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ECO 561T Week 5 Practice Knowledge Check
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ECO 561T Week 5 Practice Knowledge Check

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ECO 561T Week 5 Practice Knowledge Check 1)An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the opportunity cost for Ricardo to produce one computer? 2)An economy has two workers, Paula and Ricardo. Every day they work, Paula can produce 4 computers or 16 shirts, and Ricardo can produce 6 computers or 12 shirts. What is the most of each good that can be produced each day if each worker fully specializes according to his/her comparative advantage? 3)An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one TV? 4)An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio? 5)Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing _____, and Mike has a comparative advantage in producing ______. 6)Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing 7)The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl. The slope of the PPC between points X and Y is determined by _____ opportunity cost. 8)The country Happy Land claims that it is producing everything its citizens consume. This situation is called 9)Autarky is a situation in which a country is economically 10)If the United States consumption possibilities are greater than its production possibilities, then the United States must have 11)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year. If both Art and Silvia worked full-time producing beef, how many pounds of beef can they produce per year? 12)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year. If this country has an open economy, Silvia and Art can get _____ pounds of beef in exchange of a computer. 13)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year. With the opportunity to trade, Silvia can trade all the computers she can produce per year if she specializes in producing computers, for _____ pounds of beef. 14)The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year. With the opportunity to trade Silvia and Art can _____ the maximum consumption of computers by _____ units. 15)The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year. At this country’s current level of production, what is the opportunity cost of a pound of mangos in terms of cashews? 15)Trade within a country typically involves ______, while trade between countries normally involves _____. 16)The following table provides nominal exchange rates for the U.S. dollar. Country Foreign currency/dollar Dollar/foreign currency Switzerland (franc) 1.730 0.578 Brazil (real) 1.821 0.549 Based on these data, the nominal exchange rate equals approximately ______ reals per Swiss franc or, equivalently, ______ Swiss francs per real. 17)An increase in the value of a currency relative to other currencies is called a(n): 18)A country's nominal exchange rate, e, is defined as the number of units of: 19)A decrease in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency. 20)When the nominal exchange rate changes from 4 francs per dollar to 6 francs per dollar, the dollar has: 21)If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 12 Mexican pesos per U.S. dollar, then the Mexican peso has ______ and the U.S. dollar has _____. 22)A flexible exchange rate is an exchange rate whose value: 23)A fixed exchange rate is an exchange rate whose value: 24)The price of the average domestic good or service relative to the price of the average foreign good or service, when prices are expressed in terms of a common currency is called the ______ exchange rate. 25)An increase in the real exchange rate will tend to ______ exports and to ______ imports. 26)A decrease in the real exchange rate will tend to ______ exports and to ______ imports. 27)Net exports will tend to be low when the real exchange rate: 28)For a given nominal exchange rate and domestic price level, a decrease in the foreign price level ______ the real exchange rate. 29)If a certain automotive part can be purchased in Mexico for 32 pesos or in the United States for $5.25, and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part: 30)Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries? 31)The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Kari. Who has the greatest comparative advantage in shoe production? 32)Refer to the following graph. The maximum amount of good A can be consumed in this economy without trade is 33)Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. If both Amy and Mike produce the good in which they have comparative advantage, the total annual output of this economy will be _______. 34)An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. _______ has the comparative advantage in TVs and _______ has the comparative advantage in radios. 35)An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing _____ while Rich should specialize in producing _______. 36)A decrease in the value of a currency relative to other currencies is called a(n): 37)A decrease in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency. 38)An increase in the nominal exchange rate, e, defined as the number of units of the foreign currency that one unit of the domestic currency will buy, indicates that the domestic currency has ______ relative to the foreign currency. 39)For a given domestic and foreign price level, an increase in the nominal exchange rate ______ the real exchange rate. 40)If a certain automotive part can be purchased in Mexico for 60 pesos or in the United States for $6.25 and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part: 41)There is ______ connection between the strength of a country’s currency and the strength of its ______. 42)If the nominal exchange rate were to be expressed as the number of units of domestic currency per unit of foreign currency, and that rate increases, then the domestic currency has: 43)If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 8 Mexican pesos per U.S. dollar, then the Mexican peso has ______ and the U.S. dollar has _____.

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