Exam 13: International Trade

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.Prior to trade,what was the opportunity cost to produce 1 clock in Denmark?

Which of the following is used to describe an 'open' economy?

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded,how many clocks will Belize gain compared to the 'without trade' numbers?

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.All of the following are terms of trade that could possibly benefit both countries except

Under autarky,consumer surplus is represented by the area

The process of countries becoming more open to foreign trade and investment is known as

China has developed a comparative advantage in the production of clothing.The source of this comparative advantage is

Free trade ________ living standards by ________ economic efficiency.

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.With trade,what is the total gain in hat production?

Tastes for products such as beer differ.As a result

Measuring the impact of a quota or tariff on the economy is an example of ________.Stating that a quota or tariff should be eliminated is an example of ________.

Anti-globalisation and protectionism are both arguments against free trade.How do these two arguments differ?

Table 13-1 Linda and Sandy own The Preppy Puppy,a dog grooming business.Table 13-1 lists the number of dogs Linda and Sandy can each bathe and groom in one week. -Refer to Table 13-1.Select the statement that accurately interprets the data in the table.

The largest proportion of world trade is in which of the following sectors?

Which of the following is the best example of a quota?

Table 13-2 Sarita and Gabriel own S&G Bakery.Table 13-2 lists the number of pies and cakes Sarita and Gabriel can each bake in one day. -Refer to Table 13-2.Select the statement that accurately interprets the data in the table.

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded,how many clocks will Denmark gain compared to the 'without trade' numbers?

Table 13-6 Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade. -Refer to Table 13-6.With trade,what is the total gain in clock production?

Free trade refers to trade between countries without government restrictions.

Many economists criticise protectionism because it causes losses to consumers and eliminates jobs in domestic industries that use protected products.Why,then,do some people support protectionism?