In a two-product, two-country world, international trade can lead to increases in :
A. Consumer welfare only if output of both products is increased
B. Output of both products and consumer welfare in both countries
C. Total production of both products, but not consumer welfare in both countries
D. Consumer welfare in both countries, but not total production of both products
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As a result of international trade, specialization in production tends to be:
A. Complete with constant costs--complete with increasing costs
B. Complete with constant costs--incomplete with increasing costs
C. Incomplete with constant costs--complete with increasing costs
D. Incomplete with constant costs--Incomplete with increasing costs
A nation that gains from trade will find its consumption point being located:
A. Inside its production possibilities curve
B. Along its production possibilities curve
C. Outside its production possibilities curve
D. None of the above
Concerning international trade restrictions, which of the following is false? Trade restrictions:
A. Limit specialization and the division of labor
B. Reduce the volume of trade and the gains from trade
Cause nations to produce inside their production possibilities curves
D. May result in a country producing some of the product of its competitive disadvantage
If a production possibilities curve is bowed out (i.e., concave) in appearance, production occurs under conditions of:
A. Constant opportunity costs
B. Increasing opportunity costs
C. Decreasing opportunity costs
D. Zero opportunity costs
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