Sec 3.1 MC A Parable for the Modern Economy

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1、1. Whichofthefollowingisnotareasonpeoplechoosetodependonothersforgoodsandservices? a. toimprovetheirlives b. toallowthemtoenjoyagreatervarietyofgoodsandservices c. toconsumemoreofeachgoodwithoutworkinganymorehours d. toallowpeopletoproduceoutsidetheirproduction

2、possibilitiesfrontiersANSWER:  dDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.089-Evaluatethepotentialgainsfromtradeusingcomparativeandabsoluteadvantage.TOPICS:  InternationaltradeKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  001.03.1-MC-MANK082. Whencantw

3、ocountriesgainfromtradingtwogoods? a. whenthefirstcountrycanonlyproducethefirstgoodandthesecondcountrycanonlyproducethesecondgood b. whenthefirstcountrycanproducebothgoods,butcanonlyproducethesecondgoodatgreatcost,andthesecondcountrycanproducebothgoods,butcanon

4、lyproducethefirstgoodatgreatcost c. whenthefirstcountryisbetteratproducingbothgoodsandthesecondcountryisworseatproducingbothgoods d. Twocountriescouldgainfromtradingtwogoodsunderalloftheaboveconditions.ANSWER:  dDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.M

5、ANK.089-Evaluatethepotentialgainsfromtradeusingcomparativeandabsoluteadvantage.TOPICS:  InternationaltradeKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.03.1-MC-MANK083. Tomproducesbaseballglovesandbaseballbats.Stevealsoproducesbaseballglovesandbaseballbats,bu

6、tTomisbetteratproducingbothgoods.Inthiscase,tradecould a. benefitbothSteveandTom. b. benefitSteve,butnotTom. c. benefitTom,butnotSteve. d. benefitneitherStevenorTom.ANSWER:  aDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.089-Evaluatethepotentialgainsfrom

7、tradeusingcomparativeandabsoluteadvantage.TOPICS:  InternationaltradeKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  003.03.1-MC-MANK084. OliviabakescakesandAndrewgrowscorn.OliviaandAndrewbothliketoeatcakeandeatcorn.InwhichofthefollowingcasesisitimpossibleforbothOliv

8、iaandAndrewtobenefitfromtrade? a. OliviacannotgrowcornandAndrewcannotbakecakes. b. OliviaisbetterthanAndrewatbakingcakesandAndrewisbetterthanOliviaatgrowingcorn.CopyrightCen