Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/11

Click to flip

11 Cards in this Set

  • Front
  • Back
Which nation is the world's leading trading nation in terms of absolute volumes of imports and exports
a.Japan
b.China
c.Germany
d.Untied States
Which of the following is true
a. Exports as a percentage of GDP are greatest in the United States.
b. The United States is almost totally dependent on other nations for aircraft, machine tools, and coal
c. Most of the exports and imports trade of the United States is with industrially advanced nations
d. The United States has a trade surplus with Japan
Why do nations specialize and engage in trade
a. to protect multinational corporations
b. to increase output and income
c. to improve communications
d. to control other nations
In Slobovia, the comparative cost of
a. 1 cam is 3 widgets
b. 1 widget is .33 of a cam
c. 1 cam is .33 of a widget
d.
3 widgets is 1 cam
Which of the following statements in not true
a. Slobovia should specialize in the production of widgets
b. Slobovia has a comparative advantage in the production of widgets
c. Utopia should specialize in the production of widgets
d. Utopia has a comparative advantage in the production of cams
The terms of trade will be
a. greater than 7 cams for 1 widget
b. between 7 cams for 1 widget and 5 cams for 1 widget
c. between 5 cams for 1 widget and 3 cams for 1 widget
d. less thand 3 cams for 1 widget
Assume that if Slobovia did not specialize it would produce alternative C and that is Utopia did not specialize it would select alternative B. The gains from specialization are
a. 100 cams and 100 widgets
b. 200 cams and 200 widgets
c. 400 cams and 500 widgets
d. 500 cams and 400 widgets
If the dollar-yen exchange rate is $1 for 110 yen, then a Sony VCR priced at 27,500 yen would cost a U.S. consumer
a. $200
b. $250
c. $275
d. $300
If the equilibrium exchange rate changes so that the dollar price of Japanses yen increases
a. the dollar has appreciated in value
b. the dollar has depreciated in value
c. U.S. citizens will be able to buy more Japanese goods
d. Japanese citizens will be able to buy fewer U.S. goods
Which of the following is designed to restrict trade
a. GATT
b. NAFTA
c. import quotas
d. multinational corporations
The increase in global competition has resulted in
a. greater inefficiency among U.S. producers
b. lower quality in the production of goods
c. the inability of most U.S. firms to compete
d. lower prices for many consumer goods and services