[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.
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[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.
[单选]If Iowa’s opportunity cost of corn is lower than Oklahoma’s opportunity cost of corn, then
A. Iowa has a comparative advantage in the production of corn.
B. Iowa has an absolute advantage in the production of corn.
C. Iowa should import corn from Oklahoma.
D. Oklahoma should produce just enough corn to satisfy its own residents’ demands.
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