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1、128Chapter 3 Interdependence and the Gains from TradeTRUE/FALSE1.In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers. ANS:TDIF:1REF:3-0 NAT:AnalyticLOC:Gains from trade, specialization and trade TO
2、P:TradeMSC: Definitional2.Interdependence among individuals and interdependence among nations are both based on the gains from trade. ANS:TDIF:2REF:3-0 NAT:AnalyticLOC:Gains from trade, specialization and trade TOP:Gains from tradeMSC: Interpretive3.If a person chooses self-sufficiency, then she can
3、 only consume what she produces. ANS:TDIF:1REF:3-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Self-sufficiencyMSC:Definitional4.If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, then Wrex cannot gain from trading math problem
4、s and book reports with Maxine. ANS:FDIF:2REF:3-1 NAT:AnalyticLOC:Gains from trade, specialization and trade TOP:Gains from tradeMSC: Applicative5.It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours to produce every good than it takes German workers.
5、 ANS:TDIF:2REF:3-1 NAT:AnalyticLOC:Gains from trade, specialization and trade TOP:Gains from tradeMSC: Applicative6.A production possibilities frontier is a graph that shows the combination of outputs that an economy should produce. ANS:FDIF:2REF:3-1 NAT:AnalyticLOC:Understanding and applying econom
6、ic models TOP:Production possibilities frontierMSC: Interpretive7.Production possibilities frontiers cannot be used to illustrate tradeoffs. ANS:FDIF:1REF:3-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Production possibilities frontierMSC: Definitional8.An economy can produce at
7、any point on or inside its production possibilities frontier, but it cannot produce at points outside its production possibilities frontier. ANS:TDIF:2REF:3-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Production possibilities frontierMSC: Interpretive9.Trade allows a country to
8、consume outside its production possibilities frontier. ANS:TDIF:2REF:3-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Production possibilities frontier | TradeMSC:Interpretive10.Opportunity cost refers to how many inputs a producer requires to produce a good. ANS:FDIF:1REF:3-2 NAT:
9、AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Opportunity costMSC: DefinitionalChapter 3 /Interdependence and the Gains from Trade 12911.Opportunity cost measures the trade-off between two goods that each producer faces. ANS:TDIF:1REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportun
10、ity cost TOP:Opportunity costMSC: Definitional12.For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good. ANS:TDIF:2REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Opportunity costMSC: Interpretive13.Henr
11、y can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost to Henry of making a bird house is 1/3 bird feeder. ANS:FDIF:2REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Opportunity costMSC: Applicative14.Suppose that in one hour Dewey can p
12、roduce either 10 bushels of corn or 20 yards of cloth. Then Deweys opportunity cost of producing one bushel of corn is 1/2 yard of cloth. ANS:FDIF:2REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Opportunity costMSC: Applicative15.Jake can complete an oil change in 45 minutes a
13、nd he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jakes opportunity cost of writing a poem is lower than Ming-las opportunity cost of writing a poem. ANS:TDIF:2REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity co
14、st TOP:Opportunity costMSC: Applicative16.Harry is a computer company executive, earning $200 per hour managing the company and promoting its products. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harrys computer is broken. He can repair it hi
15、mself in one hour. Quinn can repair it in 10 hours. Harrys opportunity cost of repairing the computer is lower than Quinns. ANS:FDIF:2REF:3-2 NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Opportunity costMSC: Applicative17.If one producer has the absolute advantage in the production
16、of all goods, then that same producer will have the comparative advantage in the production of all goods as well. ANS:FDIF:2REF:3-2 NAT:AnalyticLOC:Gains from trade, specialization and trade TOP:Absolute advantage | Comparative advantageMSC:Interpretive18.If a country has the comparative advantage in producing a product, then that country must also have the absolute advantage in producing that product. ANS:FDIF:2REF:3-2 NAT:AnalyticLOC:Gains from trade, specia
