Exam 14: Macroeconomics and International Trade

Scenario: Montesia is predominantly a producer and exporter of manufactured goods. However, it imports several agricultural products. -Refer to the scenario above.Recently,the government of Montesia has provided an export subsidy for some cash crops.Which of the following is likely to occur in this case?

Which of the following is likely to happen if the government imposes a tariff on the imports of a good?

Scenario: Mark can make three tables and one chair in a day, while John can make four tables and one chair in a day. -Refer to the scenario above.John's opportunity cost of making a chair is ________.

Taxes levied on imports are called ________.

A U.S.resident owns a factory in China.Earnings from this factory would ________.

Scenario: Montesia is predominantly a producer and exporter of manufactured goods. However, it imports several agricultural products. -Refer to the scenario above.Recently,the government of Montesia has imposed a tariff on the import of some cash crops.Which of the following is likely to happen in this case?

As the real interest rate ________,net capital outflows ________ and net exports ________.

Scenario: There are two countries-Country X and Country Y-that trade only with each other. During a particular year, the residents of Country X purchased buildings worth $10 billion in Country Y. None of the other transactions between the two countries during that year involved the purchase or sale of assets. -Refer to the scenario above.The purchase of assets by the residents of Country X would lead to a ________ in Country X.

In 2015,approximately ________ of U.S.imports of goods and services came from China and about ________ of U.S.exports went to China.

________ is the excess of imports over exports.

What are net capital outflows?

Scenario: A shoe manufacturer has factories in two countries, Country X and Country Y. Shoe manufacturing involves two main tasks-designing the shoe and stitching it. The value added per hour in each activity by workers in the two countries is shown in the table below. -Refer to the scenario above.The opportunity cost per dollar of value added in designing shoes by workers in Country Y is ________.

Scenario: Montesia is predominantly a producer and exporter of manufactured goods. However, it imports several agricultural products. -Refer to the scenario above.Recently,the government of Montesia imposed a tariff on the import of some cash crops.Which of the following is likely to happen in this case?

Scenario: Mark can make three tables and one chair in a day, while John can make four tables and one chair in a day. -Refer to the scenario above.Which of the following is true in this case?

If a UK consumer buys a camera from a manufacturer in the United States,everything else remaining unchanged,________.

Autarkia imports oil and natural gas from and exports food grains to the rest of the world.Based on this information,we can conclude that Autarkia is a(n)________ economy.

Aid sent to a foreign country is an example of a(n)________.

Scenario: Consider two economies, Beta and Zeta. Each farmer in Beta can grow 1,000 pounds of apples or 500 pounds of oranges in a year. Each farmer in Zeta can grow 400 pounds of apples or 1,200 pounds of oranges in a year. -Refer to the scenario above.The opportunity cost of producing 1 pound of oranges in Beta is ________.

The international accounting system is build on the concept(s)of ________.

The gains from specialization are economic gains for the society from countries/individuals specialize in the production of all goods and services.