This website uses cookies to ensure you have the best experience. Learn more

International Economics Essay

1580 words - 7 pages

Chapter 1: Introduction

1. Historians of economic thought often describe ___________ written by _______
and published in __________ as the first real exposition of an economic model.
A. "Of the Balance of Trade,” David Hume, 1776
B. "Wealth of Nations," David Hume, 1758
C. "Wealth of Nations," Adam Smith, 1758
D. "Wealth of Nations," Adam Smith, 1776
E. "Of the Balance of Trade," David Hume, 1758
Answer: E
2. From 1959 to 2000,
A. the U.S. economy roughly tripled in size.
B. U.S. imports roughly tripled in size.
C. the share of US Trade in the economy roughly tripled in size.
D. U.S. Imports roughly tripled as compared to U.S. exports.
E. U.S. exports roughly tripled in ...view middle of the document...

Answer: B
6. If there are large disparities in wage levels between countries, then
A. trade is likely to be harmful to both countries.
B. trade is likely to be harmful to the country with the high wages.
C. trade is likely to be harmful to the country with the low wages.
D. trade is likely to be harmful to neither country.
E. trade is likely to have no effect on either country.
Answer: D
7. Benefits of international trade are limited to
A. tangible goods.
B. intangible goods.
C. all goods but not services.
D. services.
E. None of the above.
Answer: E
8. Attempts to explain the pattern of international trade
A. have been a major focus of international economists.
B. have proven to be hopeless.
C. have proven to be a trivial exercise.
D. have been the preoccupation of economic development theorists.
E. None of the above.
Answer: A
9. Which of the following does not belong?
A. NAFTA
B. Uruguay Round
C. World Trade Organization
D. None Tariff Barriers3
E. None of the above.
Answer: D
10. Cost-benefit analysis of international trade
A. is basically useless.
B. is empirically intractable.
C. focuses attention on conflicts of interest within countries.
D. focuses attention on conflicts of interests between countries.
E. None of the above.
Answer: C
11. An improvement in a country's balance of payments means a decrease in its
balance of payments deficit, or an increase in its surplus. In fact we know that a
surplus in a balance of payments
A. is good.
B. is usually good.
C. is probably good.
D. may be considered bad.
E. is always bad.
Answer: D
12. The study of exchange rate determination is relatively
A. difficult.
B. new and mathematical.
C. old.
D. obtuse.
E. None of the above.
Answer: B
13. The GATT was
A. an international treaty.
B. an international U.N. agency.
C. an international IMF agency.
D. a U.S. government agency.
E. a collection of tariffs.
Answer: A4
14. The international debt crisis of early 1982 was precipitated when _____ could not
pay its international debts.
A. Russia
B. Mexico
C. Brazil
D. Malaysia
E. China
Answer: B
15. International economics can be divided into two broad sub-fields:
A. macro and micro.
B. developed and less developed.
C. monetary and barter.
D. international trade and international money.
E. static and dynamic.
Answer: C
16. A primary reason why nations conduct international trade is because of
differences in
A. historical perspective.
B. location.
C. resource availabilities.
D. tastes.
E. incomes.
Answer: C
17. International trade is sometimes used as a substitute for all of the following except
A. international movements of capital.
B. international movement s of labor.
C. domestic production of the same goods or services.
D. domestic production of different goods and services.
E. None of the above.
Answer: D5
18. International trade forces domestic firms to become more competitive in terms of
A. the introduction of new...

Other Papers Like International Economics

International Economics & Public Policy Essay

2872 words - 12 pages outlines the limitations to the idea that countries should be allowed to protect infant industries, like limiting it to a domestic market. Report also looks at Comparative Advantage theories explanation to countries varied fortunes, including the International trade theory and underlining the economic growth, because of the foreign trade. The last question that the report outlines is the economists believes on capitalism in regards to maximising

International Political Economics Essay

1937 words - 8 pages INTO THE PRESIDENTIAL CAMPAIGN. TODAY, THE REPUBLICAN PARTY IS USING SOLYNDRA AS A KEY TOOL IN ITS CAMPAIGN AGAINST OBAMA — SMEARING THE ENTIRE CLEAN ENERGY INDUSTRY IN THE PROCESS.” (Lacey, 2012) Campaigns of this magnitude have a significant impact on the international political scene, and economic decisions. Considering that currently China has a very large and inexpensive manufacturing capabilities, as comparing to those in the U.S.; it

International Trade Simulation For Economics 360

1146 words - 5 pages . Comparative advantage can change over time which is why the composition of a countries trade could change over time. Bilateral or multilateral trade agreements that reduce trade barriers among countries generally lead to increase benefits for all countries concerned.ReferencesColander , D. (2004). Economics. 5th ed. Burr Ridge, IL: Irwin/McGraw-Hill.Applying International Trade Concepts Assessment Simulation, Retrieved April 27, 2006 from University of Phoenix website https://ecampus.phoenix.edu/secure/resource/resource.asp.

International Economics

340 words - 2 pages 1. Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of them. 2. The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown (hypothetically) in Table 2.9. Assume

International Economics

1005 words - 5 pages Økonomisk notat om Spanien Spanien er et land i det sydvestlige Europa. Der lever ca. 48 millioner mennesker der . Hovedstaden i Spanien er Madrid. Madrid er meget kendt for sin fodbold, og det er en stor turistattraktion. Spanien er delt op i forskellige regioner, hvori alle er spanske statsborgere, men befolkningen er forskellig. Der bor cataloniere, galicere, baskere og nogle steder marokkanere og briter. Der bliver betalt med euro

Introduction To Economics

1670 words - 7 pages Introduction to Economics Economics has become quite a popular course at school in recent years. In fact, economics plays an important role in various fields of our life. Most of us may feel that we are familiar with economics, but we seldom think about what economics is and how we can apply it into our future life. These two questions are going to be covered in this essay. 1. What is economics? The definition of economicsWhy should your

Field Study

899 words - 4 pages the means of satisfying those needs. (Colliers Encyclopedia, V.12). In the 1800s, home economics classes were intended to ready young women for their duties in the home. Classes were first in the United States, Canada and Great Britain, followed by Latin America, Asia and Africa. International organizations such as those associated with the United Nations have been involved in starting home economics programs around the world. (Wikipedia.org

Paer

3320 words - 14 pages India, Concept & Measurement 23 Product Method • This method is popular in U.S.A. and is called as Total Product method or Goods Flow Method. In India, It is known as inventory or Product method. In this method, the economy is classified in to three transaction sector like industrial, services and foreign transaction sector where international payments are considered. General Economics: National Income in India, Concept

Managerial Economics

3751 words - 16 pages managerial economics into the business environment. Managerial economics has given rise to the emergence of a new approach in decision-making known as corporate strategy. Business Corporation’s work with a given set of corporate goals and objectives against the background of a set of assumptions about the company’s economic, competitive, regulatory, factor-supply, technological and international environment. Strategic planning is a three-fold

Dhsgfkjsd

5707 words - 23 pages profitable growth of the firm through his realistic attitude. Conclusion From the above discussion, it is apparent that managerial economics helps translate economic theory into practical applications for businesses so that business goals and objectives such as profit maximization and growth can be attained. Gadgets International (Gadgets International) A Case Study Nature of the Case Study This case study aims to explain how managerial

International Trade Debate Part I

520 words - 3 pages Objective: Write a 200- to 300-word essay in APA format arguing for or against unrestricted international trade. Some possible platforms on which to write are comparative advantage, gains from trade, World Trade Organization, and trade restrictions. Support your position with three specific reasons.International Trade Debate Part IThe debate over unrestricted international trade is likely to keep economists on their toes. Though there are

Related Essays

International Economics Essay

1548 words - 7 pages International Economics Paper Gabriela University of Phoenix Author's Note This paper prepared for ECO/372 facilitated by Introduction The Federal Reserve system is the main banking system within the United States. Established by Congress, its primary objectives are to seek full employment for US citizens, ensure price stability, supervise banks via regulation, provide financial services to banks, the US

International Economics Essay 3920 Words

3920 words - 16 pages Contents 1.0 1 INTRODUCTION 1 1.1 BACKGROUND OF GERMANY 1 1.1.0 PEOPLE AND SOCIETY OF GERMANY 1 1.2 INTERNATIONAL TRADE STATUS OF GERMANY 2 2.0 INTERNTIONAL TRADING WITH OTHER COUNTRIES 3 2.1.0 GERMANY’S INTERNATIONAL RELATIONSHIP WITH FRANCE 5 3.0 Data collection and Analysis 6 3.1 Data collection 6 3.2 Analysis 7 3.2.1 IMPORT 7 3.2.2 EXPORT 8 3.2.3 REAL GDP 8 3.2.4 INFLATION 9 3.2.5 UNEMPLOYMENT 10 3.2.6 INTEREST RATE 10 3.2.7

International Economics Essay 1251 Words

1251 words - 6 pages International Economics 3307AFE Group Assignment | Extend the table 1.3, examine the openness for various countries and analyse the relationship between the openness and the faster long-term growth in standard of living | (Makin, A.J., 2002, p.10) | | | | Sanjeev Henny s2760582 Yu-Ting, Lin s2672341 Yen-Ting, Lee s2768300 World count: 985 | With the increasing globalization of most economies

International Economics U.K Essay

1511 words - 7 pages Edition. Oxford University Press Trebilcock, M. & Howse, R.ed.,1995. The Regulation of International Trade. Routledge Booth, A.ed.,2001. The British Economy in the Twentieth Century. Palgrave Crown, 2010. UK trade performance: Patterns in UK and global trade growth [Online] November 2010. Available at: http://www.bis.gov.uk/assets/biscore/economics-and-statistics/docs/u/10-803-uk-trade-performance-growth-patterns. [Accessed: 30th November 2010]