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21) Refer to Table 2-4. What is South Korea’s opportunity cost of producing one digital camera? A) 0.05 pounds of wheat B) 20 pounds of wheat C) 25 pounds of wheat D) 60 pounds of wheat 22) Refer to Table 2-4. What is China’s opportunity cost of producing one pound of wheat? A) 0.04 units of a digital camera B) 4 digital cameras C) 25 digital cameras D) 40 digital cameras 23) Refer to Table 2-4. What is South Korea’s opportunity cost of producing one pound of wheat? A) 60 digital cameras B) 20 digital cameras C) 5 digital cameras D) 0.05 units of a digital camera 24) Refer to Table 2-4. China has a comparative advantage in the production of A) wheat. B) digital cameras. C) both products. D) neither product. 25) Refer to Table 2-4. South Korea has a comparative advantage in the production of A) wheat. B) digital cameras. C) both products. D) neither product. 26) Refer to Table 2-4. If the two countries specialize and trade, who should export wheat? A) There is no basis for trade between the two countries. B) China C) South Korea D) They should both be exporting wheat. 27) Refer to Table 2-4. If the two countries specialize and trade, who should export digital cameras? A) There is no basis for trade between the two countries. B) China C) South Korea D) They should both be importing digital cameras. 28) If the best surgeon in town is also the best at cleaning swimming pools, then according to economic reasoning, this person should A) should pursue the activity he enjoys more. B) specialize in cleaning swimming pools because it is more labor-intensive. C) split his time evenly between being a surgeon and cleaning swimming pools. D) specialize in being a surgeon because its opportunity cost is lower. 29) Rayburn Reed is a highly talented photographer. He has chosen to specialize in photography because of all of the following except A) he obviously has a comparative advantage in photography. B) his opportunity cost of pursuing another career is very low. C) for him, this is the most lucrative way to purchase the products that he wants to consume. D) his photographs are highly esteemed by art lovers who are willing to pay very high prices. 30) If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters.

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