Quiz Answer Key - Quiz 4 Name According to the text 1 Do...

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Quiz 4 Name_____________ According to the text: 1. Do most American economists (more than 50%) support trade barriers? No 2. Do most Americans citizens (more than 50%) support trade barriers? Yes 3. Do most countries have trade barriers? Yes 4. Has the level of trade barriers internationally been fairly consistent over time? No 5. According to the Hecksher-Olin theory, countries that are relatively abundant in land and labor will (circle one: import / export) manufactured products. Import 6. According to the Hecksher-Olin/Stopper Samuelson theory, individuals whose wealth derives primarily from resources that are abundant in their country will tend to (circle one: favor / oppose ) protection. Oppose 7. Would the Stopper Samuelson theory predict that a janitor working for Microsoft, a capital intensive industry—would support free trade? No . You need to be able to understand why this is true (Stoper-Samuleson assumes wages are set by supply and demand for the factors of production, etc) 8. An economically developed country with a high land to labor ratio (like Canada)
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