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Question: “An Enquiry in to the nature and causes of Wealth of Nations” is written by
- A. j s mill
- B. david recardo
- C. karl marx
- D. non of the above
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Question: “Free trade between two countries in H O model will equalize relative factor Prices provided there is incomplete specialization.” This is
- A. the factor price equalization theorem
- B. rybezinsky theorem
- C. leontiff paradox
- D. cascading effect
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Question: A common or single market will have all of the following features except:
- A. No internal trade barriers
- B. Common external tariff
- C. Factor and Asset mobility
- D. A common currency
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Question: A country that is a net international debtor initially experiences:
- A. An augmented savings pool available to finance domestic spending
- B. A higher interest rate, which leads to lower domestic investment
- C. A loss of funds to trading partners overseas
- D. A decrease in its services exports to other countries
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Question: A customs union that allows for the free movement of labor and capital among its member nations is called a:
- A. preferential trade arrangement
- B. free-trade area
- C. common market
- D. all of the above
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Question: A depreciation of a currency occurs when:
- A. The value of the currency falls
- B. The value of the currency increases
- C. Inflation falls
- D. The balance of payments improves
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Question: A fall in the external value of a currency:
- A. May cause an outward shift in the demand for the currency
- B. May cause an inward shift in the supply for the currency
- C. May lead to a movement along the demand curve for a currency
- D. May be due to an increase in demand for the country’s export
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Question: A fall in the value of the pound is likely to decrease spending on imports if:
- A. The price elasticity of demand for imports is price elastic
- B. The price elasticity of demand for imports is price inelastic
- C. The price elasticity of demand for imports has a unit price elasticity
- D. The price elasticity of demand for exports is price elastic
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Question: A key effect of devaluation is that it
- A. makes the domestic currency cheaper relative to other currencies
- B. makes the domestic currency dearer relative to other currencies
- C. makes the foreign currency cheaper relative to other currencies
- D. leaves the relative value unchanged
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Question: A main advantage of specialization results from:
- A. Economics of large scale production
- B. The specializing country behaving as a monopoly
- C. Smaller production runs resulting in lower unit costs
- D. High wages paid to foreign workers
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Question: A major difference between the spot market and the forward market is that the spot market deals with:
- A. The immediate delivery of currencies
- B. The merchandise trade account
- C. Currencies traded for future delivery
- D. Hedging of international currency risks
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Question: A nation engaging in trade according to the Ricardian model will find its consumption bundle
- A. Inside its production possibilities frontier
- B. On its production possibilities frontier
- C. Outside its production possibilities frontier
- D. Inside its trade-partner’s production possibilities frontier
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Question: A primary reason why nations conduct international trade is because:
- A. Some nations prefer to produce one thing while others produce another
- B. Resources are not equally distributed to all trading nations
- C. Trade enhances opportunities to accumulate profits
- D. Interest rates are not identical in all trading nations
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Question: A production subsidy that is granted to a producer of an import-competing good
- A. Does not require governmental taxes to finance it
- B. Yields the same deadweight welfare loss as an import tariff or import quota
- C. Has only a consumption effect deadweight loss
- D. Has only a protective effect deadweight loss
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Question: A rise in the real exchange rate will___the competitiveness of the domestic economy
- A. increase
- B. reduce
- C. do nothing to
- D. none
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Question: A situation where one commodity is capital intensive in one country and Labour intensive in another country is called
- A. opportunity cost
- B. factor price equalization
- C. leontiff paradox
- D. faction intensity reversal
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Question: A sudden shift from import tariffs to free trade may induce short-term Unemployment in:
- A. Import-competing industries
- B. Industries that are only exporters
- C. Industries that sell domestically as well as export
- D. Industries that neither import nor export
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Question: A tariff is:
- A. A restriction on the number of export firms
- B. Limit on the amount of imported goods
- C. Tax and imports
- D. (b) and (c) of above
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Question: A tariff-rate quota is essentially a
- A. Two-tier tariff applied to a country’s imports
- B. Three-tier tariff applied to a country’s imports
- C. Two-tier quota applied to a country’s exports
- D. Three-tier quota applied to a country’s exports
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Question: A tax of 20 cents per unit of imported cheese would be an example of a (an):
- A. Compound tariff
- B. Effective tariff
- C. Ad valorem tariff
- D. Specific tariff
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