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Question;(TCO 8) Countries engaged in international trade specialize;in production based on;relative;levels of GDP.;comparative advantage.;relative;exchange rates.;relative;inflation rates.;Question 2. Question;(TCO 8) The World Trade Organization;is;also known as the International Monetary Fund (IMF).;is;also known as NAFTA.;was established to resolve;disputes arising under world trade rules.;enhances;world trade by providing interest rate subsidies to foreign borrowers who buy;exports on credit.;Question 3. Question;(TCO 9) The current account in a nation's balance of;payments includes;its;goods exports and imports, and its services exports and imports.;foreign;purchases of domestic assets.;purchases;of foreign assets.;All;of these;Question 4. Question;(TCO 9) If the exchange rate between the U.S. dollar and the;Japanese yen is $1 = 200 yen, then the dollar price of the yen is;Student Answer: CORRECT $.005.;$.05.;$.50.;$5.;Question 5. Question;(TCO 9) In recent years, the United States has had large;current;account surpluses.;capital and financial account;deficits.;balance-of-trade deficits.;balance-of-payments;surpluses.;Question 6. Question;(TCO 9) When the U.S. dollar decreases in value relative to;foreign currencies the;Demand;for U.S. exports will decrease;Supply;of U.S. exports will decrease;Demand for U.S. exports will;increase;Supply;of U.S. exports will remain constant;Question 7. Question;(TCO 8) If a nation has a comparative advantage in the;production of X, this means the nation;cannot;benefit by producing and trading this product.;must give up less of other goods;than other nations in producing a unit of X.;has;a production possibilities curve identical to those of other nations.;is;not subject to increasing opportunity costs.;Question 8. Question;(TCO 8) Refer to the graphs below. These production-possibilities curves;Graph Description;demonstrate;that there can be gains from specialization and trade between the two nations.;reflect;the law-of-increasing-opportunity costs.;reflect;the law-of-diminishing-marginal utility.;imply;that specialization will be incomplete.;Question 9. Question;(TCO 9) The Group of Eight (G8) Nations which periodically;have jointly intervened to influence the value of the dollar include;Canada;U.S., France, Britain, Russia, Mexico, Germany, and Brazil.;Canada, U.S., France, Japan;Italy, Germany, Russia, and Great Britain.;Canada;U.S., Mexico, Brazil, Argentina, Peru, Uruguay, and Chile.;Italy;France, Britain, Germany, Netherlands, Norway, Russia, and Sweden.;Question 10. Question;(TCO 8) In recent years the United States has;exported;more services abroad than it has imported.;had;a small goods trade surplus with Japan.;had;a large goods trade surplus with the rest of the world.;maintained;an overall trade surplus (goods and services combined) with the rest of the;world.;Question 11. Question;(TCO 8 and 10) Evaluate the statement: ?Restricting imports;from other nations will save U.S. jobs.? Include both advantages and;disadvantages in you argument.;Question 12. Question;(TCO 9) How would a substantial appreciation in the European;euro in the foreign exchange market affect the quantity of imports of European;products by the U.S.? How would such an;appreciation of the European euro affect travel by Americans to Europe?


Paper#55581 | Written in 18-Jul-2015

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