Exam 16: Trading With Other Nations
Exam 1: Economics and the World of Scarcity 131 Questions
Exam 2: The United States Within the World Economy 168 Questions
Exam 3: Demand and Supply 126 Questions
Exam 4: Consumer Decision Making and Consumer Reaction to Price Changes 133 Questions
Exam 5: The Firm: Production and Cost 140 Questions
Exam 6: The Two Extremes: Perfect Competition and Pure Monopoly 133 Questions
Exam 7: In Between the Extremes: Imperfect Competition 150 Questions
Exam 8: Market and Government Failures 123 Questions
Exam 9: Labor Economics 128 Questions
Exam 10: Unemployment, Inflation, and the Business Cycle108 Questions
Exam 11: Aggregate Demand and Supply 138 Questions
Exam 12: The Fiscal Policy Approach to Stabilization 141 Questions
Exam 13: Money and Our Banking System 137 Questions
Exam 14: The Monetary Policy Approach to Stabilization 136 Questions
Exam 15: How Economies Grow 112 Questions
Exam 16: Trading With Other Nations 121 Questions
Exam 17: Financing World Trade 114 Questions
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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.
(True/False)
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Those goods and services we purchase from outside the U.S. are called _____ .
(Short Answer)
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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?
(Short Answer)
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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.
(True/False)
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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

(Multiple Choice)
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While goods cross borders in international trade, intellectual property remains within the borders where it was generated.
(True/False)
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By engaging in trade, countries redistribute the world's wealth but do not add to it.
(True/False)
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What change do you make on a supply and demand graph to show the effect of a tariff?
(Short Answer)
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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
(Multiple Choice)
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A common market is a group of countries operating a free trade zone.
(True/False)
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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?
(Multiple Choice)
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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?

(Multiple Choice)
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The purpose of the World Trade Organization is to protect domestic jobs in developing countries.
(True/False)
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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

(Multiple Choice)
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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?


(Multiple Choice)
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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.
(True/False)
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