Econ Final 20

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A trade deficit refers to a situation where:

Exports are less than imports

Which country is the United States’ largest trading partner in terms of volume of trade?


Which of the following product-groups is a leading export of the United States?


Which of the following products is a leading import of the United States?


The best example of a labor-intensive commodity is:


A natural-resource abundant nation would be expected to export a land-intensive commodity such as:


What other economic process tends to accompany international trade, for nations to benefit from such trade?

Specialization in production

The slopes of the production possibilities curves for two nations reflect the:

Opportunity costs of production in the two nations

The ratio at which nations will exchange one product for another is known as the:

Terms of trade

Specialization and trade between individuals or between nations lead to:

Higher total output

In a two-nation world, comparative advantage means that one nation can produce:

A product at a lower domestic opportunity cost than the other nation

The benefits to trading nations based on comparative advantage accrue from:

Specialization and trading

The principal concept behind comparative advantage is that a nation should:

Concentrate production on those products for which it has the lowest domestic opportunity cost

A maximum limit set on the amounts of commodities that may be imported into a country in any period of time is a:


The "Buy American" campaign is equivalent to a(n):


A tariff is a:


An excise tax on imported commodities is known as a(n):


An excise tax that is applied to imported products which are not produced domestically is a(n):

Revenue tariff

A licensing requirement, or unreasonable standard pertaining to the product quality and safety for a product that is imported into a country, are examples of:

Nontariff barriers

Which would best describe a protective tariff?

An excise tax that is designed to put foreign producers at a competitive disadvantage in selling in domestic markets

An example of a nontariff barrier would be:

Excessive licensing requirements

If a nation agrees to set an upper limit on the total amount of a product that it exports to another nation, then this situation would be an example of:

A voluntary export restriction

The imposition of a tariff on a product is least likely to result in a(n):

Increase in the efficiency in the domestic industry producing the product

Tariffs and quotas are costly to consumers because:

Consumers shift purchases to higher-priced domestic goods

From an economic perspective, studies of the costs of trade barriers show that they:

Far exceed their benefits for society

Dumping is the sale of a product in a foreign market:

At a price below its domestic price or cost of production

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