6. Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. The opportunity cost of producing 1 orange for Alpha and Beta, respectively, are:
A. 0.25 apples; 0.5 apples.
B. 9 apples; 4 apples.
C. 0.5 apples; 0.25 apples.
D. 2 apples; 4 apples
10. The infant industry argument for protectionism suggests that an industry must be protected in the early stages of its development so that:
A. firms will be protected from subsidized foreign competition.
B. domestic producers can attain the economies of scale to allow them to compete in world markets.
C. there will be adequate supplies of crucial resources in case they are needed for national defence.
D. it will not be subjected to a takeover from a foreign competitor.
13. The race to the bottom scenario of global environmental degradation is explained roughly like this:
A. Companies seek to reduce their costs of operations on plant and equipment design and this results in higher levels of pollution.
B. Companies seek the lowest market prices on products in order to gain market share, resulting in inferior goods and increased waste and pollution.
C. Profit-seeking multinational companies shift their production from countries with strong environmental standards to countries with weak standards, thus reducing their costs and increasing their profits.
D. Companies seek to influence environmental legislation standards are set to the lowest possible standards in the USA in order to maximize profits.
17. If 112 Japanese yen purchased $1.00 U.S. in 2008 and 83 Japanese yen purchased $1.00 U.S. in 2009, then
A. the dollar depreciated against the yen
B. the dollar appreciated against the yen
C. the yen depreciated against the dollar
D. the yen weakened against the dollar
6. Alpha can produce either 18 oranges or 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour. The opportunity cost of producing 1 orange for Alpha and Beta, respectively, are:
A. 0.25 apples; 0.5 apples.
B. 9 apples; 4 apples.
C. 0.5 apples; 0.25 apples.
D. 2 apples; 4 apples
10. The infant industry argument for protectionism suggests that an industry must be protected in the early stages of its development so that:
A. firms will be protected from subsidized foreign competition.
B. domestic producers can attain the economies of scale to allow them to compete in world markets.
C. there will be adequate supplies of crucial resources in case they are needed for national defence.
D. it will not be subjected to a takeover from a foreign competitor.
13. The race to the bottom scenario of global environmental degradation is explained roughly like this:
A. Companies seek to reduce their costs of operations on plant and equipment design and this results in higher levels of pollution.
B. Companies seek the lowest market prices on products in order to gain market share, resulting in inferior goods and increased waste and pollution.
C. Profit-seeking multinational companies shift their production from countries with strong environmental standards to countries with weak standards, thus reducing their costs and increasing their profits.
D. Companies seek to influence environmental legislation standards are set to the lowest possible standards in the USA in order to maximize profits.
17. If 112 Japanese yen purchased $1.00 U.S. in 2008 and 83 Japanese yen purchased $1.00 U.S. in 2009, then
A. the dollar depreciated against the yen
B. the dollar appreciated against the yen
C. the yen depreciated against the dollar
D. the yen weakened against the dollar
