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International Economics Quiz 25 (20 MCQs)

Quiz Instructions

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1. If a small country imposes a tariff, then
2. Mill's Theory of reciprocal demand was developed with a two commodity (linen and cloth ) model
3. Trade bloc established in Europe
4. Compound interest rates are applied once, while simple interest rates are taken monthly and added to the principal to be accounted for in the next month.
5. Much of U.S. foreign aid has been given for:
6. Goods and services produced in one country and sold to other countries
7. When determining comparative advantage one must determine
8. Prior to World War 1, the largest home country of foreign investments was .....
9. If nations limit trade in of clothing who will benefit?
10. If Country A can produce coffee beans at a lower opportunity cost than Country B, then Country A has a(n) ..... in the production of coffee beans
11. If China placed a ..... on copper, consumers would likely pay ..... for goods made with copper
12. Refer to the nature of home demand for the industry's product or service.
13. A quota is
14. Use the following headlines to answer the question below. U.S. Embargo against Cuba 2005 Quotas on Chine's Textiles 2002 U.S. Tariffs on Steel The above headlines are all examples of
15. In an effort to bring down the government of Cuba, the US adopted a policy of refusing to trade with Cuba. This is called
16. Measure the price of one nation's currency in terms of another nation's currency
17. What causes an increase in the price of imported goods?
18. If the value of a country's currency decreases, which of the following would be expected:
19. Suppose the U.S. lowers the tariff on imported beef, making foreign beef cheaper than U.S. beef. What would be the consequences?
20. The next best alternative.
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