IE-SG-Part I - VILLANOVA UNIVERSITY Villanova School of...

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VILLANOVA UNIVERSITY Villanova School of Business Department of Economics Study Guide for International Economics: Part I Economics 3109 International Economics Dr. Giordano 1. Which of the following is an example of shallow integration? a) The US reduces its tariffs on Japanese cars, but only by 1%. b) The US reduces its tariffs on Japanese cars by more than 50%. c) Both of the above. d) Neither of the above. 2. Which of the following is an example of deep integration? 3. The principle of Most Favored Nation is a core principle of the 1
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4. Compared to larger and richer nations, nations that are small and poor tend to have 5. The word autarky means a) the absence of a single international currency. b) the absence of international trade. c) the adoption of international trade policies as advocated by the mercantilists. d) to always shop globally for the lowest prices available in international markets. 6. If one day of labor in country A can assemble more laptop computers than one day of labor in country B, then country A 7. If one day of labor in country A can assemble a laptop computer at a lower opportunity cost than one day of labor in country B, then country A 2
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Answer questions 8 to 20 using the following production possibilities data for corn and coffee in the United States and Brazil. Begin by drawing graphs (on the next page) of the data in the table, which represent the annual output from one year of labor time in each country. United Sates Brazil --------------------------------------------------------- Corn (bushels) 150 200 Coffee (lbs.) 50 200 ---------------------------------------------------------
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