Exam 17: International Trade

Assume Russia and the United States each produce only two goods,tanks and automobiles.The values in Table 17.1 represent the maximum amount of each good that can be produced using existing resources. Table 17.1 - Full-employment output of goods -Based on the information in Table 17.1,the opportunity cost of producing 1 tank in the United States is:

If licensing restrictions are used to limit imports,this is an example of a:

If the U.S.dollar depreciates relative to the Chinese Yuan:

Which of the following is a gain from trade?

A friend of yours recently lost a job and is now blaming foreign trade.Your friend claims that foreign trade costs jobs.Although you cannot soften the blow of a lost job,what might you tell your friend about the benefits of foreign trade?

The United States exports goods such as wheat,computers,and lumber.

The terms of trade for a specific good will lie between the respective:

Assume Country A and Country B each have the same amount of resources with which to produce wheat and corn and they produce no other goods.The values in Table 17.2 represent the maximum amount of each good that can be produced. Table 17.1 - Full-employment output of goods -Based on the information in Table 17.2,it is clear that:

Which of the following is true about trade?

Tariffs on imported coffee will result in all of the following except:

If the United States has a comparative advantage in the production of computer software,then:

International trade:

Assume Russia and the United States each produce only two goods,tanks and automobiles.The values in Table 17.1 represent the maximum amount of each good that can be produced using existing resources. Table 17.1 - Full-employment output of goods -Based on the information in Table 17.1,the opportunity cost of producing 1 tank in Russia is:

Assume Country A and Country B each have the same amount of resources with which to produce wheat and corn and they produce no other goods.The values in Table 17.2 represent the maximum amount of each good that can be produced. Table 17.1 - Full-employment output of goods -Based on the information in Table 17.2,the opportunity cost of producing 1 bushel of corn in Country A is:

A tax imposed on imported goods is a:

If product standards are used to limit imports,this is an example of a:

A quota limits:

When the U.S.dollar appreciates relative to the Mexican peso:

The exchange rate is the:

Imports account for approximately ___ percent of U.S.GDP.