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37. In India one person can produce 330 pounds of rice or 110 shirts in one year. In China one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements 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.

37. In India one person can produce 330 pounds of rice or 110 shirts in one year. In China one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements 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.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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AutoSave O Off A EC102.FinalExam - Protected View • Saved to this PC - P Search (Alt+Q) Maher Afrhuj File Home Insert Draw Design Layout References Mailings Review View Help P Comments v A Share O 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 Editing 37. In India one person can produce 330 pounds of rice or 110 shirts in one year. In China one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements 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 of and trade with each other, both sides can benefit A. relative advantage B. absolute advantage C. comparative advantage D. opportunity cost 39. 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 be exported. D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported. 41. means selling goods below their cost of production. Page 7 of 8 2154 words O Focus 65% Text Predictions: On 55°F 99+ 10:24 PM Ps W ENG Cloudy 5/3/2022
Transcribed Image Text:AutoSave O Off A EC102.FinalExam - Protected View • Saved to this PC - P Search (Alt+Q) Maher Afrhuj File Home Insert Draw Design Layout References Mailings Review View Help P Comments v A Share O 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 Editing 37. In India one person can produce 330 pounds of rice or 110 shirts in one year. In China one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements 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 of and trade with each other, both sides can benefit A. relative advantage B. absolute advantage C. comparative advantage D. opportunity cost 39. 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 be exported. D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported. 41. means selling goods below their cost of production. Page 7 of 8 2154 words O Focus 65% Text Predictions: On 55°F 99+ 10:24 PM Ps W ENG Cloudy 5/3/2022
AutoSave O Off A EC102.FinalExam - Protected View • Saved to this PC - P Search (Alt+Q) Maher Afrhuj File Home Insert Draw Design Layout References Mailings Review View Help P Comments v A Share O 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 Editing 3... .. 4. . 6 D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported. 41. means selling goods below their cost of production. A. Protectionism B. Dumping C. Import quotas D. Non-tariff barriers 42. Import tariffs generally and the prices of domestic products of the affected products the prices of intemational products. A. decrease; decrease B. decrease; increase C. increase; decrease D. incтeаse: іncrease Part II. Short Answer (4pts each, 16pts total) 1. What is the diference between poverty and income inequality? Why is this difference important when we are creating economic support programs? 2. What is the first rule of labor markets, and how does this relate to understanding the supply and demand for labor? 3. Explain the difference between public, private and common goods, and provide am example of each 4. 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 8 O Focus 2154 words Text Predictions: On 65% 55°F 99+ 10:24 PM Ps W ENG Cloudy 5/3/2022
Transcribed Image Text:AutoSave O Off A EC102.FinalExam - Protected View • Saved to this PC - P Search (Alt+Q) Maher Afrhuj File Home Insert Draw Design Layout References Mailings Review View Help P Comments v A Share O 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 Editing 3... .. 4. . 6 D. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported. 41. means selling goods below their cost of production. A. Protectionism B. Dumping C. Import quotas D. Non-tariff barriers 42. Import tariffs generally and the prices of domestic products of the affected products the prices of intemational products. A. decrease; decrease B. decrease; increase C. increase; decrease D. incтeаse: іncrease Part II. Short Answer (4pts each, 16pts total) 1. What is the diference between poverty and income inequality? Why is this difference important when we are creating economic support programs? 2. What is the first rule of labor markets, and how does this relate to understanding the supply and demand for labor? 3. Explain the difference between public, private and common goods, and provide am example of each 4. 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 8 O Focus 2154 words Text Predictions: On 65% 55°F 99+ 10:24 PM Ps W ENG Cloudy 5/3/2022
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