Help me with this! AutoSave O Off AEC102.FinalExam -Protected View • Saved to this PC -P Search (Alt+Q)Maher AfrhujFileHomeInsertDrawDesign Layout ReferencesMailingsReviewViewHelpP Comments vA ShareO PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.Enable Editing37. In India one person can produce 330 pounds of rice or 110 shirts in one year. In China oneperson can produce 400 pounds of rice or 200 shirts in one year. Which of the followingstatements is true?A. India has a comparative advantage in the production of rice.B. China has a comparative advantage in the production of rice.C. China has both an absolute and comparative advantage in the production of rice.D. India has an absolute advantage in the production of rice.38. When nations increase production in their area ofand trade with each other,both sides can benefitA. relative advantageB. absolute advantageC. comparative advantageD. opportunity cost39. The reasons that nations trade includes the fact that:A. no one country produces all of what citizens within the country want.B. the wants of their citizens exceeds their productive capacity.C. different countries have different levels of greed.D. labor costs are too high in some countries to efficiently produce goods.40. A tariff differs from a quota in that a tariff is:A. levied on imports, whereas a quota is imposed on exports.B. levied on exports, whereas a quota is imposed on imports.C. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can beexported.D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of agood that can be imported.41.means selling goods below their cost of production.Page 7 of 82154 wordsO Focus65%Text Predictions: On55°F99+10:24 PMPsWENGCloudy5/3/2022 AutoSave O Off AEC102.FinalExam - Protected View • Saved to this PC -P Search (Alt+Q)Maher AfrhujFileHomeInsertDrawDesign LayoutReferencesMailingsReviewViewHelpP Comments vA ShareO PROTECTED VIEW Be careful–files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.Enable Editing3... .. 4. .6D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of agood that can be imported.41.means selling goods below their cost of production.A. ProtectionismB. DumpingC. Import quotasD. Non-tariff barriers42. Import tariffs generallyandthe prices of domestic products of the affected productsthe prices of intemational products.A. decrease; decreaseB. decrease; increaseC. increase; decreaseD. incтeаse: іncreasePart II. Short Answer (4pts each, 16pts total)1. What is the diference between poverty and income inequality? Why is this difference important when weare creating economic support programs?2.What is the first rule of labor markets, and how does this relate to understanding the supply and demand forlabor?3. Explain the difference between public, private and common goods, and provide am example of each4. Ifyou were asked, what are the 2 most important things you have leamed about economics this semester?Why did you choose these two?Page 8 of 8O Focus2154 wordsText Predictions: On65%55°F99+10:24 PMPsWENGCloudy5/3/2022

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Dear student, you have asked multiple questions in a single post. In such a case, I will be…