Chapter_33 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 33 > Self-Study Quiz Date/Time  Submitted: February 9, 2012 at 6:22 AM  (UTC/GMT) Summary of Results 28% Correct  of 40 Scored items: 11 Correct:  28% 29 Incorrect:  73% 4 questions not scored. 40 scored questions. More information about scoring 1. Which economies are affected by  other economies and by events  outside their borders?  Your Answer: Usually small economies. Correct Answer: All economies, regardless of their    Incorrect. All economies, regardless of their size, depend to some extent on other  economies and are affected by events outside their borders. 2. When does a country run a trade  surplus? Your Answer:   Correct. When a country exports more than it imports, it runs a trade surplus. When a  country imports more than it exports, it runs a trade deficit.
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3. The trade situation of the United  States changed significantly in 1976,  when the country began to  experience continuous: Your Answer: Trade surpluses. Correct Answer: Trade deficits.   Correct. Before 1976 the United States generally ran a trade surplus. This changed in  1976, and since 1976 the United States has run a trade deficit. The deficit reached a local  peak of $145.2 billion in 1987, fell to $27.5 billion in 1991, and then rose dramatically to  over $600 billion by 2004. 4. The collective set of restrictions  known as Corn laws around the  nineteenth century in Great Britain  had the purpose of: Your Answer: Discouraging exports. Correct Answer: Protecting landlords’ incomes.   Incorrect. For a number of years, imports and exports of grain had been subject to a set of  tariffs, subsidies, and restrictions collectively called the Corn Laws. Designed to  discourage imports of grain and to encourage exports, the Corn Laws’ purpose was to  keep the price of food high. The Corn Laws clearly worked to the advantage of those in  power. 5. Ricardo’s theory of comparative  advantage states that specialization  and free trade will benefit: Your Answer: Only partners in trade that have a Correct Answer: All trading partners, even those th efficient producers.
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  Incorrect. Ricardo’s theory that specialization and free trade will benefit all trading partners  (real wages will rise), even those that may be absolutely less efficient producers. 6.
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This note was uploaded on 02/09/2012 for the course ECONOMY 101 taught by Professor Zaier during the Spring '11 term at Qatar University.

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Chapter_33 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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