A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300Which of the following output-combinations is unattainable?
A. 4 units of steel and 55 units of wheat
B. 95 units of wheat and 0 units of steel
C. 30 units of wheat and 3 units of steel
D. 1 unit of steel and 80 units of wheat
Answer: A
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Which of the following is an example of a worker experiencing frictional unemployment?
A) A computer programmer loses her job because it is outsourced to India. B) An employee is laid off because the economy is suffering a recession. C) A worker quits his job at the Post Office to find more interesting work. D) A United Airlines pilot loses her job because of lack of demand for air travel.
The gains from international trade are closely related to
A) the labor theory of value. B) how much the autarky price differs from the international price (i.e. the terms of trade). C) the fact that one country must lose from trade. D) All of the above.