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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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 beef in terms of wine is

(Multiple Choice)
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In the long run, a country pays for its imports by losing jobs.
(True/False)
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Table 16.1
Table 16.1 shows the quantities of cookies and coffee that can be produced with the full amount of resources available in each of two countries, Alpha and Beta.
-Refer to Table 16.1. The table shows the production possibilities of cookies and coffee in Alpha and Beta measured in tons. In Beta the domestic cost of 1 ton of cookies


(Multiple Choice)
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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 France to produce one unit of wine in terms of beef is

(Multiple Choice)
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Dumping occurs when a product is sold in foreign markets below its cost of production.
(True/False)
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How is the price of a good affected by imposition of a quota?
(Short Answer)
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The way for a country to get ahead economically is to specialize in producing those goods that are currently being produced very cheaply by its trading partners.
(True/False)
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The assertion that firms need import protection until they have grown to a size at which they can compete internationally is known as the _____ _____ _____ .
(Short Answer)
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Table 16.5
Table 16.5 shows the labor input required to produce a fixed quantity of product A and a fixed quantity of product B in each of two countries.
-Refer to Table 16.5. If both countries produce only one good and then trade, world output would equal

(Multiple Choice)
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How is the price of a good affected by imposition of a tariff?
(Short Answer)
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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. Which of the following statements is TRUE?

(Multiple Choice)
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For a particular good, how would you determine whether a country is better off importing it or producing it domestically?
(Essay)
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The set of high tariffs legislated in the U.S. during the Great Depression was known as
the _____ _____ _____.
(Short Answer)
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Suppose an industry receives protection from the government in the form of tariffs. A number of years later, it is observed that the quantity supplied by domestic firms had decreased and that the domestic price was substantially greater than the world price. We could conclude that
(Multiple Choice)
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Restrictions on the amount of cotton that could be imported to the U.S. would
(Multiple Choice)
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According to economic historians, _____ has been the principal means by which new goods, services, and processes have spread around the world.
(Short Answer)
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