L2: Ricardo Trade

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Test your grasp of the Ricardian trade basics.

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Emma

Sweden

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L2: Ricardo Trade


Froggy Jumps L2: Ricardo TradeOnline version Test your grasp of the Ricardian trade basics. by Emma 1 What is unit labor requirement for a good in a country called? a aLC or aLW (labor hours per unit) b labor productivity c total capital input 2 In the Home country, the unit labor requirement for cheese is 6 hours. What is the implied labor productivity for cheese in Home? a 6 units per hour b 1/8 units per hour c 1/6 units per hour 3 Which concept explains why a country exports the good in which it has the lowest opportunity cost? a Absolute advantage b Labor surplus c Comparative advantage 4 If Home’s opportunity cost of cheese is 0.75 units of wine, which good does Home have a comparative advantage in? a Neither b Wine c Cheese 5 Under autarky, the relative price of a good equals its what? a Opportunity cost b Absolute price c Labor cost 6 In a two-country Ricardian model, which factor is the only input for production? a Land b Capital c Labor 7 What does complete specialization imply in the simplest Ricardian model under trade? a Each country concentrates on its comparative advantage good b Each country produces both goods equally c No country trades at all 8 If Home has a lower unit labor requirement for cheese than Foreign, what is Home’s likely comparative advantage? a Neither b Wine c Cheese 9 Which equation expresses the production possibility frontier (PPF) for cheese (Q_C) and wine (Q_W) with labor L and unit labor requirements a_LC and a_LW? a a_LC Q_W + a_LW Q_C = L b a_LC Q_C + a_LW Q_W = L c Q_C + Q_W = L 10 What happens to wages across sectors when a country trades and specializes? a Wages rise only in export sector b Wages fall in all sectors c Wages equalize across sectors 11 In the Ricardian model, which occurs when trade opens between countries? a Immediate price convergence to autarky b Loss of welfare in both countries c Gains from trade and expanded consumption possibilities 12 Which is NOT a reason the Ricardian model may not show complete specialization in reality? a Multiple factors of production b Protectionism c Transportation costs 13 If a country has absolute advantage in both goods, what can still occur with trade? a Both countries produce neither good b No trade occurs c A country specializes only in the good with comparative advantage 14 Which measure compares how much of one good must be given up to produce another in a country? a Opportunity cost b Short-run cost c Marginal revenue 15 What is the formal expression for cheese’s opportunity cost in terms of wine? a L / (a_LC + a_LW) b a_LC / a_LW c a_LW / a_LC 16 In the Home vs Foreign example, which country exports wine after trade? a Foreign b Both equally c Home 17 Which concept describes the price that lies between the two countries’ pre-trade prices after trade? a Autarky price b Free-trade relative price of the traded good c Absolute price level 18 What does a higher slope of the PPF indicate about cheese’s opportunity cost in terms of wine? a Lower opportunity cost b No relation to opportunity cost c Higher opportunity cost 19 Which of the following is a key empirical support for the Ricardian model? a Countries export goods with relatively higher productivity b Trade is random c Countries never trade 20 Which phrase best describes the 'labor productivity' in the Ricardian framework? a Units produced per hour b Total labor hours c Hours per unit 21 Which model emphasizes differences in endowments like labor, capital, and land? a Ricardian model b Gravity model c Heckscher-Ohlin model 22 What happens to the price of the export good in the exporting country under trade? a It stays the same b It tends to fall c It tends to rise

L2: Ricardo Trade

Froggy Jumps

About this activity

Created by

Download the paper version to play

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L2: Ricardo TradeOnline version

by Emma

What is unit labor requirement for a good in a country called?

In the Home country, the unit labor requirement for cheese is 6 hours. What is the implied labor productivity for cheese in Home?

Which concept explains why a country exports the good in which it has the lowest opportunity cost?

If Home’s opportunity cost of cheese is 0.75 units of wine, which good does Home have a comparative advantage in?

Under autarky, the relative price of a good equals its what?

In a two-country Ricardian model, which factor is the only input for production?

What does complete specialization imply in the simplest Ricardian model under trade?

If Home has a lower unit labor requirement for cheese than Foreign, what is Home’s likely comparative advantage?

Which equation expresses the production possibility frontier (PPF) for cheese (Q_C) and wine (Q_W) with labor L and unit labor requirements a_LC and a_LW?

What happens to wages across sectors when a country trades and specializes?

In the Ricardian model, which occurs when trade opens between countries?

Which is NOT a reason the Ricardian model may not show complete specialization in reality?

If a country has absolute advantage in both goods, what can still occur with trade?

Which measure compares how much of one good must be given up to produce another in a country?

What is the formal expression for cheese’s opportunity cost in terms of wine?

In the Home vs Foreign example, which country exports wine after trade?

Which concept describes the price that lies between the two countries’ pre-trade prices after trade?

What does a higher slope of the PPF indicate about cheese’s opportunity cost in terms of wine?

Which of the following is a key empirical support for the Ricardian model?

Which phrase best describes the 'labor productivity' in the Ricardian framework?

Which model emphasizes differences in endowments like labor, capital, and land?

What happens to the price of the export good in the exporting country under trade?