Q37 - Question 1 1 out of 1 points Which product is a leading export of the United States Answer Selected Answer Response Feedback Question 2 1 out

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Unformatted text preview: Question 1 1 out of 1 points Which product is a leading export of the United States? Answer Selected Answer: Response Feedback: Question 2 1 out of 1 points Suppose the world economy is composed of just two countries: A and B. Each can produce steel or chemicals, but at different levels of economic efficiency. The domestic productive possibilities curves are shown in the graphs below Refer to the above graphs and information. It can be seen that: Answer Selected Answer: Response Feedback: Question 3 0 out of 1 points Tariffs and quotas are costly to consumers because: Answer Selected Answer: Response Feedback: Question 4 0 out of 1 points Refer to the above graph which shows the import demand and export supply curves for two nations that produce a product. The import demand curves for the two nations are represented by lines: Answer Selected Answer: Response Feedback: Question 5 1 out of 1 points In Germany, one worker can produce one cuckoo clock or one beer mug. In Taiwan, one worker can produce two cuckoo clocks or three beer mugs. Who has the comparative advantage in each good? Answer Selected Answer: Response Feedback: Question 6 0 out of 1 points Refer to the above graph, where S d and D d are the domestic supply and demand curves for a product. The world price of the product is $6. If this market were closed to international trade, the total revenue that would go to domestic producers would be: Answer Selected Answer: Response Feedback: Question 7 1 out of 1 points The main point of Frederic Bastiat's satire is that Answer Selected Answer: Response Feedback: Question 8 0 out of 1 points The production possibilities for country X is either 6,000 bushels of soybeans or 10,000 bushels of wheat. The production possibilities for country Y is 2,000 bushels of soybeans and 4,000 bushels of wheat. Which of the following is t rue? Answer Selected Answer: Response Feedback: Question 9 0 out of 1 points Nation Statum can produce either 800 units of chemicals or 1,600 units of clothing. Nation Timin can produce either 200 units of chemicals or 800 units of clothing Answer Selected Answer: Response Feedback: Question 10 1 out of 1 points Refer to the above table. If this economy were entirely closed to international trade, the equilibrium price and quantity would be: Answer Selected Answer: Response Feedback: Question 1 1 out of 1 points Use the table below for Country X to answer the question(s) below. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically ( Q dd ). Column 3 is the quantity supplied domestically ( Q sd ). Column 4 is the quantity demanded for imports ( Q di ). Column 5 is the quantity of exports supplied ( Q se ) Refer to the above table. At what price will there be an equilibrium in the domestic market?...
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This note was uploaded on 10/03/2010 for the course ECON 0453 taught by Professor Dongwahu during the Spring '09 term at Shoreline.

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Q37 - Question 1 1 out of 1 points Which product is a leading export of the United States Answer Selected Answer Response Feedback Question 2 1 out

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