FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 20: International Trade

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 151

Multiple Choice

Review LaterAdd Note

Review Later

Which nation had the largest share of world exports in 2018?

A) Japan
B) Germany
C) China
D) United States

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

Correct Answer

verified

Show Answer

Question 152

Multiple Choice

Review LaterAdd Note

Review Later

Specialization and trade between individuals or between nations leads to

A) greater self-sufficiency.
B) higher product prices.
C) higher utilization of resources.
D) higher total output.

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

Correct Answer

verified

Show Answer

Question 153

Multiple Choice

Review LaterAdd Note

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. $\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (Domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (Domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}$ If this nation were entirely closed to international trade, equilibrium price and quantity would be

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. $\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (Domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (Domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}$ If the economy was opened to free trade and the world price of $1 prevailed, the price and quantity Sold of this product would be

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. $\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (Domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (Domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}$ With a $1-per-unit tariff, prices (revenue per unit) received by domestic and foreign producers Respectively will be

What are the major imports and exports of the United States?

If countries A and B produce only either rubber bands or paper clips, their maximum outputs are shown in the accompanying production possibilities schedules. $\begin{array} { | c | c | c | } \hline \text { Country } & \text { Rubber Bands } & \text { Paper Clips } \\\hline A & 40 & 80 \\\hline B & 10 & 40 \\\hline\end{array}$ In country A the opportunity cost of 1 paper clip is

Bastiat's "Petition of the Candlemakers," a classic reading in economics, presents a powerful argument in favor of protectionism.

$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { Domestically }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity Supplied } \\\text { Domestically }\end{array} \\\hline 1,400 & \$ 10 & 2,200 \\\hline 1,600 & 9 & 2,000 \\\hline 1,800 & 8 & 1,800 \\\hline 2,000 & 7 & 1,600 \\\hline 2,200 & 6 & 1,400 \\\hline 2,400 & 5 & 1,200 \\\hline\end{array}$ Refer to the accompanying table for a certain product's market in Econland. If the world price for this product were $6, then Econland would import

$\begin{array}{l}{ ~~~~~~~~~~~~~~~~~~~~~\text { Wat's Production Possibilities } }\\\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & A & B & C & D & E & F \\\hline \text { Rice } & 750 & 600 & 450 & 300 & 150 & 0 \\\hline \text { Corn } & 0 & 50 & 100 & 150 & 200 & 250 \\\hline\end{array}\\\\{ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\text { Xat's Production Possibilities } }\\\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & A & B & C & D & E & F \\\hline \text { Rice } & 2,500 & 2,000 & 1,500 & 1,000 & 500 & 0 \\\hline \text { Corn } & 0 & 100 & 200 & 300 & 400 & 500 \\\hline\end{array}\end{array}$ The hypothetical nations Wat and Xat have the production possibilities for rice and corn given in the accompanying tables. The mutually bene?cial terms of trade will be

$\quad\quad { Country ~Y }$ $\begin{array} { | c | c | c | } \hline Price & Q _ { \text {dd } } & Q _ { \text {sd } } \\\hline \$ 9.00 & 250 & 450 \\\hline 8.00 & 300 & 400 \\\hline 7.00 & 350 & 350 \\\hline 6.00 & 400 & 300 \\\hline\end{array}$ The accompanying table gives data for Country Y. Column 1 is the price of a product. Column 2 is the quantity demanded domestically $\left( Q _ { d d } \right)$ , and Column 3 is the quantity supplied domestically $\left( Q _ { s d } \right)$ . If the world price of the product is $\$ 6$ , then Country $Y$ will

Country A limits other nation's exports to Country A to 1,000 tons of coal annually. This is an example of a(n)

Which of the U.S. industries below has not seen major shutdowns and layoffs because of free foreign trade?

A side benefit of international trade is that it links national interests and increases the opportunity costs of war.

Refer to the graph, which shows the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. If the world price for this product is $2.00, then Econland will

In 2018, the United States was the largest exporter in the world.

In which of the following countries did exports account for the biggest percentage of GDP in 2018?

When a nation starts opening up to international trade, it will see falling prices for

$\begin{array}{l}{ ~~~~~~~~~~~~~~~~~~~~~\text { Wat's Production Possibilities } }\\\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & A & B & C & D & E & F \\\hline \text { Rice } & 750 & 600 & 450 & 300 & 150 & 0 \\\hline \text { Corn } & 0 & 50 & 100 & 150 & 200 & 250 \\\hline\end{array}\\\\{ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~\text { Xat's Production Possibilities } }\\\begin{array} { | l | c | c | c | c | c | c | } \hline \text { Product } & A & B & C & D & E & F \\\hline \text { Rice } & 2,500 & 2,000 & 1,500 & 1,000 & 500 & 0 \\\hline \text { Corn } & 0 & 100 & 200 & 300 & 400 & 500 \\\hline\end{array}\end{array}$ The hypothetical nations Wat and Xat have the production possibilities for rice and corn given in the accompanying tables. Which of the following statements about the two nations is correct based on The principle of comparative advantage?

The greatest benefit to an economy from international trade is