Project #34668 - Microeconomics

20 questions dont guess she needs high grade last two times she only got 65 on here 

 

 

Question 1 of 20

5.0 Points

A(n. __________ is a tax on an imported good.

  A. tariff              

  B. import quota             

  C. voluntary export restraint    

  D. export quota

Question 2 of 20

5.0 Points

A possible reason a nation might impose a protectionist policy such as a tariff is to __________ .

  A. help domestic firms establish a world monopoly in a particular market           

  B. increase the level of imports              

  C. encourage specialization in the good in which the nation has a comparative advantage           

  D. increase the welfare of domestic consumers

 

Question 3 of 20

5.0 Points

Which of the following situations will arise in the domestic market following the imposition of an import quota?

  A. imports increase, domestic production decreases, prices decrease  

  B. imports decrease, domestic production increases, prices decrease  

  C. imports decrease, domestic production decreases, prices increase  

  D. imports decrease, domestic production increases, prices increase

 

Question 4 of 20

5.0 Points

According to the infant industry argument for trade protectionism, __________ .

  A. trade barriers must be used to protect domestic workers     

  B. new industries need to be shielded from competition in the early stages of learning by doing             

  C. tariffs imposed to aid new industries should never be removed        

  D. new industries are capable of competing with established rivals

 

Question 5 of 20

5.0 Points

If Italy can produce grapes at a lower opportunity cost than any other nation, Italy is said to have a(n. __________ in the production of grapes.

  A. autarky        

  B. absolute advantage                

  C. comparative disadvantage   

  D. comparative advantage

Question 6 of 20

5.0 Points

Import bans, import quotas, voluntary export restraints, and tariffs on goods all __________ .

  A. increase equilibrium quantity and prices       

  B. decrease equilibrium quantity and prices      

  C. increase equilibrium quantities, but decrease prices                

  D. decrease equilibrium quantities, but increase prices

 

Question 7 of 20

5.0 Points

As a whole, nations are better off after trade and specialization because __________ .

  A. nations can consume along their consumption possibilities curve, which is outside of their production possibilities curve    

  B. nations can consume along their consumption possibilities curve, which is inside of their production possibilities curve    

  C. nations can consume along their production possibilities curve, which is outside of their consumption possibilities curve    

  D. nations experience an inward shift of their production possibilities curve

 

Question 8 of 20

5.0 Points

A possible reason a nation might impose a protectionist policy such as a tariff is to __________ .  

  A. increase the level of imports              

  B. protect an infant industry from foreign competitors                

  C. encourage specialization in the good in which the nation has a comparative advantage           

  D. slow domestic production

 

Question 9 of 20

5.0 Points

Which of the following situations will arise in the domestic market following the imposition of a tariff?  

  A. imports decrease, domestic production increases, prices increase    

  B. imports increase, domestic production increases, prices increase      

  C. imports increase, domestic production decreases, prices decrease  

  D. imports decrease, domestic production increases, prices decrease

 

Question 10 of 20

5.0 Points

Which of the following statements is true?  

  A. Free trade will benefit all workers in a nation equally.             

  B. As a result of specialization some workers will be displaced and harmed in the short run by free trade.           

  C. Free trade leads to lower wages for all workers in both nations.        

  D. Specialization will result in a decline in an industry, and none of those workers will be able to find other jobs.

 

Question 11 of 20

5.0 Points

The relative amounts of the goods that will be exchanged for each other in trade refers to the nations' __________ .

  A. absolute advantages              

  B. terms of trade           

  C. production possibilities         

  D. autarky status

 

Question 12 of 20

5.0 Points

Suppose Belgium produces only two goods, chocolate and lace. If Belgium has a comparative advantage in lace, a move toward free trade will __________ .

  A. benefit chocolate workers, harm lace workers in the short run, but benefit the nation as a whole     

  B. harm chocolate workers in the short run, benefit lace workers, but benefit the nation as a whole     

  C. harm chocolate workers in the short run, harm lace workers, but benefit the nation as a whole         

  D. benefit chocolate workers, harm lace workers in the short run, but harm the nation as a whole

 

Question 13 of 20

5.0 Points

Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will __________ .

  A. harm hat workers, benefit banana workers, but benefit the nation as a whole           

  B. harm hat workers, harm banana workers, but benefit the nation as a whole                

  C. benefit hat workers, harm banana workers, but harm the nation as a whole                

  D. benefit hat workers, harm banana workers, but benefit the nation as a whole

 

Question 14 of 20

5.0 Points

Which of the following situations will arise in the domestic market following the removal of an import quota?

  A. imports increase, domestic production increases, prices increase     

  B. imports increase, domestic production decreases, prices decrease  

  C. imports decrease, domestic production increases, prices decrease  

  D. imports decrease, domestic production decreases, prices increase

 

Question 15 of 20

5.0 Points

For a nation to have __________ in producing a good, it must have a lower opportunity cost of producing that good than the other country.

  A. a comparative advantage     

  B. an absolute advantage          

  C. an autarky advantage            

  D. both a comparative advantage and an absolute advantage

 

 

Question 16 of 20

5.0 Points

Suppose there are only two nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 50 per day. If Atlantis produces only kayaks, it can make 75 per day. If Pacifica produces only surfboards, it can make 75 per day. If Pacifica produces only kayaks, it can make 75 per day. After trade begins, __________ will specialize in the production of surfboards and __________ will specialize in the production of kayaks.

  A. Atlantis; Atlantis       

  B. Pacifica; Pacifica        

  C. Atlantis; Pacifica       

  D. Pacifica; Atlantis

 

 

Question 17 of 20

5.0 Points

Exporting nations often agree to voluntary export restraints in an attempt to __________ .  

  A. employ more workers in the importing nation           

  B. avoid more restrictive trade policies                

  C. increase global welfare         

  D. decrease inflation

 

Question 18 of 20

5.0 Points

An import ban results in __________ .

  A. a decrease in the supply of the product        

  B. an increase in the product's price     

  C. a decrease in the quantity of the product bought and sold   

  D. all of the above

 

Question 19 of 20

5.0 Points

Suppose there are only two nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 27 per day. If Atlantis produces only kayaks, it can make 18 per day. If Pacifica produces only surfboards, it can make 32 per day. If Pacifica produces only kayaks, it can make 24 per day. After trade begins, __________ will specialize in the production of surfboards and __________ will specialize in the production of kayaks.

  A. Atlantis; Atlantis       

  B. Pacifica; Atlantis       

  C. Atlantis; Pacifica       

  D. No trade will occur.

 

Question 20 of 20

5.0 Points

The consumption possibilities curve shows the combinations of goods that can be __________ .

  A. consumed by a nation before trade begins  

  B. consumed by a nation after trading begins   

  C. produced by a nation before trading begins

 

  D. produced by a nation after trade begins

Subject Mathematics
Due By (Pacific Time) 07/04/2014 10:00 am
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