Question 1

Imposing tariffs in cases of dumping

Accepted Answer

A)  is allowed under the WTO agreement.
B)  is not allowed under the WTO agreement.
C)  is not addressed by the WTO agreement.
D)  has never occurred,even though it is allowed under the WTO agreement.E) None of the above
F) A) and B)

Question 2

Exports are domestically produced goods and services

Accepted Answer

A)  sold to other countries.
B)  sold to the government.
C)  sold at home.
D)  which are used to produce other goods and services.E) B) and C)
F) B) and D)

Question 3

What are three primary reasons for the growth of international trade over the past 50 years?

Accepted Answer

The increase in trade is the r...

Question 4

Once a country has lost its comparative advantage in producing a good,its income will be ________ and its economy will be ________ if it switches from producing the good to importing it.

Accepted Answer

A)  higher;less efficient
B)  higher;more efficient
C)  lower;less efficient
D)  lower;more efficientE) B) and C)
F) C) and D)

Question 5

Table 13-3
  Bryce and Tina are artisans who produce homemade candles and soap.Table 13-3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month.
-Refer to Table 13-3.Select the statement that accurately interprets the data in the table.

Accepted Answer

A)  Tina has a comparative advantage in making soap.
B)  Bryce has a comparative advantage in making soap.
C)  Tina has a comparative advantage in making candles and making soap.
D)  Neither Bryce nor Tina has a comparative advantage in making soap.E) B) and D)
F) A) and C)

Question 6

Selling a product at a price below its cost is known as dumping.

Accepted Answer

A) True 
 B)False

Question 7

If Japanese workers are more productive than French workers,then trade between Japan and France

Accepted Answer

A)  can take place only if France has an absolute advantage in producing a good or service Japanese buyers want.
B)  cannot take place because Japanese goods and services will be less expensive than French goods and services.
C)  cannot take place until French workers become more productive.
D)  will take place so long as each country has a comparative advantage in a good or service that buyers in the other country want.E) None of the above
F) A) and D)

Question 8

What does it mean for a country to have an absolute advantage in producing a product?

Accepted Answer

A country has an absolute adva...

Question 9

Table 13-6

Denmark and Belize can produce both clocks and hats.Table 13-6 shows the production and consumption quantities without trade,and the production numbers with trade.
-Refer to Table 13-6.If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded,how many clocks will Belize consume?

Accepted Answer

A)  150
B)  270
C)  930
D)  1200E) A) and B)
F) A) and C)

Question 10

A quota is the same as a voluntary export restraint.

Accepted Answer

A) True 
 B)False

Question 11

Table 13-2
  
Sarita and Gabriel own S&G Bakery.Table 13-2 lists the number of pies and cakes Sarita and Gabriel can each bake in one day.
-Refer to Table 13-2.Select the statement that accurately interprets the data in the table.

Accepted Answer

A)  Sarita has a comparative advantage in baking pies.
B)  Gabriel has an absolute advantage in baking cakes.
C)  Gabriel has a comparative advantage in baking pies.
D)  Gabriel has a comparative advantage in baking pies and baking cakes.E) All of the above
F) C) and D)

Exam 13: International Trade

Table 13-3 Bryce and Tina are artisans who produce homemade candles and soap.Table 13-3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month. -Refer to Table 13-3.Select the statement that accurately interprets the data in the table.

Correct Answer
verified

Imposing tariffs in cases of dumping

Correct Answer
verified

Correct Answer
verified

What are three primary reasons for the growth of international trade over the past 50 years?

Correct Answer
verified
The increase in trade is the r...
View Answer

What does it mean for a country to have an absolute advantage in producing a product?

Correct Answer
verified
A country has an absolute adva...
View Answer

Table 13-2 Sarita and Gabriel own S&G Bakery.Table 13-2 lists the number of pies and cakes Sarita and Gabriel can each bake in one day. -Refer to Table 13-2.Select the statement that accurately interprets the data in the table.

Correct Answer
verified

A quota is the same as a voluntary export restraint.

Correct Answer
verified

Once a country has lost its comparative advantage in producing a good,its income will be and its economy will be if it switches from producing the good to importing it.

Correct Answer
verified

Selling a product at a price below its cost is known as dumping.

Correct Answer
verified

Exports are domestically produced goods and services

Correct Answer
verified

If Japanese workers are more productive than French workers,then trade between Japan and France

Correct Answer
verified

Exam 13: International Trade

Table 13-3 Bryce and Tina are artisans who produce homemade candles and soap.Table 13-3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month. -Refer to Table 13-3.Select the statement that accurately interprets the data in the table.

Correct AnswerverifiedShow Answer

Imposing tariffs in cases of dumping

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What are three primary reasons for the growth of international trade over the past 50 years?

Correct AnswerverifiedThe increase in trade is the r...View AnswerShow Answer

What does it mean for a country to have an absolute advantage in producing a product?

Correct AnswerverifiedA country has an absolute adva...View AnswerShow Answer

Table 13-2 Sarita and Gabriel own S&G Bakery.Table 13-2 lists the number of pies and cakes Sarita and Gabriel can each bake in one day. -Refer to Table 13-2.Select the statement that accurately interprets the data in the table.

Correct AnswerverifiedShow Answer

A quota is the same as a voluntary export restraint.

Correct AnswerverifiedShow Answer

Once a country has lost its comparative advantage in producing a good,its income will be ________ and its economy will be ________ if it switches from producing the good to importing it.

Correct AnswerverifiedShow Answer

Selling a product at a price below its cost is known as dumping.

Correct AnswerverifiedShow Answer

Exports are domestically produced goods and services

Correct AnswerverifiedShow Answer

If Japanese workers are more productive than French workers,then trade between Japan and France

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The increase in trade is the r...
View Answer

Correct Answer
verified
A country has an absolute adva...
View Answer

Correct Answer
verified

Correct Answer
verified

Once a country has lost its comparative advantage in producing a good,its income will be and its economy will be if it switches from producing the good to importing it.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified