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Chapter 3

Interdependence and the Gains from Trade

TRUE/FALSE1.

In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers.ANS: T DIF: 1 REF: 3-0 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Trade MSC: Definitional

2.

Interdependence among individuals and interdependence among nations are both based on the gains from

trade.ANS: T DIF: 2 REF: 3-0 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Interpretive

3. If a person chooses self-sufficiency, then she can only consume what she produces.ANS: T DIF: 1 REF: 3-1 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Self-sufficiency MSC: Definitional

4.

If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, then

Wrex cannot gain from trading math problems and book reports with Maxine.ANS: F DIF: 2 REF: 3-1 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Applicative

5.

It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours to

produce every good than it takes German workers.ANS: T DIF: 2 REF: 3-1 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Applicative

6.

A production possibilities frontier is a graph that shows the combination of outputs that an economy should

produce.ANS: F DIF: 2 REF: 3-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier MSC: Interpretive

7. Production possibilities frontiers cannot be used to illustrate tradeoffs.ANS: F DIF: 1 REF: 3-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier MSC: Definitional

8.

An economy can produce at any point on or inside its production possibilities frontier, but it cannot produce at

points outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier MSC: Interpretive

9. Trade allows a country to consume outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1 NAT: Analytic LOC: Understanding and applying economic models TOP: Production possibilities frontier | Trade MSC: Interpretive

10. Opportunity cost refers to how many inputs a producer requires to produce a good.ANS: F DIF: 1 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Definitional

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11. Opportunity cost measures the trade-off between two goods that each producer faces.ANS: T DIF: 1 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Definitional

12. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity

cost of the other good.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Interpretive

13. Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost to

Henry of making a bird house is 1/3 bird feeder.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Applicative

14. Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Then Dewey’s

opportunity cost of producing one bushel of corn is 1/2 yard of cloth.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Applicative

15. Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete

an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Applicative

16. Harry is a computer company executive, earning $200 per hour managing the company and promoting its

products. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours. Harry’s opportunity cost of repairing the computer is lower than Quinn’s.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity cost TOP: Opportunity cost MSC: Applicative

17. If one producer has the absolute advantage in the production of all goods, then that same producer will have

the comparative advantage in the production of all goods as well.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Absolute advantage | Comparative advantage MSC: Interpretive

18. If a country has the comparative advantage in producing a product, then that country must also have the

absolute advantage in producing that product.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Absolute advantage | Comparative advantage MSC: Interpretive

19. In an economy consisting of two people producing two goods, it is possible for one person to have the

absolute advantage and the comparative advantage in both goods.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Absolute advantage | Comparative advantage MSC: Interpretive

20. If one producer is able to produce a good at a lower opportunity cost than some other producer, then the

producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.ANS: F DIF: 1 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Comparative advantage MSC: Definitional

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130 ? Chapter 3 /Interdependence and the Gains from Trade

21. Unless two people who are producing two goods have exactly the same opportunity costs, then one person will

have a comparative advantage in one good, and the other person will have a comparative advantage in the other good.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Comparative advantage MSC: Interpretive

22. Zora can produce 4 quilts in a week and she can produce 1 corporate website in a week. Lou can produce 9

quilts in a week and he can produce 2 corporate websites in a week. Zora has the comparative advantage in quilts and the absolute advantage in neither good, while Lou has the comparative advantage in corporate websites and the absolute advantage in both goods.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Absolute advantage | Comparative advantage MSC: Applicative

23. Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in one

minute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparative advantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Absolute advantage | Comparative advantage MSC: Applicative

24. Suppose Hank and Tony can both produce corn. If Hank’s opportunity cost of producing a bushel of corn is

2 bushels of soybeans and Tony’s opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Comparative advantage MSC: Applicative

25. It takes Anne 3 hours to make a pie and 4 hours to make a shirt. It takes Mary 2 hours to make a pie and 5

hours to make a shirt. Anne should specialize in making shirts and Mary should specialize in making pies, and they should trade.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Specialization MSC: Applicative

26. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyone

will benefit from trade if they specialize in the production of the good for which they have a comparative advantage.ANS: F DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Comparative advantage MSC: Interpretive

27. The gains from specialization and trade are based on absolute advantage.ANS: F DIF: 1 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Definitional

28. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a

comparative advantage.ANS: T DIF: 1 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Definitional

29. Two countries can achieve gains from trade even if one country has an absolute advantage in the production of

both goods.ANS: T DIF: 2 REF: 3-2 NAT: Analytic LOC: Gains from trade, specialization and trade TOP: Gains from trade MSC: Interpretive