30 Apr Question: MULTIPLE CHOICE: 2 points each, one correct answer: 1) Given the following information: Number of…
MULTIPLE CHOICE: 2 points each, one correct answer: 1) Given the following information: Number of Units Produced by one Unit of Labor Cloth 10 60 Widgets 20 30 Foreign A) Foreign has a comparative advantage in widgets. B) Neither country has a comparative advantage. C) Home has a comparative advantage in both products. D) Home has a comparative advantage in cloth E) Foreign has a comparative advantage in cloth. 2) 2) A country engaging in trade according to the principles of comparative advantage gains from trade because it A) is producing imports indirectly more efficiently than it could domestically B) is producing imports indirectly using fewer labor units. C) is producing exports indirectly more efficiently than it could alternatively. D) is producing exports using fewer labor units. E) None of the above. 3) The Hechscher-Ohlin model states that a country will have a comparative with which the country is relatively abundant. advantage in the good or service whose production is relatively intensive in the A) tastes B) scale economy C) factor of production D) opportunity cost E) technology 4) One way in which the Heckscher-Ohlin model differs from the Ricardo model4 of comparative advantage is by assuming thatis (are) identical in all countries. A) scale economies B) factor of production intensities C) technology D) factor of production endowments E) opportunity costs 5) Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively labor abundant, then once trade begins A) wages should rise and rents should fall in H B) wages and rents should fall in hH C) wages should fall and rents should rise in H D) wages and rents should rise in H E) None of the above 6) The concept “terms of trade” means A) the price of a country’s exports divided by the price of its imports. B) the price conditions bargained for in international markets C) the amount of exports sold by a country D) the quantities of imports received in free trade. E) None of the above
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