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a) TRUE b) FALSE
If trade benefits one country, its trading partner must be worse off due to trade.
a) TRUE b) FALSE
18. Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,
a) the opportunity cost of 1 watch is 1/4 of a ring.
b) the opportunity cost of 1 watch is 4 rings.
c) the opportunity cost of 1 watch is 3 rings.
d) the opportunity cost of 1 watch is 1/3 of a ring.
Economic models are
a) usually made of wood and plastic.
b) built with assumptions. c) useless if they are simple.
d) created to duplicate reality.
20. Which of the following is not a factor of production?
a) labor b) land c) money d) capital
21. Points on the production possibilities frontier are
a) inefficient. b) normative.
c) unattainable. d) efficient.
A perfectly competitive market has
a) only one seller.
b) at least a few sellers.
c) firms that set their own prices.
d) many buyers and sellers.
If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are
a) complements. b) inferior goods.
c) normal goods. d) substitutes.
The law of demand states that an increase in the price of a good
a) increases the supply of that good.
b) decreases the quantity demanded for that good.
c) decreases the demand for that good.
d)increases the quantity supplied of that good
If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is
a) a normal good. b) an inferior good.
c) a substitute good. d) a complementary good
The law of supply states that an increase in the price of a good
a) increases the quantity supplied of that good.
b)increases the supply of that good.
c) decreases the demand for that good.
d) decreases the quantity demanded for that good.
A monopolistic market has
a) many buyers and sellers.
b) firms that are price takers.
c) at least a few sellers.
d) only one seller.
28. Which of the following shifts the demand for watches to the right?
a) an increase in the price of watches
b) a decrease in the price of watch batteries if watch batteries and watches are complements
c) a decrease in consumer incomes if watches are a normal good
d) a decrease in the price of watches
All of the following shift the supply of watches to the right except
a) an advance in the technology used to manufacture watches.
b)an increase in the price of watches.
c) manufacturers' expectation of lower watch prices in the future.
d) a decrease in the wage of workers employed to manufacture watches.
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| Comparative advantage is a comparison based on opportunity cost. | | | If an increase in the price of bread leads to a decrease in the demand for butte, then blue jeans and tennis shoes are |