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Exam 32: International Trade

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Question 41

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Shawna and Trevor produce cars and trucks.Shawna can produce 10 cars per hour and 5 trucks per hour.Trevor can produce 12 cars per hour and 4 trucks per hour.Who has the absolute advantage and comparative advantage in the production of cars and trucks?

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Trevor has the absolute advantage in pro...

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Question 42

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Use the following scenario to answer the following questions: Karl and Jager produce cars and trucks.Karl can produce 10 cars per hour or 5 trucks per hour.Jager can produce 12 cars per hour or 4 trucks per hour. -Based on the scenario,Karl's opportunity cost of one truck is ________ cars.

A) four
B) one and a half
C) two
D) three
E) eight

F) None of the above
G) A) and E)

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Question 43

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In 2011,60 percent of goods imported by the United States came from just seven nations.Which of the following nations was one of those seven?

Use the following scenario to answer the following questions: Karl and Jager produce cars and trucks.Karl can produce 10 cars per hour or 5 trucks per hour.Jager can produce 12 cars per hour or 4 trucks per hour. -Based on the scenario,Jager's opportunity cost of one car is ________ truck(s) .

Limits on the quantity or total value of specific products imported to a nation are

One argument for trade restriction that focuses on new industries is that

Use the following scenario to answer the following questions: Rosa and Dirk produce basketballs and footballs.Rosa can produce six basketballs per hour or two footballs per hour.Dirk can produce three basketballs per hour or four footballs per hour. -Based on the scenario,Rosa's opportunity cost of one football is ________ basketballs.

Briefly list and define the three major types of trade barriers most commonly used.

A possible reason a nation might impose a restrictive policy such as a tariff is to

The following table presents data on imports and exports as a percentage of gross domestic product (GDP) for select countries in 2015, based on data from the World Bank. Use the table to answer the following questions: -Based on data from the table,which country had the largest trade deficit as a percentage of GDP in 2015?

Use the following scenario to answer the following questions: Natasha can produce either 5,000 pounds of cheese or 20 houses per year.Jameson can produce either 5,000 pounds of cheese or 10 houses per year. -By the principle of comparative advantage,Natasha should specialize in producing

Use the following scenario to answer the following questions: Karl and Jager produce cars and trucks.Karl can produce 10 cars per hour or 5 trucks per hour.Jager can produce 12 cars per hour or 4 trucks per hour. -Based on the scenario,which of the following is true?

Use the following scenario to answer the following questions: Rosa and Dirk produce basketballs and footballs.Rosa can produce six basketballs per hour or two footballs per hour.Dirk can produce three basketballs per hour or four footballs per hour. -Based on the scenario,Dirk's opportunity cost of one football is ________ basketball(s) .

In the domestic market following the imposition of a voluntary quota,imports ________,domestic production ________,and prices ________.

Use the following scenario to answer the following questions: Natasha can produce either 5,000 pounds of cheese or 20 houses per year.Jameson can produce either 5,000 pounds of cheese or 10 houses per year. -Natasha's opportunity cost of producing one house is ________ pound(s) of cheese.

Which of the following groups of countries are members of NAFTA?

When a foreign supplier tries to "dump" goods into another country in order to gain a foothold in a foreign market,this is often a result of ________ within the foreign country.

Exporting nations often agree to voluntary export restraints in an attempt to

An economy that trades with the rest of the world is a(n) ________ economy.

Graphically illustrate the deadweight loss that results when a country imposes a tariff.Explain the meaning of the deadweight loss.