Exam 17: International Trade

Which of the following countries has the lowest export ratio?

The impact of a tariff is to _____ imports and _____ the market price.

Suppose the United States has a lower opportunity cost in producing corn than Japan,and Japan has a lower opportunity cost in producing motorcycles than the United States,then the United States has:

If a country has the ability to produce a specific good with fewer resources than other countries,then it has:

Which group is most likely to be adversely affected when foreign steel is imported?

Since world resources are limited,when two countries trade,one country is better off and the other country is worse off.

A country will only trade if:

Consumption possibilities refers to the:

Over a given period of time if exports exceed imports,the result is:

An increase in the value of one currency relative to another is referred to as:

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 -The information in Table 17.1 indicates that:

Suppose Chile has a lower opportunity cost in producing salmon than South Korea,and South Korea has a lower opportunity cost in producing cars than Chile,then Chile has:

When the terms of trade are between the opportunity costs for two countries,then both countries benefit if they:

Suppose the United States and Japan each produce only two goods and have the production possibilities shown in Figure 17.1.Without trade,Japan produces at point A and the United States produces at point B.Use the figure to answer the question(s)below. -In Figure 17.1 what is the opportunity cost of a DVD player in Japan?

Which of the following is true if a country specializes in producing the goods for which it has a comparative advantage and then trades?

Which of the following is not referred to as a barrier to trade?

Terms of trade refers to:

Which of the following statements is correct?

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 wheat in Country A is:

If a country can produce rice with a lower opportunity cost than its trading partners,then it must have: