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Question
Submitted by niclov on Tue, 2012-05-01 14:48
due on Sat, 2012-05-05 14:48
answered 3 time(s)
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A country has a comparative advantage when it can

produce more of a product than another country

produce a lot of different economic products

produce a good at a lower dollar cost than another country

produce a good at a lower opportunity cost than another country

Beta can produce either ten apples or three oranges. Cama can produce either twelve apples or three oranges. Which of the following is true?

Beta has an absolute advantage in the production of apples.

Cama has an absolute advantage in the production of oranges.

Cama has an absolute advantage in the production of apples.

Cama has a comparative advantage in the production of oranges.

According to modern theory, it is beneficial for a country to trade a good with another country if one country has a(n) in the production of that good.

comparative advantage

absolute advantage

financial advantage

opportunity cost

A country has an absolute advantage when it can

produce more of a product than another country

produce a lot of different economic products

produce a good at a higher dollar cost than another country

produce a good at a lower opportunity cost than another country

Specialization promotes efficiency of the world economy by

allowing nations to only produce the goods they produce efficiently

bringing absolute advantage to all nations

increasing the availability of natural resources

making sure the exports and imports of all countries are the same

An import is

a good or service that is sent to a foreign country

an example of profitable trade

a good or service that is brought from a foreign country

an example of a production deficiency

A tax placed on an import is a

quota

opportunity cost

ration

tariff

The Hawley-Smoot Tariff is an example of

free trade

protectionism

dumping

infant industry

Many economists argue that global free trade will

promote economic efficiency

cause economic problems

result in the United States becoming poor

create protectionism

The argument is based on the belief that new industries are fragile and need to be protected from foreign competition.

dumping

national security

quota

infant industry

During his administration, President George W. Bush believed that

participating in the world economy makes the U.S. economy stronger

foreign trade is not very important in the U.S. economy

free trade agreements are not necessary

increasing trade restrictions is important to all U.S. industries

NAFTA instituted a free trade policy between

all world nations

Europe and Asia

Canada, Mexico, and the United States

Europe and Africa

The is the price of a nation’s currency relative to another nation’s currency.

foreign exchange rate

floating exchange rate

fixed exchange rate

interest rate

A country experiences a when the value of imports exceeds the value of exports.

balance of trade

balance of payments

trade surplus

trade deficit

A(n) is determined by the supply and demand of that currency.

fixed exchange rate

floating exchange rate

balance of trade

interest rate

The International Monetary Fund was created in 1944 in order to

manage the international monetary system of fixed exchange rates

determine the floating exchange rates

fix all interest rates

create comparative advantage

A dollar is able to purchase less foreign currency than a dollar.

weak, strong

global, non-global

strong, weak

balanced, imbalanced

Globalization is the term used to describe the emergence of a fragmented and divisive isolationist world view.

true

false

Desiree’s pet care company, Doggone Gorgeous, is an exclusive salon that has shops in Paris, Milan, New York, and San Francisco. Desiree’s business concept is unique because she does not accept currency; she accepts autographed photos of her famous clients with their dogs as payment. She has convinced several upscale shopkeepers to barter with the photos and assigns value to each photo based on the net worth of the person in the photo. She turns a tidy profit in all four locations by collecting and exchanging these famous client photos.

Answer the following questions about Desiree’s business:

Doggone Gorgeous is a multinational company.

true

false

The signed photographs of clients and their dogs constitute money.

true

false

Answer
Submitted by rajendrabnk on Tue, 2012-05-01 15:15
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x xxxxxxx xxx x comparative advantage xxxx xx xxxxxxxxxxx xxxx of a product xxxx xxxxxxx xxxxxxxxxxxxxxx x lot xx xxxxxxxxx economic products produce x xxxx at a lower xxxxxx xxxx xxxx xxxxxxx country produce x good at a lower opportunity xxxx xxxx xxxxxxx xxxxxxx

Beta can xxxxxxx xxxxxx ten apples xx xxxxx oranges. Cama xxx xxxxxxx xxxxxx twelve apples or xxxxx xxxxxxxx Which of xxx xxxxxxxxx is true? Beta xxx xx absolute xxxxxxxxx in the xxxxxxxxxx of apples. Cama has an absolute xxxxxxxxx xx the xxxxxxxxxx of xxxxxxxxxxxxx has an xxxxxxxx advantage in xxx xxxxxxxxxx of xxxxxxxxxxxx xxx a comparative xxxxxxxxx in xxx production xx oranges.

According xx xxxxxx xxxxxxx it xx xxxxxxxxxx xxx x country xx xxxxx x xxxx xxxx xxxxxxx country if one country xxx a(n) in xxx production

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Answer
Submitted by shahimermaid on Tue, 2012-05-01 15:27
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x xxxxxxx has x xxxxxxxxxxx advantage xxxx it can
produce x good at a lower dollar xxxx than xxxxxxx xxxxxxx

xxxx can xxxxxxx either xxx xxxxxx or three oranges. Cama can produce either twelve apples xx three oranges. xxxxx of the xxxxxxxxx xx true?
Cama xxx xx xxxxxxxx advantage xx xxx production xx apples.

xxxxxxxxx xx modern xxxxxxx xx xx beneficial xxx x country xx xxxxx a good with another country if xxx country xxx xxxx in the xxxxxxxxxx of xxxx good.
xxxxxxxxxxx xxxxxxxxx

x country has xx xxxxxxxx advantage when xx xxx
produce more xx a product than another country

Specialization xxxxxxxx xxxxxxxxxx of the xxxxx economy by
allowing xxxxxxx to only produce xxx xxxxx they produce xxxxxxxxxxx

An import is
x good or service that xx brought from x foreign xxxxxxx

A tax placed on xx import xx x
tariff
xxx Hawley-Smoot xxxxxx xx an example of
xxxxxxxxxxxxx

Many economists argue that xxxxxx free trade xxxx
promote economic efficiency

xxx xxxxxxxx xx based xx xxx xxxxxx xxxx new

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Answer
Submitted by mac123 on Tue, 2012-05-01 15:14
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body preview (674 words)

xxxxx
x country has a comparative xxxxxxxxx xxxx xx can
xxxxxxx xxxx of x xxxxxxx xxxx another xxxxxxx
produce x xxx of xxxxxxxxx xxxxxxxx xxxxxxxx
produce a good xx a xxxxx xxxxxx xxxx than xxxxxxx xxxxxxx
produce a xxxx at x lower opportunity xxxx than xxxxxxx xxxxxxx

xxxx can xxxxxxx either ten xxxxxx or three xxxxxxxx Cama can xxxxxxx either xxxxxx xxxxxx or three xxxxxxxx xxxxx of the following is true?
Beta xxx an xxxxxxxx xxxxxxxxx xx the production of xxxxxxx
xxxx xxx xx xxxxxxxx advantage in the xxxxxxxxxx of xxxxxxxx
Cama xxx xx xxxxxxxx xxxxxxxxx xx xxx xxxxxxxxxx of xxxxxxx
xxxx has a comparative advantage in the production of xxxxxxxx

According xx xxxxxx theory, xx xx xxxxxxxxxx for a xxxxxxx to trade x xxxx xxxx xxxxxxx xxxxxxx xx one xxxxxxx xxx a(n) in xxx

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