Quiz 7 - revised - absolute advantage c comparative...

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CORRECT ANSWERS ARE IN BOLD . 1. If the US Government restricts the quantity of sugar imports, it has imposed a(n): a. trade quota b. embargo c. trade settlement d. market hanger 2. Which of the following decreases the volume of international trade? a. removing quotas b. lower transportation costs c. removing voluntary export restraints d. increasing tariffs 3. Fill in the blank: Dr. H and his wife spend all day moving fencing and hammering out nails. By the end of the day, Ms. H can remove nails significantly faster than Dr. H. Dr. H's wife has a ______________ compared with her husband in removing nails. a. education advantage b.
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Unformatted text preview: absolute advantage c. comparative disadvantage d. specialization 4. Which if the following correctly identifies social cost? a. market price + external cost = social cost b. external cost - market price = social cost c. market price + costs of production = social cost d. negative externality + positive externality = social cost 5. An external benefit in a market will cause that market to produce: a. more than the same market would produce in the presence of a negative externality b. more than is socially desirable c. less than is socially desirable d. the socially optimal equilibrium amount...
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Quiz 7 - revised - absolute advantage c comparative...

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