If Japan gives up ten bushels of rice to produce one bicycle, while the United States gives up five bushels of rice to produce one bicycle, then:
a. the opportunity cost of producing bicycles in the United States is higher than in Japan.
b. Japan has a comparative advantage in the production of bicycles.
c. the United States has an absolute advantage in the production of rice.
d. total output will be highest if the United States specializes in rice and Japan specializes in bicycles.
e. total output will be highest if Japan specializes in rice and the United States specializes in bicycles.
Question 2
The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive.
b. Industrial policy is inevitable and all prices are flexible.
c. Market failure occurs and prices are rigid.
d. Wages are sticky downward and market failure is inevitable.
e. Markets are basically competitive and prices are flexible.
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