Economics Mcqs

A. Are more productive than their large trading partners
B. Are less productive than their large trading partners
C. Have demand preferences and income levels lower than their large trading partners
D. Realize terms of trade lying near the MRTs of their large trading partners

A. Paid for all goods exported by the home country
B. Received for all goods exported by the home country
C. Received for exports and paid for imports
D. Of primary products as opposed to manufactured products

A. constant opportunity costs
B. decreasing opportunity costs
C. first increasing and then decreasing opportunity costs
D. increasing opportunity costs

A. shift out in a parallel fashion
B. shift in a parallel fashion
C. Become steeper
D. Become flatter

A. 2
B. 1/2
C. 00
D. 1000

A. Wine
B. Beer
C. Both wine and beer
D. Neither wine nor beer

A. 1W = 1B
B. 1W = 2B
C. 1W = 3B
D. 1W = 1/3B

A. 1/2 Y
B. 3/4 Y
C. 1 Y
D. 4/3 Y

A. A would export X to B
B. B would import Y from A
C. Neither country would want to trade
D. None of the above

A. Product X
B. Product Y
C. Neither X nor Y
D. Both X and Y