. 1. The analysis of economic forces that justify the existence of trade and its degreebetween two nations is referred to as:A) basis for tradeB) losses from tradeC) gains from tradeD) pattern of trade2. The increase in consumption in each nation resulting from specialization inproduction and trading is referred to as:A) basis for tradeB) losses from tradeC) gains from tradeD) patterm of tradeCommodities exported and imported by cach nation constitute the:A) basis for trade3.B) losses from tradeC) gains from tradeD) pattern of tradeIf wage in country A is $6hour and in country B is £2/hour, and the exchangerate between a S and a £ is 1£-25, then given the information in the table, whatis the dollar price of a bushel of apple in Country B?4.Country ACountry BApple (bushelshr)Orange (bushels/hr)823A) S0.75B) S1.33C) S3.00D) S4.00states that the true cost of a commodity is the amount of a5.second commodity that must be given up to release just enough resources toproduce one more unit of the first commodity:A) MercantilismB) The law of comparative advantageC) The labor theory of valueD) The opportunity cost theoryThe ability of one nation to produce a commodity using fewer resoureces than6.another nation is:A) absolute advantageB) comparative advantageC) mercantilismD) specialization

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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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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