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Exam 19: International Trade

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Question 81

Multiple Choice

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The combination of goods and services that Mexico's citizens might feasibly consume is called Mexico's

A) total consumption.
B) total production.
C) consumption possibilities.
D) production possibilities.
E) national output.

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Question 82

Multiple Choice

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The following graph depicts the market for a particular good in Dorne. Dorne was importing the good under free trade and then decided to impose a tariff. Use the graph to answer the next questions: -When the tariff is imposed, imports will fall from

A) 130 to 110.
B) 80 to 50.
C) 60 to 50.
D) 20 to 10.
E) 130 to 60.

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Question 83

Multiple Choice

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Use the following scenario to answer the next questions: Rosa and Dirk produce basketballs and footballs. Rosa can produce six basketballs per hour or two footballs per hour. Dirk can produce three basketballs per hour or four footballs per hour. -Based on the scenario, which of the following is true?

For country A, an export is a good produced in

An example of a tariff is

In 2011, 60 percent of goods imported by the United States came from just seven nations. Which of the following nations was one of those seven?

The following graph depicts the market for a particular good in Dorne. Dorne was importing the good under free trade and then decided to impose a tariff. Use the graph to answer the next questions: -How much revenue does the government earn from the tariff?

In the past, Canada has agreed to set an upper limit on the total amount of softwood lumber exported to the United States. This is an example of a(n)

Use the following graph to answer the questions: -How many cars (in thousands) will this country import in a trading( open) economy situation?

Use the following graph to answer the questions: -If this is a nontrading (closed) economy, the number of TVs exchanged( in thousands) will be

In the domestic market following the imposition of an import quota, imports _____, domestic production_____ , and prices ______.

Use the following scenario to answer the next questions: Karl and Jager produce cars and trucks. Karl can produce 10 cars per hour or 5 trucks per hour. Jager can produce 12 cars per hour or 4 trucks per hour. -Based on the scenario, Karl has

The following graph depicts the market for shoes in a particular country. Use the graph to answer the next questions: -If this country engages in free trade with other countries, then the price of shoes will be _____and the quantity of shoes sold to domestic consumers will be_____ .

A tax on imports is known as a(n)

Use the following scenario to answer the next questions: Esther and Ebenezer produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Ebenezer can produce three hamburgers per hour or one hot dog per hour. -Based on the scenario, Esther’s opportunity cost of one hot dog is ________ hamburgers.

When a country decides to begin importing a good that they already produce domestically, then there will be____ an increase in and the market price will ______.

In the domestic market following the imposition of a voluntary quota, imports ______, domestic production______ , and prices______ .

When two countries decide to follow their comparative advantage and engage in specialization and exchange, both countries experience gains from trade because they are able to consume at a point beyond their production possibilities frontier. Illustrate and explain how this is possible.

Use the following scenario to answer the next questions: Natasha can produce either 5,000 pounds of cheese or 20 houses per year. Jameson can produce either 5,000 pounds of cheese or 10 houses per year. -By the principle of comparative advantage, Jameson should specialize in producing

The following figure illustrates the production possibilities for two countries, Russia and Canada. Assume that initially the two countries do not trade. Russia produces 40 cars and 5 tons of paper. Canada produces 16 cars and 42 tons of paper. You can assume cars and paper are measured in thousands of units. Suppose the two countries decide to completely specialize and trade. If they decide to trade 18 cars in exchange for 6 tons of paper, then after trade, Russia will be able to consume______ more cars and______more paper. Canada will be able to consume _____more cars and _____more paper.