homework 10_1 - Econ 2005: Principles of Microeconomics Dr....

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Homework 9 Due Date: Friday, 25 April 2008, at the end of class     Choose the one alternative that best completes the statement or answers the question and blacken the circle that corresponds  to your answer in the Scantron separately provided.    1) 
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A country  has a trade surplus when its  A) 
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exports exceed  its imports.  B) 
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exports equal its imports.  C) 
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exports are less  than its imports.  D) 
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government  spending exceeds its tax revenues.    2) 
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If both the  United  States and Canada have trade balances and the U.S. dollar appreciates against the Canadian dollar,  ceteris paribus , we  would expect a trade  A) 
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deficit in both  countries. 
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B)  surp lus in 
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surplus in  Canada. 
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D)  defi cit in    3)  A the  United  States purchasing coconuts from other countries, because  they cannot be produced in the United States. 
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United States  companies selling to other countries chemical products that cannot be sold in the United States.  C) 
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United States  consumers  buying television sets produced in Japan because Japanese companies have a reputation for producing a higher- quality TV than those produced in the United States.  D) 
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the United  States  producing more agricultural products than other countries because land is more abundant in the United States than in  other countries.    4) 
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It is  FALSE that if ________ imposes a ________, the price of cars in the United States is likely to increase.  A) 
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Japan;  voluntary export restraint  on car exports to the United States  ʺ ʺ B) 
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the United  States; quota on Japanese car imports  C) 
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Japan; subsidy  on car exports to the United States  D) 
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the United  States; tariff on Japanese car imports    Refer to the information provided in Figure 18.5 below to answer the questions that follow. Figure 18.5   5) 
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Refer to  Figure  18.5. The domestic price of oil is $35 per barrel, and the world price of oil is $30 per barrel. If the domestic government  imposes a tariff of ________ per barrel, it will eliminate all oil imports and achieve tariff revenues of ________.  A) 
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$5; zero 
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B)  $4;  $10 
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$5; $10 million 
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D)  $4;  $12    Refer to the information provided in  Figure 18.4 below to answer the  questions that follow. Figure 18.4   6)  R
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50; decrease by  50 
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B)  150; decreas
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50; increase by  50 
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  Refer to the information provided in  Figure 18.6 below to answer the  questions that follow. Figure 18.6
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This note was uploaded on 12/09/2009 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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homework 10_1 - Econ 2005: Principles of Microeconomics Dr....

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