Answer the following statements true (T) or false (F)
1. The mercantilist philosophy argues that nations can become rich and powerful by exporting
more than they import.
2. Comparative advantage states that a nation will export the foods that it can produce more
cheaply than others and import goods that other nations can produce more cheaply.
3. Opportunity costs reflect the cost of a good as measured by the amount of a second good that
must be given up in order to produce one additional unit of the first good.
4. Comparative advantage is a monetary concept and is affected by changes in exchange rates or inflation.
5. Comparative advantage based on nonmarket factors are dependent on politics rather than
economics for sustained existence.
1. TRUE
2. FALSE
3. TRUE
4. FALSE
5. TRUE
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