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- Four which of the following groups of products does the U.S. rely exclusively on imports?
- Petroleum, coal, natural gas, wood
- coffee, tea, cocoa, tin
- copper, aluminum, iron, steel
- computers,
- One similarity between international and interregional trade is that in general both must overcome
- tariffs
- differences in language
- distance or space
- differences in currencies and monetary systems
- in the study of international economics we use the tools of
- microeconomic theory only
- macroeconomic theory only
- neither micro nor macro theory
- both micro and macro theory, but we also extend, adapt and integrate them
- With which of the following topics does international economics deal?
- International trade theory
- international trade policy
- the balance of payments
- adjustment to disequilibria in the balance of payments
- all of the above
- To which of the following would the mercantilists have ojected?
- Free trade
- stimulating exports
- restricting imports
- accumulation of gold by their nation
- We can best understand Smith's views on trade if we regard them as a reaction to
- a law of comparative advantage
- the mercantilist view on trade
- Ricardo's views on trade
- all of the above
- What proportion of world trade is based on absolute advantage?
- All
- most
- some
- none
- The commodity in which a nation has the least absolute disadvantage represents its area of
- comparative disadvantage
- comparative advantage
- absolute advantage
- cannot say without additional information
- With reference to Table 1.2 in Example 4, we can sya that the U.S. has a comparative advantage over the U.K. in the production of wheat because 1 labor-hour in the U.S. is
- twice as productive in C as in W
- twice as productive in W as in C
- 1.5 times more productive in W but 6 times more productive in C as in the U.K.
- 6 times more productive in W but only 1.5 times more productive in C as in the U.K.
- With reference to table 1.2 and Examples 4 and 5, indicate which of the following statements is correct
- The rate at which W exchanges for C in production in the U.S. is 2:1
- The rate at which W exchanges for C in production in the U.K. is 1:2
- Tje rate at which W exchanges for C in trade between the U.S. and the U.K. is 1:1
- All of the above
- With reference to Example 5, indicate which of the following statements is correct
- The U.S. gains 3C by trading 6W for 6C with the U.K.
- The U.K. gains 6C by exchanging 6 of its 12C for 6W with the U.S.
- The increase in the combined output of the U.S. and the U.K. when 6W are exchanged for 6C is 9C and 0W
- All of the above
- Ricardo's law of comparative advantage is based on
- the opportunity cost theory
- the labor theory of value
- the law of diminishing returns
- all of the above
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