ECO 201 Principles of Microeconomics Chapter 32 Quiz Answers
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Saint Leo ECO 201 Chapter 32 Quiz Answers
1. Which of the following statements is true about the importance of international trade in the world economy?
2. According to this figure, the combined share of U.S. imports and exports in the U.S. GDP in 2005 is approximately
3. Using only the 2005 data, for which nation does trade have the highest share of national economic activity?
4. If a country has an absolute advantage in the production of some good then
5. If a country has a comparative advantage in the production of some good then
6. The opportunity cost of movies in the U.S. is ______ and the opportunity cost of movies in Germany is ______.
7. If Germany's 1,500 workers specialize and produce only the good for which it has a comparative advantage and the U.S. 1,000 person labor force specializes and produces only the good for which it has a comparative advantage, then
8. Which of the following is not true?
9. In the long run, imports are paid for by exports because
10. Ultimately, imports are paid for by
11.
During the Great Depression of the 1930s, many industrial countries tried protecting domestic jobs by imposing tariffs. According to economic theory, the likely outcome would be
12.
According to the Swiss Institute for Management Development, the top country in terms of overall productive efficiency is
13.
The United States economy is considered by the Institute for Management Development to be the most competitive economy because
14.
All of the following have been cited as factors explaining America's top-rated competitiveness except
15.
Which of the following is consistent with international trade theory?
16.
Which of the following is not an argument against free trade?
17.
If a firm in China sells its product in the U.S. at a price below its cost of production, the firm is said to be
18.
When a country protects an infant industry in the hope that it will become efficient enough to compete effectively in the world market
19.
When a firm's production is subsidized by its government and then the firm sells its products in a foreign country at a price below the cost of production, this is called
20.
One key difference between a tariff and a quota is that
21.
Which of the following best describes the winners and losers from a quota?
22.
Which of the following restrictions on international trade sets a maximum allowable amount of a commodity that can be imported?
23.
One main difference between tariffs and quotas is that
24.
Critics of the North American Free Trade Agreement (NAFTA) suggest that much of the increase in exports from Mexico to the United States now involves goods that Mexico otherwise would have exported to other nations. Mexican firms choose to export the goods to the United States, the critics argue, solely because the items receive preferential treatment under NAFTA tariff rules. This can be described as
25.
The multilateral trade agreements established for all nations through the World Trade Organization could help
26.
The main international institution created in 1947 to improve trade among nations was
27.
Which of the following is not a regional trading bloc?
28.
A significant advantage to being a member of a trade bloc is
29.
The North American Free Trade Agreement and the European Union are examples of
30.
Which of the following is not true?
31.
Under the U.S. Constitution, from an economic standpoint the United States is essentially a regional free trade bloc. No U.S. state government can establish a tariff on goods manufactured in another U.S. state. Recently, the U.S. government placed a 55 percent anti-dumping duty on cement imported from Mexico.
32.
Which of the following best explains the dumping argument against free trade?
33.
One reason why "protecting domestic jobs" is a poor argument against free trade is because
34.
Which of the following best describes a voluntary import expansion (VIE) ?
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