Question 1

By definition,imports are

Accepted Answer

A)   people who work in foreign countries.
B)   goods in which a country has an absolute advantage.
C)   limits placed on the quantity of goods leaving a country.
D)   goods produced abroad and sold domestically.E) C) and D)
F) A) and B)

Question 2

Julia can fix a meal in 1 hour,and her opportunity cost of one hour is $50.Jacque can fix the same kind of meal in 2 hours,and his opportunity cost of one hour is $20.Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.

Accepted Answer

Since Julia's opportunity cost...

Question 3

Suppose a gardener produces both green beans and corn in her garden.If the opportunity cost of one bushel of corn is 3/5 bushel of green beans,then the opportunity cost of 1 bushel of green beans is

Accepted Answer

A)   3/5 bushel of corn.
B)   5/3 bushels of corn.
C)   3 bushels of corn.
D)   5 bushels of corn.E) B) and C)
F) A) and C)

Exam 3: Interdependence and the Gains from Trade.

By definition,imports are

Correct Answer
verified

Julia can fix a meal in 1 hour,and her opportunity cost of one hour is $50.Jacque can fix the same kind of meal in 2 hours,and his opportunity cost of one hour is $20.Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.

Correct Answer
verified
Since Julia's opportunity cost...
View Answer

Suppose a gardener produces both green beans and corn in her garden.If the opportunity cost of one bushel of corn is 3/5 bushel of green beans,then the opportunity cost of 1 bushel of green beans is

Correct Answer
verified

Exam 3: Interdependence and the Gains from Trade.

By definition,imports are

Correct AnswerverifiedShow Answer

Julia can fix a meal in 1 hour,and her opportunity cost of one hour is $50.Jacque can fix the same kind of meal in 2 hours,and his opportunity cost of one hour is $20.Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.

Correct AnswerverifiedSince Julia's opportunity cost...View AnswerShow Answer

Suppose a gardener produces both green beans and corn in her garden.If the opportunity cost of one bushel of corn is 3/5 bushel of green beans,then the opportunity cost of 1 bushel of green beans is

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Since Julia's opportunity cost...
View Answer

Correct Answer
verified