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devry econ 312 week 7 quiz

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Question;(TCO 8) Specialization and trade between individuals or;between nations lead to;Greater self-sufficiency;Higher product prices;Lower living standards;Higher total output;Question 2. Question;(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);protective tariff.;revenue tariff.;voluntary export restriction.;import quota.;Question 3. Question;(TCO 9) Which of the following is not included in the;current account of a nation's balance of payments?;Its goods exports;Its goods imports;Its net investment income;Its purchases of real assets abroad;Question 4. Question;(TCO 9) If the dollar price of the yen rises, then;the yen price of dollars also rises.;the dollar depreciates relative to the yen.;the yen depreciates relative to the dollar.;the dollar will buy fewer U.S. goods.;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) 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;Student Answer: $5.;$4.;$3.;$2.;Question 7. Question;(TCO 8) The primary gain from international trade is;increased employment in the domestic-export;sector.;more goods than would be attainable through;domestic production alone.;tariff revenue.;increased employment in the domestic-import;sector.;Question 8. Question;(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in;producing;Graph Description;Product A.;Product B.;both Product A and B.;neither Product A nor B.;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) As a percentage of GDP, U.S. exports are;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. Question;(TCO 8 and 10) Explain some of problems with the argument;that trade protection is needed to protect American jobs.;12;(TCO 9) What are the economic effects of a depreciation of;the US dollar on US trade balances?;* Times are displayed;in (GMT-07:00) Mountain Time (US & Canada)

 

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