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Homework answers / question archive / 8
8. If Canada and Japan trade based on the principle of comparative advantage, Canada will export and Japan will export (1) cars; buses (2) buses, cars (3) cars, cars (4) buses; buses 9. If Japan and Canada trade based on the principle of comparative advantage, then: (1) some individuals within each society will be made worse off. (2) bus producers in Japan and car producers in Canada will gain. (3) all individuals in both countries will gain. (4) no individuals will benefit from this trade, they should instead trade based on absolute advantage. 10. When a producer requires fewer inputs to produce a good, economists would say they have a(n) in producing that good. (1) absolute advantage (2) comparative advantage (3) opportunity cost (4) specialization 11. Economists generally support: (1) free international trade. (2) government management of trade. (3) trade restrictions. (4) export subsidies.
