04 Jun Question Question 1 of 20 2.5 Points Labor productivity is:
Question
Question 1 of 20 2.5 Points
Labor productivity is:
A. The number of units of output that a worker can produce in one hour.
B. The total number of units that all workers in a firm produce in one day.
C. The number of hours it takes a worker to produce one unit of output.
D. The total number of hours it takes all the workers in a firm to produce a day’s output
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Question 2 of 20 2.5 Points
In the two-country, two-good model, which of the following is true?
I. As a result of trade, at least one country is better off and that country’s gain does not reduce the economic welfare of the other country.
II. Both countries can gain from trade by dividing the benefits of the enhanced global production.
A. I
B. II
C. Both I and II
D. Neither I nor II
Question 3 of 20 2.5 Points
Refer to Table 3.1. Given the productivity information in Table 3.1, the Rest of the World has an absolute advantage in the production of __________ and the United Kingdom has an absolute advantage in the production of __________.
A. Umbrellas; corn
B. Corn; umbrellas
C. Corn; neither good
Question 4 of 20 2.5 Points
Table 3.1
Refer to Table 3.1. If the United Kingdom shifts 1 hour of labor from the production of corn to the production of umbrellas and the Rest of the World shifts 1 hour of labor from the production of umbrellas to the production of corn, total world production of corn will __________ by __________ units and total world production of umbrellas will __________ by __________.
A. Increase; 1; decrease; 1
B. Increase; 1.43; increase 1
C. Increase; 0.5; increase; 0.5
D. Decrease; 0.5; increase; 0.7
Question 5 of 20 2.5 Points
Table3.2
Refer to Table 3.2. The United Kingdom has an absolute advantage in the production of __________ and the Rest of the World has an absolute advantage in the production of __________.
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