Trade Jeopardy 40-2
DIRECTIONS: As in the popular TV game show,
you are given an answer to a question and you must respond with the question.
For example, if the answer is, "a tax on imports," then the correct
question is, "What is a tariff?"
- The author who wrote the earliest known passage explaining the principle of comparative advantage.
- Term describing the amount of labor needed to produce one unit of cloth.
- Term describing the amount of tomatoes produced per worker.
- Term describing the amount of potatoes that must be given up to produce another unit of tomatoes.
- the opportunity cost of wine (liters) in terms of cheese (kg) is measured in these units.
- type of advantage a country has if it can produce a good at a lower opportunity cost than another country.
- type of advantage a country has in computers if it can produce computers most best compared to another country.
- type of advantage a country has if its labor productivity is twice as high in peanuts as another country.
- the terms of trade defined in units of kg of cheese per liter of wine is this ratio of prices.
- the country that exports cheese if the US autarky terms of trade is 3 kg/liter and France's is 2 kg/liter.
International Trade Theory and Policy - Chapter 40: Last
Updated on 8/12/07