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Homework Answers
A1-4. True. An increase in the level of defense spending will increase the amount of defense goods produced by a country. As the production of defense goods increases, the opportunity cost of production of other goods will rise.
A1-5. False. Since comparative advantage takes into consideration opportunity cost of production of each of the goods, thus, a person can have comparative advantage in only one of the goods and not in both goods.
A1-6. True. Difference in the opportunity cost of production leads to comparative advantage for countries and it benefits from international trade.
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[48 marks-6 marks each] True, False, or Uncertain Explain why each of the following statements is...
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