practice exam for exam 2 spring 2013 - Exam 2 Multiple...

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Intermediate Algebra Within Reach
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Chapter 2 / Exercise 31
Intermediate Algebra Within Reach
Larson
Expert Verified
Exam 2Multiple ChoiceIdentify the choice that best completes the statement or answers the question.____1.When a country allows trade and becomes an importer of a good,a.both domestic producers and domestic consumers become better off.b.domestic producers become better off, and domestic consumers become worse off.c.domestic producers become worse off, and domestic consumers become better off.d.both domestic producers and domestic consumers become worse off.
____2.When a country that imports a particular good imposes an import quota on that good,
____3.The sign on a church in your neighborhood reads “All are welcome at Sunday Service.” Because the church has limited seating and is usually full, the Sunday Service is
Figure 10-1____4.Refer to Figure 10-1. This graph represents the tobacco industry. The socially optimal price and quantity are
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Intermediate Algebra Within Reach
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Chapter 2 / Exercise 31
Intermediate Algebra Within Reach
Larson
Expert Verified
____5.Critics of free trade sometimes argue that allowing imports from foreign countries causes a reduction in the number of domestic jobs. An economist would argue thata.foreign competition may cause unemployment in import-competing industries, but the effect is temporary because other industries, especially exporting industries, will be expanding.b.foreign competition may cause unemployment in import-competing industries, but the increase in consumer surplus due to free trade is more valuable than the lost jobs.c.the critics are correct, so countries must protect their industries with tariffs or quotas.d.foreign competition may cause unemployment in import-competing industries, but the increase in the variety of goods consumers can choose from is more valuable than the lost jobs.
____6.Some goods can be either common resources or public goods depending on

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