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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

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Introduction to Statistics

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The following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.

	Wheat	Computers
Germany	20	5
Poland	8	4

The opportunity cost of 1 unit of computers in Poland is ________.

a. 1/4 of a unit of wheat

b. 4 units of wheat

c. 2 units of wheat

d. 1/2 of a unit of wheat

c. 2 units of wheat...

Posted by Cleveland on August 29, 2024

he following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.

	Wheat	Computers
Germany	20	5
Poland	8	4

The opportunity cost of 1 unit of computers in Germany is ________.

a. 1/5 of a unit of wheat

b. 4 units of wheat

c. 5 units of wheat

d. 1/4 of a unit of wheat

4 units of wheat...

Posted by Cleveland on August 29, 2024

The following table shows the units of output a worker can produce per month in Germany and Poland. Use this table to answer the question.

	Wheat	Computers
Germany	20	5
Poland	8	4

Which of the following statements about absolute advantage is true?

a. Germany has an absolute advantage in the production of both wheat and computers.

b. Poland has an absolute advantage in the production of wheat while Germany has an absolute advantage in the production of computers.

c. Poland has an absolute advantage in the production of both wheat and computers.

d. Germany has an absolute advantage in the production of wheat while Poland has an absolute advantage in the production of computers.

a) Germany has an absolute advantage in the production of both wheat and computers....

Posted by Cleveland on August 29, 2024

Suppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, ________.

a. the opportunity cost of 1 pen is 12 pencils

b. the opportunity cost of 1 pen is 4 pencils

c. the opportunity cost of 1 pen is 3 pencils

d. the opportunity cost of 1 pen is 1/3 of a pencil

e. the opportunity cost of 1 pen is 1/4 of a pencil

c. the opportunity cost of 1 pen is 3 pencils...

Posted by Cleveland on August 29, 2024

Suppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, ________.

a. the domestic price of 1 pencil is 1/3 of a pen

b. the domestic price of 1 pencil is 1/4 of a pen

c. the domestic price of 1 pencil is 3 pens

d. the domestic price of 1 pencil is 4 pens

e. the domestic price of 1 pencil is 12 pens

a. the domestic price of 1 pencil is 1/3 of a pen...

Posted by Cleveland on August 29, 2024

Which of the following statements is true?

a. Only countries with an absolute advantage in the production of every good should strive to be self-sufficient.

b. Self-sufficiency is the road to prosperity for most countries.

c. A self-sufficient country at best can consume on its production possibilities frontier.

d. A self-sufficient country consumes outside its production possibilities frontier.

c. A self-sufficient country at best can consume on its production possibilities frontier...

Posted by Cleveland on August 29, 2024

ccording to the principle of comparative advantage, ________.

a. countries with a comparative advantage in the production of every good need not specialize

b. countries should specialize in the production of goods for which they use fewer resources in production than their trading partners

c. countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners

d. countries should specialize in the production of goods that they enjoy consuming

countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners...

Posted by Cleveland on August 29, 2024

Which of the following statements about trade is true?

a. Trade can benefit everyone in society because it allows people to specialize in activities in which they have an absolute advantage.

b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage.

c. Unrestricted international trade benefits every person in a country equally.

d. People that are skilled at all activities cannot benefit from trade.

b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage....

Posted by Cleveland on August 29, 2024

If a nation has a comparative advantage in the production of a good, ________.

a. it can produce that good at a lower opportunity cost than its trading partner

b. it can produce that good using fewer resources than its trading partner

c. it can benefit by restricting imports of that good

d. it must be the only country with the ability to produce that good

e. none of the answer choices are correct

a. it can produce that good at a lower opportunity cost than its trading partner...

Posted by Cleveland on August 29, 2024

If a nation has an absolute advantage in the production of a good, ________.

a. it can produce that good at a lower opportunity cost than its trading partner

b. it can produce that good using fewer resources than its trading partner

c. it can benefit by restricting imports of that good

d. it will specialize in the production of that good and export it

e. none of the answer choices are correct

b. it can produce that good using fewer resources than its trading partner...

Posted by Cleveland on August 29, 2024

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Questions and Answers (338 solutions)

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Questions and Answers
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