Question 1

If the United States imposed a 25 percent tariff on imports of minivans, the effect would be to

Accepted Answer

A)  raise the price and reduce the quantity of imports. 
B)  raise the price and the quantity of imports. 
C)  lower the price and the quantity of imports. 
D)  raise the quantity and reduce the price of imports. 
A)  raise the price and reduce the quantity of imports. 
B)  raise the price and the quantity of imports. 
C)  lower the price and the quantity of imports. 
D)  raise the quantity and reduce the price of imports.

Question 2

If a nation can produce greater quantities of a good than another nation, it has a(n)

Accepted Answer

A)  comparative advantage. 
B)  absolute advantage. 
C)  declarative advantage. 
D)  entire advantage. 
A)  comparative advantage. 
B)  absolute advantage. 
C)  declarative advantage. 
D)  entire advantage.

Question 3

Which of the following is an extreme form of risk associated with investing in a foreign country?

Accepted Answer

A)  Credit risk 
B)  Labor unrest 
C)  Expropriation 
D)  Immigration rules 
A)  Credit risk 
B)  Labor unrest 
C)  Expropriation 
D)  Immigration rules

Question 4

A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.

Accepted Answer

A)  effectively; ineffectively 
B)  haphazardly; carefully 
C)  equally; capriciously 
D)  unfairly; fairly 
E)  unequally; unequally 
A)  effectively; ineffectively 
B)  haphazardly; carefully 
C)  equally; capriciously 
D)  unfairly; fairly 
E)  unequally; unequally

Question 5

Any restriction of international trade that is accomplished by a quota can also be accomplished by a tariff.

Accepted Answer

A) True 
 B)False

Question 6

If a country's workers can produce 10 hamburgers per hour or 5 bags of French fries per hour. If there is no trade, the price of 1 bag of fries is 2 hamburgers.

Accepted Answer

A) True 
 B)False

If the United States imposed a 25 percent tariff on imports of minivans, the effect would be to

If a nation can produce greater quantities of a good than another nation, it has a(n)

Which of the following is an extreme form of risk associated with investing in a foreign country?

A tariff on imports affects foreign suppliers ; a quota affects foreign suppliers .

Any restriction of international trade that is accomplished by a quota can also be accomplished by a tariff.

If a country's workers can produce 10 hamburgers per hour or 5 bags of French fries per hour. If there is no trade, the price of 1 bag of fries is 2 hamburgers.

What Is Economics

The Economy: Myth and Reality

The Fundamental Economic Problem: Scarcity and Choice

Supply and Demand: an Initial Look

An Introduction to Macroeconomics

The Goals of Macroeconomic Policy

Economic Growth: Theory and Policy

Aggregate Demand and the Powerful Consumer

Demand-Side Equilibrium: Unemployment or Inflation

Bringing in the Supply Side: Unemployment and Inflation

Managing Aggregate Demand: Fiscal Policy

Money and the Banking System

Monetary Policy: Conventional and Unconventional

The Financial Crisis and the Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits in the Short and Long Run

The Trade-Off Between Inflation and Unemployment

The International Monetary System: Order or Disorder

Exchange Rates and the Macroeconomy

Contemporary Issues in the Us Economy

Filters

Exam 34: International Trade and Comparative Advantage

If the United States imposed a 25 percent tariff on imports of minivans, the effect would be to

If a nation can produce greater quantities of a good than another nation, it has a(n)

Which of the following is an extreme form of risk associated with investing in a foreign country?

A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.

Any restriction of international trade that is accomplished by a quota can also be accomplished by a tariff.

If a country's workers can produce 10 hamburgers per hour or 5 bags of French fries per hour. If there is no trade, the price of 1 bag of fries is 2 hamburgers.

What Is Economics

The Economy: Myth and Reality

The Fundamental Economic Problem: Scarcity and Choice

Supply and Demand: an Initial Look

An Introduction to Macroeconomics

The Goals of Macroeconomic Policy

Economic Growth: Theory and Policy

Aggregate Demand and the Powerful Consumer

Demand-Side Equilibrium: Unemployment or Inflation

Bringing in the Supply Side: Unemployment and Inflation

Managing Aggregate Demand: Fiscal Policy

Money and the Banking System

Monetary Policy: Conventional and Unconventional

The Financial Crisis and the Great Recession

The Debate Over Monetary and Fiscal Policy

Budget Deficits in the Short and Long Run

The Trade-Off Between Inflation and Unemployment

The International Monetary System: Order or Disorder

Exchange Rates and the Macroeconomy

Contemporary Issues in the Us Economy

Filters

A tariff on imports affects foreign suppliers ; a quota affects foreign suppliers .