When a nation is in autarky and maximizes its living standard, its consumption and production points are:
Along the production possibilities schedule
B. Above the production possibilities schedule
C. Beneath the production possibilities schedule
D. Any of the above
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If Canada experiences increasing opportunity costs, its supply schedule of steel will be:
A. Downward-sloping
B. Upward-sloping
C. Horizontal
D. Vertical
If Canada experiences constant opportunity costs, its supply schedule of steel will be:
A. downward-sloping.
B. upward-sloping.
C. horizontal.
D. vertical.
The gains from international trade increase as:
A nation consumes inside of its production possibilities schedule
B. A nation consumes along its production possibilities schedule
C. The international terms of trade rises above the nation's autarky price
D. The international terms of trade approaches the nation's autarky price
In a two-country,two-production world,the statement"Japan enjoys a comparative advantage over France in steel relative to bicycles" is equiva lent to:
A. France having a comparative advantage over Japan in bicycles relative to steel
B. France having a comparative disadvantage against Japan in bicycles and steel
C. Japan having a comparative advantage over France in steel and bicycles
D. Japan having a comparative disadvantage against Japan in bicycles and steel
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