Economics Past Questions and Answers

The exchange of goods and services across countries can be described as

Which of the following is a major barrier to international trade?

A country is economically rich if

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow. <br/><table class='tbn'><tbody><tr><td> Military goods (in toons) </td><td> Civilian goods (in toons) </td></tr><tr><td> 0 </td><td> 200 </td></tr><tr><td> 20 </td><td> 160 </td></tr><tr><td> 40 </td><td> 120 </td></tr><tr><td> 60 </td><td> 80 </td></tr><tr><td> 80 </td><td> 40 </td></tr><tr><td> 100 </td><td> 0 </td></tr></tbody></table><br/><br/><br/>(a) Draw the production possibility curve (PPC).<br/>(b) Indicate points S and K at which production is not feasible.<br/>(c) Indicate points M and N at which resources are not efficiently utilized.<br/>(d) What does the downward slope of the PPC indicate?<br/>(e) Why is production not feasible at points S and K?