A common market has all of the following characteristics EXCEPT the absence of? O a. Common monetary and fiscal policy O b. Free factor mobility O c. Common external trade policy O d. Free intra regional trade &

A common market has all of the following characteristics EXCEPT the absence of? O a. Common monetary and fiscal policy O b. Free factor mobility O c. Common external trade policy O d. Free intra regional trade &

Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781305971509

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains Rrom Trade

Section: Chapter Questions

Problem 9PA

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The consumption possibilities frontier shows O a. a nation's opportunity cost of producing different goods for consumption. O b. possible mbinations of goods that residents of a nation consume at different income levels. O c. a nation's possible combinations of how much of one good exchanges for another. O d. the difference between the most that consumers would pay for a good and the actual amount they pay. possible combinations of goods available as a result of specialization and exchange. O e. a nation's bike 2 A H bike 2.jpg bike jpg.jpg * H a 5 6 & 7 + 00 8 f10 Save
24 of 38 For each hour worked, a U.S. worker can produce 4 loaves of bread, or 2 tons of steel. Canadian workers can produce 2 loaves of bread, or 1 ton of steel per hour. The information indicates that: O A. Canada has comparative advantage in steel, and the U.S. has comparative advantage in bread. O B. neither country has comparative advantage in steel or bread. O C. Canada has comparative advantage in bread, and the U.S. has comparative advantage in steel. O D. the U.S. has comparative advantage in both steel and bread. Unsure
Which of the following is NOT a benefit from trade? O a. the ability to specialize O b. an increase in the variety of goods and services available O c. reduced competition O d. lower prices
Which of the following is true about BRIC countries: a. There is low prospects of growth O b. To attain raw materials you will outsource to Bangladesh O c. There is low investment O d. There are high growth rates which may not be seen in North America Google is pursuing a global brand web strategy and must be mindful of the cultural and language differences across countries. Select one: O True O False occurs when a company exports to a foreign market at a price that is either lower than the domestic prices in that country or less than the cost of production.
All changes saved 2. Which of the following were problems within the Eastern European economy once the Soviet Union demanded that factories be built and that manufacturing, instead of farming, become the major industry there? Select all that apply. O a. There was a surplus of goods in the region. O b. Export levels increased. O c. Workers did not care about customer satisfaction. O d. Factories created dangerous air pollution. O e. Technology was not kept up-to-date.
Which is NOT TRUE regarding the diffusion of the printing press and printed books in Europe? O It helped the free exchange of ideas. O It helped facilitate the Italian Renaissance. It increased the importance of clergy in the production of knowledge, since they owned the presses. It helped destabilize traditional society. O Printing brought literacy to adults, especially males as female literacy lagged far behind.
01 20 wered For each fancy dress Cafilla produces, it gives up the opportunity to make 50 pounds of cheese. Bodoni can produce one fancy dress for every 100 pounds of cheese it produces. If specialization and trade were to occur between these two countries, which of the following would be consistent with the theory of comparative advantage? O a. Bodoni has the comparative advantage in only dresses. O b. Cafilla has the comparative advantage in only cheese. O c. Cafilla has the comparative advantage in only dresses. O d. Bodoni has the comparative advantage in dresses and cheese. O e. Cafilla has the comparative advantage in dresses and cheese. D AssignmentMain.do?takeAssignmentSession Locator assignment-take,0896c4f4-0518-431a-b10a-1cd73a8289c4# Show -9 bike 2 bike jpg.jpg bike 2.jpg T ▬▬ 6:5 6/12/2 ➡+ prt so R % 5 L G B O Y I & 7 x 8 l J C IAA 00 M 9 K fio ► 11 O ENG S D
A. Did you follow the still ongoing discussion about free trade in the recent election cycle? Do you thinkthat the USA is tending toward a mercantilist approach and likely to impose restrictions on foreign tradeover the next few years?B. Do you agree or disagree with Adam Smith that we are better off with some form of free trade, thanwould be the case if each country raised or lowered tariffs based on its own economic needs and politicalphilosophy? Provide a logical reason for your answer.Not at all Somewhat Completely1 2 3 4 5 6 7 8 9 10C. Thomas Freedman made the following statement in the “World is Flat”. He maintains that technologymakes it possible to compete with, or collaborate with anyone, anywhere in the world. Globalization, heargued is both inevitable and desirable. The winners says Freedman, will be the countries andcompanies that can respond quickly to change and that the loser will be those who are slow to do so.“Whatever our political and philosophical points of view we…
21. According to David Ricardo, O A. If countries specialize where they have a comparative advantage and trade, all groups in their economies will benefit equaly OB. If countries specialize where they have a comparative advantage and trade, their efficiency and standard of living can improve O C. If countries specialize where they have an absolute advantage and trade, their efficiency and standard of living can improve O D. Countries should strive to develop their absolute advantage to benefit from trade with other countries
7. Nations conduct international trade because: а. Some nations prefer to produce one thing while others produce other things. b. Trade enhances opportunities in all trading nations C. Interest rates are not identical in all trading nations. O d. Resources are not equally distributed among all trading nations.
QUESTION 1 Policies for controlling toxic emissions include the following: OA Controlless of toxic airborne absorptions B. Control of waterborne toxics C. All of the answers D. The toxic release absence QUESTION 2 The impacts of economic growth on environment are equal for the related countries O True False QUESTION 3 Sovereignty is jeopardized as result of globalization O True False QUESTION 4 Environmental Impacts of Globalization NOT include: A. Increase trade worldwide O B. National polution C. Environmental Regulations as Trade Restrictions D. GDP if depends on trade might lead for trade sanctions
9. Answer ALL parts of this question. Consider the standard trade model with two goods and two factors, labour and capital. (a) Suppose that a country experiences an increase in its labour force. Assume thatgood X is labour intensive and good Y is capital intensive. How would theproduction possibility frontier change as a result? Illustrate this with a simplediagram. (b) What does it mean for the “terms of trade” to improve and why might this matter interms of welfare? (c) Consider two countries: Home and Foreign. Each country produces two goods,cloth (C) and food (F). Assume Home is an exporter of cloth. Now suppose Homeimposes a 20 percent tariff on the value of food imports. What will be the effect ofthe food tariff on the relative price of cloth and terms of trade? Illustrate youranswer with a relevant diagram. You may assume that Home is large enough toaffect the world market.