NAME: ________________________

Mankiw- EC101- Ch 3 (Trades & Interdependence) Test

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5 Written Questions

5 Multiple Choice Questions


  1. What is the opportunity cost of Good2 for Country2?

  2. What can Good1 be traded for?

  3. What is the opportunity cost of Good1 for Country1?

  4. What is the opportunity cost of Good2 for Country2?

  5. What is the opportunity cost of Good1 for Country1?

5 True/False Questions

  1. absolute advantagethe ability to produce a good at a lower opportunity cost than another producer

          

  2. between y/x and w/z
    What can Good1 be traded for?

          

  3. z/w
    What is the opportunity cost of Good2 for Country2?

          

  4. y/x
    What is the opportunity cost of Good2 for Country1?

          

  5. w/z
    What is the opportunity cost of Good2 for Country1?

          

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