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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According to Ricardo, a country will have a comparative advantage in the product in which its:
A. Labor productivity is relatively low
B. Labor productivity is relatively high
C. Labor mobility is relatively low
D. Labor mobility is relatively high
The Ricardian model of comparative advantage is based on all of the following assumptions except:
A. Only two nations and two products
B. Product quality varies among nations
C. Labor is the only factor of production
D. Labor can move freely within a nation
Introducing indifference curves into our trade model permits us to determine:
A. Where a nation chooses to locate along its production possibilities curve in autarky
B. The precise location of a nation's production possibilities curve
C. Whether absolute cost or comparative cost conditions exist
D. The currency price of one product in terms of another product
In the absence of trade, a nation is in equilibrium where a community indifference curve:
A. Lise above its production possibilities curve
B. Is tangent to its production possibilities curve
C. Intersects its production possibilities curve
D. Lise below its production possibilities curve
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