Project #83002 - Economic

Question 1

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HONOR CODE

The rules for this quiz are as follows.  

1) You ARE ALLOWED to use outside resources, including your notes, completed worksheets, textbook, the internet, etc.  

2) However, you are NOT ALLOWED to work with other students.  This quiz should be completed by each student independently.  Working with another student will be considered a violation of the University honor code

 

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Question 2

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Output per Worker

 

Vietnam

Mexico

T-Shirts

40

90

Broccoli

20

30

 

The table above shows output per worker in Vietnam and Mexico for the production of T-Shirts and broccoli.  Based on this information, which country has absolute advantage in the production of T-shirts?  

 

Vietnam

 

Mexico

 

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Question 3

2 pts

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Output per Worker

 

Vietnam

Mexico

T-Shirts

40

90

Broccoli

20

30

 

The table above shows output per worker in Vietnam and Mexico for the production of T-Shirts and broccoli.  Based on this table, calculate the opportunity cost for producing broccoli in Vietnam.  

 

2 T-Shirts

 

$3

 

1/2 T-Shirt

 

40 T-Shirts

 

Question 4

2 pts

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Output per Worker

 

Vietnam

Mexico

T-Shirts

40

90

Broccoli

20

30

 

The table above shows output per worker in Vietnam and Mexico for the production of T-Shirts and broccoli.  Based on this information, which country has comparative advantage in producing T-Shirts?  

 

 

Vietnam

 

Mexico

 

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Question 5

2 pts

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Output per Worker

 

Vietnam

Mexico

T-Shirts

40

90

Broccoli

20

30

 

The table above shows output per worker in Vietnam and Mexico for the production of T-Shirts and broccoli.  Based on this information, if Mexico and Vietnam trade, which country is expected to produce broccoli?  

 

Vietnam

 

Mexico

 

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Question 6

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Output per Worker

 

Vietnam

Mexico

T-Shirts

40

90

Broccoli

20

30

 

The table above shows output per worker in Vietnam and Mexico for the production of T-Shirts and broccoli.  Based on this information, if Mexico and Vietnam trade, what is the upper bound for the terms of trade for broccoli? 

 

 

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Question 7

2 pts

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Factor Endowments

 

France

India

Land

700

4000

Labor

100

2000

 

The table above shows factor endowments for France and India.

What is the Land/Labor ratio for India?  

 

2

 

7

 

1/7

 

1/2

Question 8

2 pts

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Factor Endowments

 

France

India

Land

700

4000

Labor

100

2000

 

The table above shows factor endowments for France and India.  

Which country is relatively land abundant?  

 

France

 

India

Question 9

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Factor Endowments

 

France

India

Land

700

4000

Labor

100

2000

 

The table above shows factor endowments for France and India.  

Suppose that production of a unit of rice requires 3 acres of land and 1 worker.  Production of a unit of paper requires 8 units of land and 2 workers.  Based on the factor endowments model and the table above, which country has comparative advantage in paper?  

 

India

 

France

 

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Question 10

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According to the factor endowments model, countries have comparative advantage in the good that is                             [ Select ]                          ["cheaper", "abundant", "intensive"]            in the factor in which that the country is relatively                             [ Select ]                          ["abundant", "intensive", "expensive"]            . 

Subject Business
Due By (Pacific Time) 09/21/2015 12:00 am
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