[单选]If Korea is capable of producing either shoes or soccer balls or some combination of the two, then
A. Korea should specialize in the product in which it has an absolute advantage.
B. it would be impossible for Korea to have an absolute advantage over another country in both products.
C. it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods.
D. Korea’s opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
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[单选]Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Given this, we know that the opportunity cost of 1 table is
A. 1/5 chair for Mike and 1/3 chair for Sandy.
B. 1/5 chair for Mike and 3 chairs for Sandy.
C. 5 chairs for Mike and 1/3 chair for Sandy.
D. 5 chairs for Mike and 3 chairs for Sandy.
[单选]Which of the following statements is not correct?
A. Trade allows for specialization.
B. Trade has the potential to benefit all nations.
C. Trade allows nations to consume outside of their production possibilities curves.
D. Absolute advantage is the driving force of specialization.
[单选]When each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy
A. falls.
B. stays the same.
C. rises.
D. may fall, rise, or stay the same.
[单选]For two individuals who engage in the same two productive activities, it is impossible for one of the two individuals to
A. have a comparative advantage in both activities.
B. have an absolute advantage in both activities.
C. be more productive per unit of time in both activities.
D. gain from trade with each other.
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