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True or False
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1

True or False? If a nation has an absolute advantage in the production of a good, it necessarily has a comparative advantage in the production of the same good.
A)TRUE
B)FALSE
2

True or False? In a two-country, two-good model, a production-possibility curve is insufficient to predict the amount of the two goods that will be traded.
A)TRUE
B)FALSE
3

True or False? Heckscher-Ohlin theory predicts that a country that is relatively abundant in land will have a comparative advantage in the production of goods that use land intensively.
A)TRUE
B)FALSE
4

True or False? The theory of comparative advantage is attributed to Adam Smith.
A)TRUE
B)FALSE
5

True or False? Increasing marginal costs of production are more realistic than constant marginal costs of production.
A)TRUE
B)FALSE





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