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devry eco312 week 7 quiz




Question;Quiz;Question 1.1. (TCO 8) Countries engaged in international;trade specialize in production based on (Points: 1);relative levels;of GDP.;comparative;advantage.;relative;exchange rates.;relative;inflation rates.;Question 2.2. (TCO 8) Suppose the United States sets a limit;on the number of tons of sugar that can be imported each year. This is an example of a(n) (Points: 1);protective;tariff.;revenue tariff.;voluntary;export restriction.;import quota.;Question 3.3. (TCO 9) Which of the following is not included;in the current account of a nation's balance of payments? (Points: 1);Its goods;exports;Its goods;imports;Its net;investment income;Its purchases;of real assets abroad;Question 4.4. (TCO 9) Appreciation of the Canadian dollar;will (Points: 1);intensify an;existing disequilibrium in Canada's balance of payments.;make Canada's;exports less expensive and its imports more expensive.;make Canada's exports more expensive and its;imports less expensive.;make Canada's;exports and imports both more expensive.;Question 5.5. (TCO 9) In terms of individual nations, the;largest U.S. trade deficit is with (Points: 1);Japan.;Mexico.;China.;Canada.;Question 6.6. (TCO 9) Answer the next question(s) on the;basis of the following table which indicates the dollar price of libras, the;currency used in the hypothetical nation of Libra. Assume that a system of freely floating;exchange rates is in place.;(1);Quantity of Libras Demanded (billions);(2);Dollar Price of Libras;(3);Quantity of Libras Supplied (billions);100;200;300;400;$5;4;3;2;325;200;100;75;The equilibrium dollar price of libras is (Points: 1);$5.;$4.;$3.;$2.;Question 7.7. (TCO 8) Other things equal, economists would;prefer (Points: 1);free trade to;tariffs and tariffs to import quotas.;free trade to;import quotas and import quotas to tariffs.;import quotas;to tariffs and tariffs to voluntary export restrictions.;import quotas;to free trade and free trade to tariffs.;Question 8.8. (TCO 8) Refer to the graphs below. Terryville has a comparative advantage in;producing;Graph Description;(Points: 1);Product A.;Product B.;both Product A;and B.;neither Product;A nor B.;Question 9.9. (TCO 9) Which one of the following is not one;of the so-called G8 Nations? (Points: 1);Japan;Canada;United States;China;Question 10.10. (TCO 8) As a percentage of GDP, U.S. exports;are (Points: 1);greater than;U.S. imports.;about 20;percent.;considerably;lower than in several other industrially advanced nations.;higher than in;Canada but lower than Germany.;Question 11. 11. (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.;(Points: 5)Question 12. 12. (TCO 9) What effect might the depreciation;of the U.S. dollar relative to the Japanese yen have on imports and exports to;and from each country? (Points: 5)


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