INTERNATIONAL TRADE: CHAPTER 2 PRACTICE
1. Which of the following is true of consumer surplus?
a. It is graphically represented as the area under the equilibrium price and above the supply curve of a good.
b. It is the net gain in economic well-
INTERNATIONAL TRADE: CHAPTER 3 PRACTICE
1. _ wrote the Wealth of Nations.
a. David Ricardo
b. Paul Samuelson
c. Adam Smith
d. Karl Marx
2. Labor productivity refers to:
a. the number of units of output that a worker can produce in one hour.
McNeese State University, Spring Semester 2015
ECON 431 A International Trade
Dr. William B. Galose
firstname.lastname@example.org (in the subject line of your email write ECON 431
and also a description of the subject of the email
Refer to the Attachment in answering the following questions. The Rest of the World will be
referred to as a country for these questions.
1. If there is no trade:
What is the US equilibrium price and quantity of widgets?
What is the Rest of the Worlds equ