samplepractice-exam-12-april-2014-questions

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Sample/practice exam 12 April 2014, questions International Trade (York University) Distributing prohibited | Downloaded by Cassie Zhang ([email protected]) lOMoARcPSD
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YORK UNIVERSITY FACULTY OF LIBERAL ARTS AND PROFESSIONAL STUDIES DEPARTMENT OF ECONOMICS International Trade - AP/ECON 3150 3.00 N Practice Midterm 2 Exam ________________________________________________________ Course director: Tsvetanka Karagyozova Allotted time: 75 minutes Total marks: 100 marks Instructions: The exam is worth 100 points. The exam consists of 2 sections: I. Multiple Choice Questions (60 % of your grade); II. Short Answers (40 % of your grade). Section I Instructions: There are 24 multiple-­‐choice questions, each worth 2.5 points. Identify the letter of the choice that best completes the statement or answers the question. Section II Instructions: Answer any 2 of the 3 questions. Each question is worth 20 points. Provide a brief explanation to your answer for complete credit. Use proper terminology. Answer the multiple-­‐choice questions on the provided Scantron sheet. Answer the short-­‐answer questions in the provided examination answer book. Submit the examination answer book together with your Scantron sheet and these instructions. You can write in pen or pencil but please note that I will not consider regrading the short answers if they are written in pencil. No cell phones please. Only non-­‐programmable calculators are allowed. Please write legibly . Work independently. G OOD L UCK ! YORK ID______________________ NAME:__________________________________________________ Distributing prohibited | Downloaded by Cassie Zhang ([email protected]) lOMoARcPSD
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2 I. M ULTIPLE -­‐C HOICE Q UESTIONS Identify the letter of the choice that best completes the statement or answers the question. Record your answers on the provided Scantron sheet. Only the Scantron answers will be considered towards your grade. Each question has only ONE correct answer. If two answers are selected, you will get zero credit on the question. 1. The figure above illustrates the causes and effects of international labour mobility between two countries Home and Foreign (*). The initial allocation of labour has OL 1 workers in Home and O*L 1 workers in Foreign. Given the initial allocation, labour can be expected to migrate from Home to Foreign until A) nominal wages are equalized in the two countries. B) real wages are equalized in the two countries. C) the Foreign and Home labour forces are equalized. D) workers in Foreign use the political process to stop it. E) Home rids itself of disgruntled workers. Answer: B
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