Question : 131.Tom and Jerry have two tasks to do all day: : 1378989

131.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. For Tom, the opportunity cost of building a bomb is __________ traps set.

A. 16

B. 12

C. 8

D. 4

132.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. For Jerry, the opportunity cost of building a bomb is ________ traps set.

A. 14

B. 7

C. 4

D. 2

133.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. After looking at the production possibilities for both Tom and Jerry, we can surmise that:

A. Tom has the absolute advantage in the production of both traps and bombs.

B. Jerry has the absolute advantage in the production of both traps and bombs.

C. Tom has the absolute advantage in the production of traps and Jerry has the absolute advantage in bomb production.

D. Tom has the absolute advantage in the production of bombs and Jerry has the absolute advantage in trap production.

134.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. After looking at the production possibilities for both Tom and Jerry, we can conclude that:

A. Tom has the comparative advantage in trap production.

B. Jerry has the comparative advantage in trap production.

C. Tom has the comparative advantage in bomb production.

D. No comparative advantage exists.

135.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. The opportunity cost of one bomb is _______ for Tom and ________ for Jerry. Therefore Tom should specialize in ______________.

A. 4 traps; 2 traps; traps

B. 16 traps; 14 traps; traps

C. 4 traps; 2 traps; bombs

D. 16 traps; 14 traps; bombs

136.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Because Tom has a ____________ opportunity cost for one bomb compared to Jerry, we know Tom has _________________________.

A. higher; the comparative advantage in bomb production

B. lower; the comparative advantage in bomb production

C. similar; no advantage in production of either good

D. higher; the comparative advantage in trap production

137.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Jerry has a comparative advantage in:

A. trap production because he has the lower opportunity cost of a trap.

B. trap production because he has the higher opportunity cost of a trap.

C. bomb production because he has the lower opportunity cost of a bomb.

D. bomb production because he has the higher opportunity cost of a bomb.

138.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Based on their production possibilities frontiers, Tom and Jerry:

A. can both benefit from trade because absolute advantage exists.

B. can both benefit from trade because comparative advantage exists.

C. cannot benefit from trade because Tom has the absolute advantage in both goods.

D. will not decide to trade because no comparative advantage exists.

139.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. If Tom divides his time evenly between activities, and acts efficiently, he will produce:

A. 16 traps and 4 bombs.

B. 12 traps and 3 bombs.

C. 8 traps and 2 bombs.

D. 4 traps and 3 bombs.

140.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. If Tom decides to specialize in setting traps, he would agree to which terms of trade with Jerry?

A. Tom is willing to give no more than 4 traps for each bomb.

B. Tom is willing to give no more than 4 bombs for each trap.

C. Tom is willing to accept no more than 4 bombs for each trap.

D. Tom is willing to accept no less than 4 traps for each bomb.

141.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. If Jerry decides to specialize in building bombs, what are the limits to his terms of trade?

A. Jerry will accept no less than 7 traps for each bomb.

B. Jerry will accept no less than 2 traps for each bomb.

C. Jerry will accept no less than 7 bombs for each trap.

D. Jerry will accept no less than 2 bombs for each trap.

142.The concepts of comparative advantage, specialization, and trade form a compelling argument in favor of:

A. free trade.

B. protectionism.

C. self-sufficiency.

D. only exporting, never importing goods.

143.Barbie and Ken are married. Barbie stays home and cares for the children, while Ken spends his day at work earning money to support the household. Economists might conclude:

A. Barbie has a higher opportunity cost of caring for the children compared to Ken, and therefore chooses to specialize in childcare.

B. Ken has a lower opportunity cost of caring for the children compared to Barbie, and therefore chooses to let Barbie specialize in childcare while he works.

C. Ken has the comparative advantage in caring for the children, while Barbie has it in earning money.

D. Barbie has the comparative advantage in caring for the children, and so the family benefits by Barbie staying home and Ken earning money at work.

144.The concepts of comparative advantage, specialization, and trade:

A. can be useful in explaining why countries import and export certain goods.

B. can be useful in explaining why individuals typically work at one job, and buy the other goods and services they need.

C. can be useful in explaining why we allow ourselves to be interdependent on others.

D. All of the statements are true.