E452exs1F10

E452exs1F10 - Name FIRST MIDTERM EXAM Economics 452...

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N a m e F IRST M IDTERM E XAM Economics 452 International Trade Theory and Policy Fall 2010 -1- WORLD TRADE 1. Which of the following is NOT one of the three largest trading partners of the United States? a. China b. Mexico c. Saudi Arabia d. Canada e. b and c 2. That US imports from China are $338 billion while exports from the United States to China are only $67 billion is called what? a. Trade balance positive so a trade surplus b. Trade balance negative so a trade deficit c. Trade balance even so neither a trade surplus nor deficit d. Both a trade deficit and surplus e. Balance of payments surplus 3. About 68% of Texas imports come from – and about 32% of Texas exports go to – which country? a. China b. Mexico c. Canada d. Venezuela e. Saudi Arabia 4. If Texas were a nation, it would rank in the ________ exporters. a. Top 5 b. Top 10 c. Top 20 d. Top 100 e. Top 200
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-2- 5. On the graph of country shares of EU trade with the United States versus their shares of EU gross domestic product (GDP), when add Mexico and Canada, where do they appear? a. Both are below the line for the EU countries b. Both are quite near the line for the EU countries c. Both are above the line for the EU countries d. Mexico is above the line and Canada below e. Canada is above the line and Mexico below 6. The United States trades more with countries that a. Have minimal cultural ties b. Are smaller in terms of their GDP c. Have few ocean harbors and lots of mountain ranges d. Are closer in distance e. b and d 7. Which statement about trade as a percentage of GDP with British Columbia (BC) is FALSE? a. Alberta trades more with BC than Washington b. Saskatchewan trades more with BC than Montana c. Manitoba trades more with BC than California d. Ohio trades more with BC than Ontario e. Quebec trades more with BC than New York 8. What brought the first wave of globalization to an end? a. Revolutionary War b. Civil War c. World War I d. Korean War e. Vietnam War
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-3- RICARDIAN MODEL 9-12. Chairs and tables are produced with labor. Suppose when move from autarky to free trade, the relative price of tables to chairs rises in Italy. 9. The relative price of chairs to tables in the absence of trade must be ________ in Italy compared to France. a. Higher b. Lower c. The same d. Higher or the same e. Lower or the same 10. France has comparative advantage in a. Only tables b. Only chairs c. Both tables and chairs d. Neither tables nor chairs e. Cannot tell from the information provided 11. Italy exports a. Only tables b. Only chairs c. Both tables and chairs d. Neither tables nor chairs e. Cannot tell from the information provided 12. If France has a better technology than Italy for both goods, the wage in France will be _________ the wage in Italy under free trade.
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E452exs1F10 - Name FIRST MIDTERM EXAM Economics 452...

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