Answer the question on the basis of the following production possibilities data for Landia and Scandia: Landia Production Possibilities: $\begin{array} { l c c c c c } & \underline { A } & \underline { B } & \underline { C } & \underline { D } & \underline { E } \\ \text { Fish }&8&6&4&2&0\\ \text { Chips } & 0 & 10 & 20 & 30 & 40 \end{array}$ Scandia Production Possibilities: $\begin{array} { c c c c c } &\underline { A } & \underline { B } & \underline { C } & \underline { D } & \underline { E } \\ \text { Fish } &16 & 12 & 8 & 4 & 0 \\ \text { Chips } &0 & 12 & 24 & 36 & 48 \end{array}$ Refer to the given data.If Landia and Scandia fully specialize based on comparative advantage,their aggregate output will be:

A) 48 chips and 8 fish. B) 40 chips and 16 fish. C) 36 chips and 10 fish. D) 42 chips and 12 fish. A) 48 chips and 8 fish. B) 40 chips and 16 fish. C) 36 chips and 10 fish. D) 42 chips and 12 fish.

Answer the question on the basis of the following production possibilities data for Landia and Scandia: Landia Production Possibilities: $\begin{array} { l c c c c c } & \underline { A } & \underline { B } & \underline { C } & \underline { D } & \underline { E } \\ \text { Fish }&8&6&4&2&0\\ \text { Chips } & 0 & 10 & 20 & 30 & 40 \end{array}$ Scandia Production Possibilities: $\begin{array} { c c c c c } &\underline { A } & \underline { B } & \underline { C } & \underline { D } & \underline { E } \\ \text { Fish } &16 & 12 & 8 & 4 & 0 \\ \text { Chips } &0 & 12 & 24 & 36 & 48 \end{array}$ Refer to the given data.The domestic opportunity cost of 1 fish in Scandia is:

A) 12 chips. B) 4 chips. C) 3 chips. D) 1 chip. A) 12 chips. B) 4 chips. C) 3 chips. D) 1 chip.

A) benefit producers of protected products but harm domestic consumers. B) benefit both producers of protected products and domestic consumers. C) benefit neither producers of protected products nor domestic consumers. D) benefit domestic consumers at the expense of producers of protected products. A) benefit producers of protected products but harm domestic consumers. B) benefit both producers of protected products and domestic consumers. C) benefit neither producers of protected products nor domestic consumers. D) benefit domestic consumers at the expense of producers of protected products.

Answer the question on the basis of the following table,which indicates the dollar price of luta,the currency used in the hypothetical economy of Luteland: $\begin{array}{c} \begin{array}{c} \underline{\text {Quantity of Luta}}\\ \underline{\text {Demanded (Billions)}}\\ 200 \\ 400 \\ 600 \\ 800 \end{array} \begin{array}{c} \underline{\text {Dollar Price}}\\ \underline{\text {of Luta }}\\ \$ 10 \\ 8 \\ 6 \\ 2 \end{array} \begin{array}{c} \underline{\text {Quantity of Luta}}\\ \underline{\text {Supplied (Billions)}}\\ 650 \\ 400 \\ 200 \\ 150 \end{array} \end{array}$ Refer to the table.Suppose that the United States imports more products from Luteland than before.All else equal,the dollar price of luta will:

A) rise and the dollar will depreciate. B) fall and the dollar will depreciate. C) rise and the dollar will appreciate. D) fall and the dollar will appreciate. A) rise and the dollar will depreciate. B) fall and the dollar will depreciate. C) rise and the dollar will appreciate. D) fall and the dollar will appreciate.