Exam 13: International Trade

A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a

In the real world we don't observe countries completely specialising in the production of goods for which they have a comparative advantage.One reasons for this is

The World Trade Organisation (WTO)promotes foreign trade and investment,or globalisation.In recent years opposition to globalsation has led to violent protests at meetings of the WTO.One reason for these anti-globalisation protests is

Table 13-4 Output Per Hour of Work Table 13-4 shows the output per hour of work for handbags and jackets in Cambodia and in Thailand. -Refer to Table 13-4. a.Which country has an absolute advantage in the production of handbags and jackets? b.Which country has a comparative advantage in the production of handbags? c.Which country has a comparative advantage in the production of jackets?

a.What is the World Trade Organisation? b.When was it established? c.How many countries are members of the World Trade Organisation?

Offshoring is

Jobs lost to foreign trade are generally easy to identify,but jobs created by foreign trade are generally less easy to identify.

________ refers to reductions in a firm's costs that result from an increase in the size of an industry.

Table 13-5 Table 13-5 shows the output per week for bows and arrows by Ahmet and MyLinh. -Refer to Table 13-5.Fill in the following table with the opportunity costs of producing bows and arrows for Ahmet and MyLinh.

Table 13-4 Output Per Hour of Work Table 13-4 shows the output per hour of work for handbags and jackets in Cambodia and in Thailand. -Refer to Table 13-4.Fill in the following table with the opportunity costs of producing handbags and jackets for Cambodia and Thailand.

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.

A tariff

Which of the following statements is used to justify protectionism?

Twenty-seven countries in Europe have formed the European Union (EU).After the EU was formed,it

In order to avoid the imposition of other types of trade barriers,foreign producers will sometimes agree to voluntary export restraints.With voluntary export restraints,foreign producers

The simple trade model demonstrates that countries can expand consumption by specialising in the production of goods and services in which they have a comparative advantage.In reality we do not see complete specialisation in production.State three reasons why this is case.

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.Which country has an absolute advantage in producing hats?

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 gain compared to the 'without trade' numbers?

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.

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 Belize?