If Canada experiences constant opportunity costs, its supply schedule of steel will be:
A. downward-sloping.
B. upward-sloping.
C. horizontal.
D. vertical.
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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
Ricardo's throry of comparative advantage was of limited real-world validity because it was founded on the:
A. Labor theory of value
B. Capital theory of value
C. Land theory of value
D. Entrepreneur theory of value
Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in the United Kingdom equal $10 per hour. production costs would be lower in the United States than the United Kingdom if:
A. U.labor productivity equaled 40 units per hour while U.labor productivity equaled 15 units per hour
B. U.labor productivity equaled 30 units per hour while U.labor productivity equaled 20 units per hour
C. U.labor productivity equaled 20 units per hour while U.labor productivity equaled 30 units per hour
D. U.labor productivity equaled 15 units per hour while U.labor productivity equaled 25 units per hour
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