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Exam 17: International Trade

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Question 31

Multiple Choice

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Only a firm with ______________ will be able to make their output profitably.

A) a comparative advantage at producing their output
B) the highest opportunity cost of production
C) an absolute advantage at producing their output
D) None of these is true.

E) A) and D)
F) A) and C)

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Question 32

Multiple Choice

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Absolute advantage is the ability to produce:

A) more of a good than others with a given amount of resources.
B) relatively more than any other good with a given amount of resources.
C) a good or service at a lower opportunity cost than others can.
D) None of these is true.

E) B) and C)
F) B) and D)

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Question 33

Multiple Choice

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A country may gain a temporary comparative advantage if:

As a general rule,free trade:

A country is likely to have a comparative advantage in a land-intensive activity if it has:

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. According to the graph shown,if this were depicting an autarky,the equilibrium price would be:

Comparative advantage is the ability to produce:

This graph demonstrates the domestic demand and supply for a good,as well as a tariff and the world price for that good. According to the graph shown,if the economy was operating under autarky,and decides to open trade with a tariff,the impact on domestic supply is:

For a single country to influence the price of some good in the global market:

Americans whose jobs have been lost to freer trade should,in theory:

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. According to the graph shown,if this were depicting an autarky,the amount being sold domestically is:

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. According to the graph shown,if this economy were open to free trade,how many units would be imported?

Both countries can benefit from trade when:

Import standards on specific countries usually address issues affecting:

Suppose a country,whose production and consumption of coffee is large relative to the world market,has just entered the global market.If the country is a net exporter of coffee,we would expect:

This graph demonstrates the domestic demand and supply for a good,as well as a tariff and the world price for that good. According to the graph shown,the amount of surplus enjoyed by domestic consumers with free trade before the tariff is area:

This graph demonstrates the domestic demand and supply for a good,as well as a quota and the world price for that good. According to the graph shown,when this economy was open to free trade without restriction,the amount imported was:

This graph demonstrates the domestic demand and supply for a good,as well as a quota and the world price for that good. According to the graph shown,this economy has imposed a quota of:

The restriction or prohibition of trade in order to put political pressure on a country is:

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. According to the graph shown,if this economy were to open to trade,surplus would: