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devry ECON-312 week 7 quiz

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Question;(TCO 8) Countries engaged in international trade specialize;in production based on;Student Answer: relative levels;of GDP.;comparative advantage.;relative exchange rates.;relative inflation rates.;Instructor Explanation: Chapter 37;Points Received: 1 of 1;Comments;Question 2. Question;(TCO 8) The World Trade Organization;Student Answer: 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.;Instructor Explanation: Chapter 37;Points Received: 1 of 1;Comments;Question 3. Question;(TCO 9) The current account in a nation's balance of;payments includes;Student Answer;its goods exports and imports, and its services exports and imports.;foreign purchases of domestic assets.;purchases of foreign assets.;All of these;Instructor Explanation: Chapter 38;Points Received: 1 of 1;Comments;Question 4. Question;(TCO 9) If the exchange rate between the U.S. dollar and the;Japanese yen is $1 = 200 yen, then the dollar price of the yen is;Student Answer;$.005.;$.05.;$.50.;$5.;Instructor Explanation: Chapter 38;Points Received: 1 of 1;Comments;Question 5. Question;(TCO 9) In terms of individual nations, the largest U.S.;trade deficit is with;Student Answer: Japan.;Mexico.;China.;Canada.;Instructor Explanation: Chapter 38;Points Received: 1 of 1;Comments;Question 6. Question;(TCO 9) Other things being equal, an increase in the U.S.;rate of inflation is likely to cause an increase in the;Student Answer: Quantity of U.S.;exports;Quantity of U.S. imports;Demand for U.S. dollars;International value of the U.S. dollar;Instructor Explanation: Chapter 38;Points Received: 1 of 1;Comments;Question 7. Question;(TCO 8) Other things equal, economists would prefer;Student Answer;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.;Instructor Explanation: Chapter 37;Points Received: 1 of 1;Comments;Question 8. Question;(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in;producing;Graph Description;Student Answer: Product A.;Product B.;both Product A and B.;neither Product A nor B.;Instructor Explanation: Chapter 37;Points Received: 1 of 1;Comments

 

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