Exam 19: Comparative Advantage and the Open Economy

Maximum Feasible Hourly Production Rates of Either Cuckoo Clocks or Movies Using All Available Resources Product UnitedStates Switzerland CuckooClocks 4 2 Movies 10 4 -Refer to the above table.If opportunity costs are constant,residents of the United States will gain from specializing and trading with Switzerland if the

Trade deflection is an act that

The contention that specific sensitive domestic technologies must not be traded freely is

The argument that many critics of free trade have suggested that genetic engineering of plants and animals could lead to accidental production of new diseases is the

If in the long run,imports are paid for by exports,then

If in the long run,any government policy that increases exports

Tariffs to limit imports to "protect U.S.jobs" will also

Country A can product 100 units of Good X in a day and 40 units of Good Y while Country B can produce 50 units of Good X and 40 units of Good Y.

It has been suggested that in order to protect U.S.jobs we need to restrict foreign competition by restricting imports.

Maximum Feasible Hourly Production Rates of Either Product A or Product B Using All Available Resources Product Country X Country Y A 4 8 B 4 4 -Refer to the above table.If opportunity costs are constant,then the opportunity cost of producing good B in country X is ________,and the opportunity cost of producing good B in country Y is ________.

The law that created the high level of tariffs in United States in the 1930s is

Which of the following is the situation in which firms outside a trade bloc shift the final assembling process of partially assembled products into a member nation of the bloc and then export the finished products to other nations within the bloc?

A tariff is

If protective import-restricting tariff are imposed by a country,in the majority of cases that nation's consumers end up

The North American Free Trade Agreement and the European Union are examples of

A rationale used for tariff protection by some is that

In the long run,imports will most likely be paid for with

According to the principle of comparative advantage,a nation should specialize in economic activities

Maximum Feasible Hourly Production Rates for Either Food or Cloth Using All Available Resources Food Cloth U.S. 4 3 Mexico 12 6 -Using the data in the above table,and assuming constant opportunity costs,it is likely that

Suppose that the opportunity cost of producing goods differs between two nations.We can correctly state that