Exam 2: Trade and Technology: the Ricardian Model

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) Which of the following groups will benefit From trade between Chile and Argentina?

(Multiple Choice)

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Question 161

The authors provide evidence that wages rose at roughly the same rates as labor productivity in seven countries between 1973 and 2011.In China, many observers believe that wages have been increasing faster than labor productivity in recent years.If true, what are some implications for Chinese trade patterns?

(Essay)

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Question 162

Ricardo's theory of trade discredited the idea that inflows of gold or silver As a result of exporting helped a nation, while outflows of gold or silver As a result of importing hurt a nation; that was known as:

(Multiple Choice)

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Question 163

In the absence of trade, a nation is in equilibrium where an indifference Curve:

(Multiple Choice)

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Question 164

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) The international price Of wheat must fall between which of the following two prices?

(Multiple Choice)

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Question 165

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) Which country has a comparative Advantage in jellybean production?

(Multiple Choice)

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Question 166

In the Ricardian model, wages are equal across industries because:

(Multiple Choice)

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Question 167

Because the marginal product of labor measures the quantity of labor Required to produce a unit of a good, the slope of the PPF can also be Expressed as:

(Multiple Choice)

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Question 168

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.Which product does Home export?

(Multiple Choice)

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Question 169

Figure: International Trade Equilibrium (Figure: International Trade Equilibrium) Which line shows the new equilibrium "world" price determined by trade?

(Essay)

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Question 170

International trade equilibrium occurs where:

(Multiple Choice)

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Question 171

When a nation is in autarky (a notrade state) and maximizes its living Standard, its consumption and production points are:

(Multiple Choice)

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Question 172

What are the shapes of production possibilities frontiers in the Ricardian model?

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Question 173

Showing 161 - 173 of 173

Ricardo's theory of trade discredited the idea that inflows of gold or silver As a result of exporting helped a nation, while outflows of gold or silver As a result of importing hurt a nation; that was known as:

In the absence of trade, a nation is in equilibrium where an indifference Curve:

In the Ricardian model, wages are equal across industries because:

Because the marginal product of labor measures the quantity of labor Required to produce a unit of a good, the slope of the PPF can also be Expressed as:

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.Which product does Home export?

Figure: International Trade Equilibrium (Figure: International Trade Equilibrium) Which line shows the new equilibrium "world" price determined by trade?

International trade equilibrium occurs where:

When a nation is in autarky (a notrade state) and maximizes its living Standard, its consumption and production points are:

What are the shapes of production possibilities frontiers in the Ricardian model?

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

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Exam 2: Trade and Technology: the Ricardian Model

Ricardo's theory of trade discredited the idea that inflows of gold or silver As a result of exporting helped a nation, while outflows of gold or silver As a result of importing hurt a nation; that was known as:

In the absence of trade, a nation is in equilibrium where an indifference Curve:

In the Ricardian model, wages are equal across industries because:

Because the marginal product of labor measures the quantity of labor Required to produce a unit of a good, the slope of the PPF can also be Expressed as:

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.Which product does Home export?

Figure: International Trade Equilibrium (Figure: International Trade Equilibrium) Which line shows the new equilibrium "world" price determined by trade?

International trade equilibrium occurs where:

When a nation is in autarky (a no­trade state) and maximizes its living Standard, its consumption and production points are:

What are the shapes of production possibilities frontiers in the Ricardian model?

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

When a nation is in autarky (a notrade state) and maximizes its living Standard, its consumption and production points are: