Exam 2: Trade and Technology: the Ricardian Model

Figure: Home Production and Consumption (Figure: Home Production and Consumption) The figure gives Home's International trading pattern.Point P is production with trade, and point C is consumption with trade.What is the international price of chemicals According to the figure?

(Multiple Choice)

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Question 141

As a consumer moves down one of her indifference curves, her Satisfaction:

(Multiple Choice)

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Question 142

When a country requires fewer resources to produce a product than Other countries, it is said to have a(n):

(Multiple Choice)

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Question 143

Reference: Ref 214 (Table: The Prices of Ghana's Exports and Imports) Suppose that the Table gives values of price indices for Ghana's exports and imports in 2012 and in 2013.Did Ghana's terms of trade improve, deteriorate, or Not change between 2010 and 2013?

(Multiple Choice)

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Question 144

With other things unchanged, a rise in the average price of imports or a Fall in the average price of exports will:

(Multiple Choice)

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Question 145

Mercantilists believed that:

(Multiple Choice)

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Question 146

If the international terms of trade settle at a level that is between each Country's opportunity cost:

(Multiple Choice)

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Question 147

Suppose that: • Malaysia requires an hour of labor to produce a pound of rice and 2 hours of labor to produce a pencil; • Indonesia requires 2 hours of labor to produce a pound of rice and 4 hours of labor to produce a pencil; • each country has 10,000 hours of labor to allocate between the production of rice and pencils; and • in autarky, Malaysia consumes 5,000 pounds of rice and 2,500 pencils. Which country has an absolute advantage in rice production? In pencil production? Which country has a comparative advantage in rice production? In pencil production? Will trade between the two countries be mutually beneficial?

(Essay)

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Question 148

What is the MOST likely reason neighboring nations engage in trade?

(Multiple Choice)

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Question 149

A nation will export the product in which it has a comparative advantage, Which results from the good being relatively ____ than in the importing Nation.

(Multiple Choice)

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Question 150

SCENARIO: United States Versus United Kingdom In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day.In the United Kingdom, one worker can Produce 5 tons of steel per day or 15 tons of chemicals per day. Reference: Ref 211 (Scenario: United States Versus United Kingdom) If trade occurs Between the United States and the United Kingdom, American firms Should specialize in producing:

(Multiple Choice)

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Question 151

The primary explanation of trade among nations is Ricardo's theory of:

(Multiple Choice)

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Question 152

According to the principle of comparative advantage, specialization and Trade increase a nation's total output because:

(Multiple Choice)

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Question 153

David Ricardo's model, which provided an explanation of why nations Trade, was based on:

(Multiple Choice)

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Question 154

Figure: Indifference Curves (Figure: Indifference Curves) If this economy produces no cloth, how Many units of wheat are possible?

(Multiple Choice)

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Question 155

Figure: Upperia's Production and Consumption (Figure: Upperia's Production and Consumption) The graph shows Upperia's international trading pattern.Point P is production with trade, And point C is consumption with trade.What is the international price of Shoes (shirts/pair of shoes)?

(Multiple Choice)

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Question 156

SCENARIO: CHILE AND ARGENTINA Chile and Argentina each produce jellybeans and peanut butter, using Labor as their only resource.Each country has 1,000 hours of labor.In Chile, an hour produces a pound of jellybeans and 2 hours produce a Pound of peanut butter.In Argentina, an hour produces a pound of Jellybeans and 3 hours produces a pound of peanut butter.When they do Not trade with each other, Chile consumes 600 pounds of jellybeans and 200 pounds of peanut butter, and Argentina consumes 400 pounds of Jellybeans and 200 pounds of peanut butter. Reference: Ref 210 (Scenario: Chile and Argentina) What is the opportunity cost of a pound Of peanut butter in Chile?

(Multiple Choice)

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Question 157

SCENARIO: ABSOLUTE AND COMPARATIVE ADVANTAGE Poland requires 4 hours of labor to produce a ton of coal and 10 hours of Labor to produce 10 bushels of wheat.The Czech Republic requires 6 Hours of labor to produce a ton of coal and 10 hours of labor to produce 10 bushels of wheat. Reference: Ref 25 (Scenario: Absolute and Comparative Advantage) In Poland, what is the Marginal product of labor in coal production?

(Multiple Choice)

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Question 158

Figure: Indifference Curves (Figure: Indifference Curves) Which combination of wheat and cloth is Represented by point A in the diagram?

(Multiple Choice)

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Question 159

SCENARIO: United States Versus United Kingdom In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day.In the United Kingdom, one worker can Produce 5 tons of steel per day or 15 tons of chemicals per day. Reference: Ref 211 (Scenario: United States Versus United Kingdom) The United Kingdom Will gain the most from trade if a ton of steel trades for:

(Multiple Choice)

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Question 160

Showing 141 - 160 of 173

Figure: Home Production and Consumption (Figure: Home Production and Consumption) The figure gives Home's International trading pattern.Point P is production with trade, and point C is consumption with trade.What is the international price of chemicals According to the figure?

As a consumer moves down one of her indifference curves, her Satisfaction:

When a country requires fewer resources to produce a product than Other countries, it is said to have a(n):

Reference: Ref 214 (Table: The Prices of Ghana's Exports and Imports) Suppose that the Table gives values of price indices for Ghana's exports and imports in 2012 and in 2013.Did Ghana's terms of trade improve, deteriorate, or Not change between 2010 and 2013?

With other things unchanged, a rise in the average price of imports or a Fall in the average price of exports will:

Mercantilists believed that:

If the international terms of trade settle at a level that is between each Country's opportunity cost:

What is the MOST likely reason neighboring nations engage in trade?

A nation will export the product in which it has a comparative advantage, Which results from the good being relatively ____ than in the importing Nation.

The primary explanation of trade among nations is Ricardo's theory of:

According to the principle of comparative advantage, specialization and Trade increase a nation's total output because:

David Ricardo's model, which provided an explanation of why nations Trade, was based on:

Figure: Indifference Curves (Figure: Indifference Curves) If this economy produces no cloth, how Many units of wheat are possible?

Figure: Upperia's Production and Consumption (Figure: Upperia's Production and Consumption) The graph shows Upperia's international trading pattern.Point P is production with trade, And point C is consumption with trade.What is the international price of Shoes (shirts/pair of shoes)?

Figure: Indifference Curves (Figure: Indifference Curves) Which combination of wheat and cloth is Represented by point A in the diagram?

The Global Economy

Gains and Losses From Trade in the Specific-Factors Model

Trade and Resources: the Heckscher-Ohlin Model

Movement of Labor and Capital Between Countries

Increasing Returns to Scale and Monopolistic Competition

Import Tariffs and Quotas Under Perfect Competition

Import Tariffs and Quotas Under Imperfect Competition

International Agreements: Trade, Labor, and the Environment

Introduction to Exchange Rates and the Foreign Exchange Market

Exchange Rates I: the Monetary Approach in the Long Run

Filters

Exam 2: Trade and Technology: the Ricardian Model

Figure: Home Production and Consumption (Figure: Home Production and Consumption) The figure gives Home's International trading pattern.Point P is production with trade, and point C is consumption with trade.What is the international price of chemicals According to the figure?

As a consumer moves down one of her indifference curves, her Satisfaction:

When a country requires fewer resources to produce a product than Other countries, it is said to have a(n):

Reference: Ref 2­14 (Table: The Prices of Ghana's Exports and Imports) Suppose that the Table gives values of price indices for Ghana's exports and imports in 2012 and in 2013.Did Ghana's terms of trade improve, deteriorate, or Not change between 2010 and 2013?

With other things unchanged, a rise in the average price of imports or a Fall in the average price of exports will:

Mercantilists believed that:

If the international terms of trade settle at a level that is between each Country's opportunity cost:

What is the MOST likely reason neighboring nations engage in trade?

A nation will export the product in which it has a comparative advantage, Which results from the good being relatively ____ than in the importing Nation.

The primary explanation of trade among nations is Ricardo's theory of:

According to the principle of comparative advantage, specialization and Trade increase a nation's total output because:

David Ricardo's model, which provided an explanation of why nations Trade, was based on:

Figure: Indifference Curves (Figure: Indifference Curves) If this economy produces no cloth, how Many units of wheat are possible?

Figure: Upperia's Production and Consumption (Figure: Upperia's Production and Consumption) The graph shows Upperia's international trading pattern.Point P is production with trade, And point C is consumption with trade.What is the international price of Shoes (shirts/pair of shoes)?

Figure: Indifference Curves (Figure: Indifference Curves) Which combination of wheat and cloth is Represented by point A in the diagram?

The Global Economy

Gains and Losses From Trade in the Specific-Factors Model

Trade and Resources: the Heckscher-Ohlin Model

Movement of Labor and Capital Between Countries

Increasing Returns to Scale and Monopolistic Competition

Import Tariffs and Quotas Under Perfect Competition

Import Tariffs and Quotas Under Imperfect Competition

International Agreements: Trade, Labor, and the Environment

Introduction to Exchange Rates and the Foreign Exchange Market

Exchange Rates I: the Monetary Approach in the Long Run

Filters

Reference: Ref 214 (Table: The Prices of Ghana's Exports and Imports) Suppose that the Table gives values of price indices for Ghana's exports and imports in 2012 and in 2013.Did Ghana's terms of trade improve, deteriorate, or Not change between 2010 and 2013?