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Exam 26: International Trade

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Question 51

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"NAFTA" stands for

A) North African Free Trade Area.
B) North American Free Trade Agreement.
C) North Asian Free Trade Agreement.
D) New Zealand-Australia Free Trade Agreement.

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Question 52

Multiple Choice

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A "Buy American" policy strictly enforced is equivalent to a(n)

A) tariff.
B) quota.
C) export subsidy.
D) voluntary export restriction.

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Question 53

Multiple Choice

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The principal concept behind comparative advantage is that a nation should

Which is an example of a nontariff barrier (NTB) ?

An excise tax on an imported good that is not produced domestically is called a

Which of the following countries had the smallest share of exports as a percentage of GDP in 2014?

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 60Y. Comparable figures for nation Beta are 60X and 40Y. The terms of trade will be at or within the 1X = 1½Y to 1X = ⅔Y range.

The tables give production possibilities data for two countries, Alpha and Beta, which have populations of equal size. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Alpha's production possibilities }$ $\begin{array}{|c|c|c|c|c|c|}\hline & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } \\\hline \text { Fish (Tons) } & 80 & 60 & 40 & 20 & 0 \\\hline \text { Chips (Tons) } & 0 & 5 & 10 & 15 & 20 \\\hline\end{array}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Beta's production possibilities }$ $\begin{array}{|c|c|c|c|c|c|} \hline& \mathrm{A} & \mathrm{B} & \mathrm{C} & \mathrm{D} & \mathrm{E} \\\hline \text { Fish (Tons) } & 240 & 180 & 120 & 60 & 0 \\\hline \text { Chips (Tons) } & 0 & 10 & 20 & 30 & 40\\\hline\end{array}$ Assume the production possibilities in Beta double at alternatives A through E, while remaining as shown in the table for Alpha. As a result, Beta should

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

Which country is the United States' largest trading partner in terms of volume of trade?

In a two-nation, two-good world, if one nation is more efficient in producing both goods than the other nation, then the more-efficient nation cannot gain from trading with the other nation.

The tables give production possibilities data for two countries, Alpha and Beta, which have populations of equal size. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Alpha's production possibilities }$ $\begin{array}{|c|c|c|c|c|c|}\hline & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } \\\hline \text { Fish (Tons) } & 80 & 60 & 40 & 20 & 0 \\\hline \text { Chips (Tons) } & 0 & 5 & 10 & 15 & 20 \\\hline\end{array}$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Beta's production possibilities }$ $\begin{array}{|c|c|c|c|c|c|} \hline& \mathrm{A} & \mathrm{B} & \mathrm{C} & \mathrm{D} & \mathrm{E} \\\hline \text { Fish (Tons) } & 240 & 180 & 120 & 60 & 0 \\\hline \text { Chips (Tons) } & 0 & 10 & 20 & 30 & 40\\\hline\end{array}$ The domestic opportunity cost of

The impact of increasing, as opposed to constant, costs is to

Tariffs and import quotas meant to increase domestic employment also eliminate domestic jobs in export industries.

An export subsidy for a product will benefit

As a percentage of GDP, U.S. exports are

Dumping is the sale of a product in a foreign market

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

Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. Assuming no transportation costs, the United States will

A maximum limit set on the amount of a specific good that may be imported into a country over a given period of time is called a