Exam 16: Trading With Other Nations  

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In the long run, _____ are paid for by exports.

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If domestic producers are protected according to the infant industry argument, then the protection should be removed once firms in the industry are big enough to compete in the global marketplace.

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Those goods and services we purchase from outside the U.S. are called _____ .

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What was the name of the legislation imposing drastically high tariffs on more than 20,000 items during the Great Depression?

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People in other countries who want to consume goods made in the U.S. will eventually pay for those goods with their own exports.

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Table 16.4 Table 16.4    Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, Argentina has the absolute advantage in Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, Argentina has the absolute advantage in

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While goods cross borders in international trade, intellectual property remains within the borders where it was generated.

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By engaging in trade, countries redistribute the world's wealth but do not add to it.

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What change do you make on a supply and demand graph to show the effect of a tariff?

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Which one of the following is FALSE?

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An infant industry is one in which

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Suppose the United States and Japan are the only two countries and each can produce two goods-wheat and cars. If the United States has an absolute advantage in wheat and Japan has an absolute advantage in cars, we know that

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A common market is a group of countries operating a free trade zone.

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Trade is based on the principle of comparative advantage.

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What term is applied to the situation in which a good is sold overseas at a price below its cost of production?

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Table 16.6 Table 16.6    Table 16.6 shows the combinations of quantities of two goods, gallons of ice cream and yards of textiles, that can be produced with all of the resources available in two countries, X and Y. -Refer to Table 16.6. What is the opportunity cost for country Y to produce one gallon of ice cream? Table 16.6 shows the combinations of quantities of two goods, gallons of ice cream and yards of textiles, that can be produced with all of the resources available in two countries, X and Y. -Refer to Table 16.6. What is the opportunity cost for country Y to produce one gallon of ice cream?

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The purpose of the World Trade Organization is to protect domestic jobs in developing countries.

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Table 16.4 Table 16.4    Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, the opportunity costs for Argentina to produce one unit of wine in terms of beef is Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina. -In Table 16.4, the opportunity costs for Argentina to produce one unit of wine in terms of beef is

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Table 16.2 Table 16.2      Table 16.2 shows the quantities of forks and knives that can be produced with the full amount of resources in each of two countries, Alpha and Beta. -Using Table 16.2, which of the following statements is TRUE? Table 16.2      Table 16.2 shows the quantities of forks and knives that can be produced with the full amount of resources in each of two countries, Alpha and Beta. -Using Table 16.2, which of the following statements is TRUE? Table 16.2 shows the quantities of forks and knives that can be produced with the full amount of resources in each of two countries, Alpha and Beta. -Using Table 16.2, which of the following statements is TRUE?

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If each country specializes according to its own comparative advantage, then goods will be produced at the minimum possible opportunity cost.

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