sample_midterm1 - Economics 436 Fall 2011 Last Years...

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Economics 436 Fall 2011 Last Year s Midterm I I. Multiple Choices 1. Today more than 50% of developing countries’ exports are a. Agricultural goods b. Mineral goods c. Services d. Manufactured goods 2. Which of the following countries’ share of trade with the U.S. is less than its share of EU GDP? a. Spain b. Belgium c. Germany d. United Kingdom 3. India and Pakistan produce oranges and pears. Hours of labor required to produce 1 kilo of oranges Hours of labor required to produce 1 kilo of pears India 1 4 Pakistan 3 5 According to the table, a. India has a comparative advantage in both goods b. India has comparative advantage in pears c. India has a comparative advantage in oranges d. Pakistan has an absolute advantage is oranges 4. In the previous problem, the pre-trade relative price of oranges in India is a. 0.25 b. 0.5 c. 1 d. 4 5. The first wave of globalization happened with a. Marco Polo’s voyage to China b. the discovery of North America c. the advent of railroads, steamships and telegraphs
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d. the advent of jets and the internet 6. In the Ricardian model with more than 2 goods, the world relative labor supply curve is a. Upward sloping b. Downward sloping c. Horizontal d. Vertical 7. The Heckscher-Ohlin model does NOT predict a. The pattern of trade b. The volume of trade
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This note was uploaded on 02/02/2012 for the course ECON 436 taught by Professor Mingmeijones during the Spring '11 term at Binghamton University.

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sample_midterm1 - Economics 436 Fall 2011 Last Years...

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