Quiz - Chapters 7 and 26 (Practice)

Quiz - Chapters 7 and 26 (Practice) - Points Awarded 180.00...

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Points Awarded 180.00 Points Missed 20.00 Percentage 90.0% 1. The United States and Turkey have vastly different economies, with the United States being considerably larger in scale. Then according to the theory of comparative advantage, trade between the two countries will benefit A) only the United States. B) only Turkey. C) both countries. D) neither country. Points Earned: 5.0/5.0 Correct Answer(s): C 2. Diversity of tastes ________ trade; greater economies of scale ________ trade. A) increases, increase B) increases, decrease C) decreases, increase D) decreases, decrease Points Earned: 5.0/5.0 Correct Answer(s): A
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3. Trade is restricted because Points Earned: 5.0/5.0 Correct Answer(s): D 4. In the above figure, suppose Graceland imposes a quota of 15,000 computers a year on computer imports from Laland. What will be the price of a computer in Graceland? Points Earned: 5.0/5.0 Correct Answer(s): A
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5. Since 1930, tariff levels in the United States have Points Earned: 5.0/5.0 Correct Answer(s): A 6. The theory of comparative advantage states that a country A) with relatively low wages will only export goods. B) with relatively high wages can expect no gains from international trade. C) can increase its consumption of all goods through trade. D) can only trade freely and fairly with another country if the wage levels of the two countries are comparable. Points Earned: 5.0/5.0 Correct Answer(s): C 7. NAFTA became effective on
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Points Earned: 5.0/5.0 Correct Answer(s): C 8. Economists agree that it would be wise to protect certain industries in the United States Points Earned: 5.0/5.0 Correct Answer(s): D 9. The activities in which U.S. workers are relatively more productive
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