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1. If we restrict our imports (Points 5) a greater
1. If we restrict our imports: (Points: 5) a greater tariff will be imposed. our exports will decline. we would have very little support from economists. we would definitely solve all our trade problems. 2. A hollow corporation: (Points: 5) makes goods abroad and ships them to the United States. makes goods in the United States and ships them abroad. imports foreign goods and puts its own name on them. makes goods in the United States and has them sold abroad under another company's name. 3. The economics profession nearly unanimously backs: (Points: 5) a balance of trade deficit. budget surpluses. budget deficits. free trade. 4. When only a specified amount of a good can be imported into a country during a year, that good is subject to a(n): (Points: 5) subsidy. tariff. quota. export restriction. 5. At the core of the American trade problem is that: (Points: 5) Americans spend too much on consumption. the dollar is too low. the Japanese are excluding American products by means of high protective tariffs. American manufacturers are too quality conscious and should instead concentrate on reducing costs. 6. The principle of comparative advantage: (Points: 5) applies only when the gold standard is in effect. is the basic reason that the United States has been running trade deficits. states that it is advantageous to export more than you import. states that total output is greatest when each product is made by the country that has the lowest opportunity cost. 7. The least applicable argument for protection of U.S. industry against foreign competition is the __________ argument. (Points: 5) national security infant industry low wage employment 8. The Chinese economic expansion since the early 1980s and the Japanese economic expansion from the late 1940s through the 1980s were: (Points: 5) virtually identical. both dependent on the American market. based in the economic principles of Karl Marx. based on closing their domestic markets to American goods and services. 9. Tariffs and quotas result in: (Points: 5) a rise in the price that consumers in the importing country must pay. an over allocation of resources to relatively efficient industries. an increase in the foreign demand for domestically produced goods. an under allocation of resources to relatively inefficient industries. 10. Who does NOT gain when a tariff is imposed? (Points: 5) Domestic producers of the good Domestic workers in the protected industry Domestic consumers of the good Domestic suppliers in the protected industry 11. Since 1900, international finance has been based on all of these EXCEPT: (Points: 5) the gold standard. the silver standard. fixed exchange ratios. freely floating exchange rates. 12. A U.S. importer of French wine would pay in: (Points: 5) dollars. gold. euros. special drawing rights. 13. Depreciation of the dollar relative to the yen means that the: (Points: 5) dollar price of the yen has fallen. yen prices of Japanese goods have increased to the Japanese. dollar prices of imported goods from Japan have increased. yen are less expensive to Americans. 14. Appreciation of the euro relative to the dollar means that the: (Points: 5) dollar price of the euro has fallen. euro price of gold has risen. euro prices of U.S. goods exported to the nation's that adopted the euro as its currency have fallen. euro is cheaper for Americans. 15. Which statement is true? (Points: 5) The U.S. is both the world's leading creditor nation and the leading debtor nation. The U.S. is neither the world's leading creditor nation nor the world's leading debtor nation. The U.S. is the world's leading creditor nation and not the world's leading debtor nation. The U.S. is the world's leading debtor nation and not the world's leading creditor nation. 16. If the foreign exchange rate of $1 is equivalent to 5 Swiss francs, then 1 Swiss franc is worth: (Points: 5) $5. 50 cents. 20 cents. 5 cents. 17. Under a system of freely flexible (floating) exchange rates an American trade deficit with Mexico will tend to cause: (Points: 5) the United States government to ration pesos to American importers. a flow of gold from the United States to Mexico. an increase in the peso price of dollars. an increase in the dollar price of pesos.
The demise of the gold standard led to: (Points: 5)
more international trade.
greater and greater devaluation.
freely floating exchange rates.
The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the: (Points: 5)
balance of income statement.
balance of payments.
balance of trade.
Which statement if false? (Points: 5)
If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an absolute advantage.
Economists dislike both tariffs and import quotas.
Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently.
No nation will engage in trade with another nation unless it will gain by that trade.
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