the: A) basis for trade 3. B) losses from trade C) gains from trade D) pattern of trade If wage in country A is $6hour and in country B is £2/hour, and the exchange rate between a S and a £ is 1£-25, then given the information in the table, what is the dollar price of a bushel of apple in Country B? 4. Country A Country B Apple (bushelshr) Orange (bushels/hr) 8 2 3 A) S0.75 B) S1.33 C) S3.00 D) S4.00 states that the true cost of a commodity is the amount of a 5. second commodity that must be given up to release just enough resources to produce one more unit of the first commodity: A) Mercantilism B) The law of comparative advantage C) The labor theory of value D) The opportunity cost theory The ability of one nation to produce a commodity using fewer resoureces than 6. another nation is: A) absolute advantage B) comparative advantage C) mercantilism D) specialization
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