CH 31 Int Trade Policy Midterm - University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor Michael G Lanyi CH

CH 31 Int Trade Policy Midterm - University of Lethbridge...

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University of Lethbridge Department of Economics ECON 1012 Introduction to Macroeconomics Instructor: Michael G. Lanyi CH 31 1) Goods and services that we buy from other countries are our A) balance of payments. B) exports. C) imports. D) terms of trade. E) comparative goods and services. 2)The goods and services we sell to people in other countries are our A)tariffs.B)quotas.C)exports.D)imports.E)investment goods and services. 3)The fundamental force that drives international trade is 4)The fundamental force that drives international trade is 5)A country 6)Canada has a comparative advantage in producing airplanes if A)it can produce them at a lower dollar cost than another country.B)it can produce a larger quantity than another country.C)it has a larger quantity of skilled workers than another country.D)it can produce them at a higher opportunity cost than another country.E)it can produce them at a lower opportunity cost than another country. 1
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7) Prior to international trade, if the price of good X is lower in country A than in country B, A) country B has an absolute advantage in the production of good X . B) country B has a comparative advantage in the production of good X . C) country A has an absolute advantage in the production of good X . D) country A has a comparative advantage in the production of good X . E) country B should stop producing good A. 8)Which of the following statements about Canada's international trade in 2008 is correct?
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