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
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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
Increasing opportunity costs suggest that:
A. Resources are not perfectly shiftable between the production of two goods
B. Resources are fully shiftable between the production of two goods
C. A country's production possibilities curve appears as a straight line
D. A country's production possibilities curve is bowed inward (i.e., convex) in appearance
The trading-triangle concept is used to indicate a nation's:
A. Exports, marginal rate of transformation, terms of trade
B. Imports, terms of trade, marginal rate of transformation
C. Marginal rate of transformation, imports, exports
D. Terms of trade, exports, imports
Assuming Increasing cost conditions, trade between two countries would not be likely if they have:
A. Identical demand conditions but different supply conditions
B. Identical supply conditions but different demand conditions
C. Different supply conditions and different demand conditions
D. Identical demand conditions and Identical supply conditions
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