Exam 13: International Trade

Once a country has a comparative advantage in producing a product,it cannot lose that advantage.

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

Which of the following statements is true?

What is dumping? Who benefits and who loses from dumping?

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.

Trade between countries that is without restrictions is called

If a country has a comparative advantage in producing a product,it may not have an absolute advantage in producing that product.

A tax imposed by a government on imports of a good into a country is called

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 hat in Belize?

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 hats will Denmark gain compared to the 'without trade' numbers?

Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product.

Whenever a buyer and a seller agree to trade,

Table 13-3 Bryce and Tina are artisans who produce homemade candles and soap.Table 13-3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month. -Refer to Table 13-3.Select the statement that accurately interprets the data in the table.

The Australian economy would gain from the elimination of tariffs and quotas even if other countries do not reduce their tariffs and quotas.

Over the past several decades there has been a rapid growth in international trade.This growth has been due to all except one of the following factors.Which factor has not contributed to the growth of 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.If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded,how many hats will Belize consume?

Which of the following is not a source of comparative advantage?

One reason a country does not specialise completely in production is that not all goods and services are traded internationally.

What is autarky?

Table 13-3 Bryce and Tina are artisans who produce homemade candles and soap.Table 13-3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month. -Refer to Table 13-3.Select the statement that accurately interprets the data in the table.