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ECON 321 Exam 2 2022/2023 # 50 questions and answers- all correct.
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ECON 321 Exam 2 2022/2023 # 50questions and answers- all correct.
When a foreign resident purchases a good or service from someone in the United States,
the transaction is - -a US export
-An American tourist buys a ticket to an opera in Paris. The US government classifies
this transaction as - -a service import
-Whenever the value of a nation's exports is more than the value of its imports, the
nation has - -a trade surplus
-A bilateral trade balance is - -the difference between the value of imports and exports
between two trading nations
-In trade, if--due to technology-- a nation can produce a good with fewest resources is is
known as a(n) - -absolute advantage
-When a country requires more resources to produce a product than other countries, it
is said to have a(n) - -absolute advantage disadvantage in the production of the product
-If the maximum number of units of cloth produced is 300 and the maximum number
of corn produced is 600, then with a MPL(cloth) = 2, what is the number of workers in
the economy? - -150
-(Figure: Home Production and Consumption) The figure gives Home's international
trading pattern. Point P is production with trade, and point C is consumption with trade.
Which product does Home export? - -chemicals
-Where will a nation that gains from trade find its consumption point located? - -above
its production possibilities frontier
-Because the marginal product of labor measures the quantity of labor required to
produce a unit of a good, the slope of the PPF can also be expressed as - -the
opportunity cost (in units of labor) to obtain an additional unit of good 1 in terms of
what we give up of good 2
-A country's indifference curve describes combinations of goods that - -yield equal
satisfaction to a country
-(Figure: Indifference Curves) If this economy produces no cloth, how many units of
wheat are possible? - -400
-Scenario: Absolute Advantage-The US requires 20 hours of labor to produce a ton of
steel and 30 hours of labor to produce 1,000 board feet of lumber. In Canada, 20 hours
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