Question 1 (2 points) When nations specialize according to their comparative adv

Question

Question 1 (2 points)

When nations specialize according to their comparative advantage

Question 1 options:

Save

Question 2 (2 points)

The ability to produce a good or service at a lower opportunity cost than other producers is

Question 2 options:

Save

Question 3 (2 points)

In an hour Jane can solder 50 connections or inspect 20 parts while Jim can solder 25 connections or inspect 20 parts in an hour.

Question 3 options:

Save

Question 4 (2 points)

All of the following are arguments in favor of restricting trade EXCEPT

Question 4 options:

Save

Question 5 (2 points)

That each individual should engage in economic activities in which he or she is relatively more efficient is an application of the concept of

Question 5 options:

Save

Question 6 (2 points)

Dumping occurs when, in a foreign market, a good is sold

Question 6 options:

Save

Question 7 (2 points)

Which of the following is consistent with international trade theory?

Question 7 options:

Save

Question 8 (2 points)

Goods that are produced in other countries and then sold domestically are called

Question 8 options:

Save

Question 9 (2 points)

One argument against free trade is the

Question 9 options:

Save

Question 10 (2 points)

The ability to produce a good or service at a lower opportunity cost than other producers is called

Question 10 options:

Save

Question 11 (2 points)

Because of NAFTA, the U.S. shifts some of its imports from Europe to Mexico (a member of NAFTA). This is an example of

Question 11 options:

Save

Question 12 (2 points)

Since 1950, the balance of trade for United States has

Question 12 options:

Save

Question 13 (2 points)

For the United States since 1950, imports as a percentage of GDP has

Question 13 options:

Save

Question 14 (2 points)

The North American Free Trade Agreement and the European Union are examples of

Question 14 options:

Save

Question 15 (2 points)

An import quota specifies

Question 15 options:

Save

Question 16 (2 points)

A depreciation of the U.S. dollar relative to the euro would tend to

Question 16 options:

Save

Question 17 (2 points)

The foreign exchange rate describes the

Question 17 options:

Save

Question 18 (2 points)

If a central bank wants to keep the value of its home currency fixed in the foreign exchange market, then an increase in the demand for its home currency will lead the central bank to

Question 18 options:

Save

Question 19 (2 points)

Which of the following is NOT a category in the U.S. balance of payments account?

Question 19 options:

Save

Question 20 (2 points)

A system of accounts that measures the transactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period is the

Question 20 options:

Save

Question 21 (2 points)

The balance of trade is defined as

Question 21 options:

Save

Question 22 (2 points)

Which of the following transactions leads to an inflow of funds on the U.S. capital account?

Question 22 options:

Save

Question 23 (2 points)

An increase in the inflation rate of one country relative to another country will probably cause

Question 23 options:

Save

Question 24 (2 points)

Net unilateral transfers would appear in a nation's

Question 24 options:

Save

Question 25 (2 points)

Which of the following is a deficit item on the balance of payments?

Question 25 options:

Save

Question 26 (2 points)

The gold standard is

Question 26 options:

Save

Question 27 (2 points)

Which of the following is an example of a surplus item on the balance of payments?

Question 27 options:

Save

Question 28 (2 points)

In a nation's balance of payments, the current account includes

Question 28 options:

Save

Question 29 (2 points)

Exchange rates that are allowed to fluctuate in response to changes in supply and demand is known as

Question 29 options:

Save

Question 30 (2 points)

In the balance of payments, the buying and selling of real and financial assets is represented in

Question 30 options:

Save

A) Total production and consumption in the world increase. B) Consumption rises in one country but must fall in all others. C) Total world production rises but total consumption in the world declines. D) None of these

Explanation / Answer

A D B A D A D B D B B A A B C B D B B B A C B B D C C C D B

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.