【GHY学习网】Chapter 3：interdependence and the gains from trade—2015.05.docx

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【GHY学习网】Chapter 3：interdependence and the gains from trade—2015.05.docx

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【GHY学习网】Chapter 3：interdependence and the gains from trade—2015.05

Chapter 3 Interdependence and the Gains from TradeTRUE/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:TDIF:1REF:3-0NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:TradeMSC:Definitional2.Interdependence among individuals and interdependence among nations are both based on the gains from trade.ANS:TDIF:2REF:3-0NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Gains from tradeMSC:Interpretive3.If a person chooses self-sufficiency, then she can only consume what she produces.ANS:TDIF:1REF:3-1NAT:AnalyticLOC:The study of economics and definitions of economicsTOP:Self-sufficiencyMSC:Definitional4.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:FDIF:2REF:3-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Gains from tradeMSC:Applicative5.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:TDIF:2REF:3-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Gains from tradeMSC:Applicative6.A production possibilities frontier is a graph that shows the combination of outputs that an economy should produce.ANS:FDIF:2REF:3-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Production possibilities frontierMSC:Interpretive7.Production possibilities frontiers cannot be used to illustrate tradeoffs.ANS:FDIF:1REF:3-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Production possibilities frontierMSC:Definitional8.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:TDIF:2REF:3-1NAT:AnalyticLOC:Understanding and applying economic modelsTOP:Production