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Exam 20: International Trade

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Question 161

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A) $40.
B) $60.
C) $80.
D) $100.

E) All of the above
F) A) and B)

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Question 162

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The organization created to oversee the provisions of multilateral trade agreements, resolve disputes under the international trade rules, and meet periodically to consider further trade Liberalization is called the

A) International Monetary Fund (IMF) .
B) World Trade Organization (WTO) .
C) Common Market Organization (CMO) .
D) International Trade Commission (ITC) .

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

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Question 163

Multiple Choice

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Which of the following statements is false?

Trade adjustment assistance

As of 2018, how many European nations belonged to the European Union (EU) ?

A voluntary export restraint (VER) is similar to an import quota, except that the former benefits the foreign producers while the latter benefits the domestic producers.

A nation will neither export nor import a specific product when its

Import quotas on products will reduce the quantity of the imported products and

Refer to the diagram, where $S _ { d }$ and $D _ { d }$ are the domestic supply and demand for a product and $P _ { C }$ is The world price of that product. With a per-unit tariff in the amount $P _ { c } P _ { t }$ , price and total quantity sold Will be

$\begin{array} { | c | c | c | } \hline & \begin{array} { c } \text { Meat per Worker } \\\text { per Day }\end{array} & \begin{array} { c } \text { Houses per } \\\text { Worker per Day }\end{array} \\\hline A & 40 & 80 \\\hline B & 10 & 40 \\\hline\end{array}$ The accompanying table shows labor-productivity ?gures in two countries facing constant costs. It can be deduced that

Refer to the graph, which shows the import demand and export supply curves for two nations that produce a certain product. In this two-nation model, the equilibrium world price and quantity will be

The accompanying tables give production possibilities data for Gamma and Sigma. All data are in tons. Gamma's production possibilities $\begin{array} { | l | c | c | c | c | c | } \hline & A & B & C & D & E \\\hline Tea & 120 & 90 & 60 & 30 & 0 \\\hline Pots & 0 & 30 & 60 & 90 & 120 \\\hline\end{array}$ Sigma's production possibilities $\begin{array} { | l | c | c | c | c | c | } \hline & A & B & C & D & E \\\hline Tea & 40 & 30 & 20 & 10 & 0 \\\hline Pots & 0 & 30 & 60 & 90 & 120 \\\hline\end{array}$ What are the limits of the terms of trade between Gamma and Sigma?

Which of the following is a valid counterargument to a call for higher tariffs "to save U.S. jobs"?

$\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Wheat } \\\text { (Bushels) }\end{array} & \begin{array} { c } \text { Rice } \\\text { (Bushels) }\end{array} \\\hline \text { India } & 10 & 10 \\\hline \text { Canada } & 40 & 20 \\\hline\end{array}$ The accompanying productivity table shows how many bushels of either wheat or rice can be produced in India and Canada with 1 unit of input. To achieve gains from specialization and trade,

How can the United States compete successfully with a relatively low-wage nation such as Mexico?

(Last Word) Frederic Bastiat's "Petition of the Candlemakers" most directly refutes which of the following arguments for protectionism?

In a world with two products, wheat (W) and coffee (C) , nation Alpha produces wheat and nation Beta produces coffee. Nation Alpha prefers an exchange rate of 1W = 2C, and nation Beta prefers An exchange rate of 1W = 1C. The exchange rate preferred by nation

Assume that by devoting all its resources to the production of X, nation Alpha can produce 40 units of X. By devoting all its resources to Y, Alpha can produce 60 Y. Comparable figures for nation Beta are 60 X and 40 Y. Beta would prefer terms of trade at, or close to, 1X = 1½Y.

$\begin{array}{l}\text { Domestic Market For Steel, Alpha }\\\begin{array}{|c|c|c|}\hline Q_{S} & P & Q_{d} \\\hline 60 & \$ 5 & 10 \\\hline 40 & 4 & 20 \\\hline 30 & 3 & 30 \\\hline 20 & 2 & 40 \\\hline 10 & 1 & 50 \\\hline\end{array}\end{array}$ $\begin{array}{l}\text { Domestic Market For Steel, Beta }\\\begin{array}{|c|c|c|}\hline Q_{S} & P & Q_{d} \\\hline 80 & \$ 5 & 20 \\\hline 70 & 4 & 30 \\\hline 60 & 3 & 40 \\\hline 50 & 2 & 50 \\\hline 40 & 1 & 60 \\\hline\end{array}\end{array}$ The accompanying tables show data for the hypothetical nations of Alpha and Beta. $Q_{S}$ is domestic quantity supplied, and $Q_{d}$ is domestic quantity demanded. Assuming that Alpha and Beta are the only two nations in the world, the equilibrium world price must be lower than $\$ 4$ because, at $\$ 4$ ,

Refer to the graph, which shows the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. At what price will Econland be neither importing nor exporting The product?