Question

Question

1
A)
Use the table to answer the question.
Soybeans
Wheat
Argentina
100 million tons
80 million tons
Bolivia
120 million tons
100 million tons
For which of the following does Bolivia have the absolute advantage in production?
(1 point)
soybeans
wheat and soybeans
wheat
neither product
Question
2
Question
3
A)
If a country directs all of its resources into producing one item, it can produce a maximum ofeither 2,000 computers or 10,000 books. The country can also produce a combination of thesetwo goods, but the opportunity cost of producing either item will remain the same. They also haveseveral beneficial trade partners. The residents of the country want to consume a combination of1,500 computers and 8,000 books, assuming that no economic growth will occur in the nearfuture. Which of the following is a viable option to achieve the resident's desired consumption?
(1 point)
The country could only achieve this through trade.
The country could not achieve this by any means.
The country could only achieve this through domestic production.
The country could achieve this through either domestic production or trade.
A)
Which term refers to a tax on imports?
(1 point)
subsidy
embargo
tariff
quota
Question
4
Question
5
A)
A country is a leading producer of lumber. They want to increase their export of lumber. Theydecide to impose a subsidy on the export of lumber. What are the result of this decision onexports, domestic consumers, and producers?
(1 point)
The subsidy will decrease exports of lumber, lower prices for domestic consumers, and raise the
price for producers.
The subsidy will decrease exports of lumber and raise the prices for domestic consumers and
producers.
The subsidy will increase exports of lumber and raise domestic prices for consumer and producers.
The subsidy will increase exports of lumber and lower prices for domestic consumers and producers.
A)
Which of the following describes one purpose of APEC?
(1 point)
to reduce tariffs among member countries
to remove border controls among member countries
to regulate equal treatment of member countries
to establish a uniform currency used by member countries
Question
6
Question
7
A)
Which of the following correctly explains the relationship between international tradeagreements and protectionist trade policies?
(1 point)
International trade agreements usually weaken protectionist trade policies by increasing barriers to
trade.
International trade agreements usually support protectionist trade policies by reducing barriers to
trade.
International trade agreements usually weaken protectionist trade policies by reducing barriers to
trade.
International trade agreements usually support protectionist trade polices by increasing barriers to
trade.
A)
Which of the following is addressed by the USMCA? Select the two correct answers.
(1 point)
border removal
intellectual property rights
agricultural trade
free travel of labor
common currency
Question
8
Question
9
A)
Which of the following correctly explains how the dollars-per-euro exchange rate will change inthe near future if the exchange rate is expected to rise?
(1 point)
The expectation of an appreciating euro increases the demand for euros and decreases the supply
of euros on the foreign exchange market. The result is a lower exchange rate in the near future.
The expectation of an appreciating euro increases the demand for euros and decreases the supply
of euros on the foreign exchange market. The result is a higher exchange rate in the near future.
The expectation of an appreciating euro increases the supply of euros and decreases the demand
for euros on the foreign exchange market. The result is a higher exchange rate in the near future.
The expectation of an appreciating euro increases the supply of euros and decreases the demand
for euros on the foreign exchange market. The result is a lower exchange rate in the near future.
A)
Which of the following measures are used to assess aspects of a population's development?Select the two correct answers.
(1 point)
political systems
per capita GDP
the size of its military
infant mortality rate
total GDP
Question
10
Question
11
A)
Country A has a GDP of $60,000,000, and Country B has a GDP of 40,000,000. If thepopulations of Countries A and B are 40,000 and 20,000, respectively, which country is mostdeveloped based on per capita GDP, and why?
(1 point)
Country A is more developed because it has a GDP of $60,000,000, while Country B only has a
GDP of $40,000,000.
Country B is more developed because it produces $2,000 per person, while Country A only
produces $1,500 per person.
Country B is more developed because it produces a GDP of $80,000,000, while Country A only
produces $1,500 per person.
Country A is more developed because it produces $1,500 per person, while Country B has a GDP of
$40,000,000.
A)
Which of the following explains how foreign portfolio investment contributes to economicdevelopment?
(1 point)
Domestic investors direct capital to foreign countries through the purchase of securities issued by
foreign entities.
Domestic investors direct capital to foreign countries through loans and grants issued to promote
development.
Domestic investors direct capital to foreign countries through the purchase of land, labor, and
physical capital.
Domestic investors direct capital to foreign countries through the merging of domestic and foreign
businesses.
Question
12
Question
13
A)
How can a difference in Gini coefficients for the United States and China be interpreted?
(1 point)
The United States and China differ in their access to information technology.
The United States and China differ in how developed their populations are.
The United States and China differ in how evenly income is distributed among individuals.
The United States and China differ in how much income is earned by their populations.
A)
Which of the following trends have followed globalization? Select the two correct answers.
(1 point)
technological advancement
the flourishing of small businesses
a rise in world poverty
an increase in the value of knowledge and information
greater national sovereignty
Question
14
A)
If the United States and Canada enter into a trade deal that allows Canada to trade oil to theU.S. and the U.S. to trade auto parts to Canada, who will benefit and who will be at adisadvantage from this deal?
(1 point)
Consumers in both countries will benefit. Oil producers in Canada and auto part manufacturers in
the U.S. will benefit. Oil producers in the U.S. and auto part manufacturers in Canada will be at a
disadvantage.
Consumers in both countries will benefit. Oil producers in the U.S. and auto part manufacturers in
Canada will benefit. Oil producers in Canada and auto part manufacturers in the U.S. will be at a
disadvantage.
The governments of both countries will benefit. Oil producers in Canada and auto part
manufacturers in the U.S. will benefit. Oil producers in the U.S. and auto part manufacturers in
Canada will be at a disadvantage.
The governments of both countries will benefit. Oil producers in the U.S. and auto part
manufacturers in Canada will benefit. Oil producers in Canada and auto part manufacturers in the
U.S. will be at a disadvantage.
Question
15
A)
A country can use all its resources to produce Product A and Product B. If you know theopportunity cost of producing Product A in terms of Product B, how can you quickly determine thecost of Product B in terms of product A? Explain in one to two sentences, using an example.
(2 points)
    
Short Answer Rubric (2 points)
PointsAwarded
Criteria
2
The answer is very clear.
The answer is fully supported by details.
There may be a few errors in grammar, usage, or mechanics. Errors do not interfere withmeaning.
1
The answer is somewhat clear.
Details are weak or not related.
There are some errors in grammar, usage, and mechanics. Errors interfere with meaning.
0
The question is not answered.
Question
16
A)
In one to two sentences, describe one similarity and one difference between a quota and anembargo.
(2 points)
    
Short Answer Rubric (2 points)
PointsAwarded
Criteria
2
The answer is very clear.
The answer is fully supported by details.
There may be a few errors in grammar, usage, or mechanics. Errors do not interfere withmeaning.
1
The answer is somewhat clear.
Details are weak or not related.
There are some errors in grammar, usage, and mechanics. Errors interfere with meaning.
0
The question is not answered.
Question
17
A)
Differentiate foreign investment from the types of aid provided by the UNDP and World Bank,citing specific examples of aid from both.
(4 points)
    
Short Answer Rubric (4 points)
PointsAwarded
Criteria
4
The answer is very clear.
The answer is fully supported by details.
There may be a few errors in grammar, usage, or mechanics. Errors do not interfere withmeaning.
3
The answer is mostly clear.
The answer is supported by mostly relevant details.
There are a few errors in grammar, usage, or mechanics. Errors do not interfere withmeaning.
2
The answer is somewhat clear.
Details are weak or not related.
There are some errors in grammar, usage, and mechanics. Errors interfere with meaning.
1
The answer is not clear.
There are few or no supporting details.
There are many errors in grammar, usage, and mechanics. Errors interfere with meaning.
0
The question is not answered.
Question
18
A)
In one to two sentences, discuss one advantage and one disadvantage of globalization to theeconomy.
(2 points)
    
Short Answer Rubric (2 points)
PointsAwarded
Criteria
2
The answer is very clear.
The answer is fully supported by details.
There may be a few errors in grammar, usage, or mechanics. Errors do not interfere withmeaning.
1
The answer is somewhat clear.
Details are weak or not related.
There are some errors in grammar, usage, and mechanics. Errors interfere with meaning.
0
The question is not answered.

Answer 1

Sure! Here's a summary of the questions and answers based on the provided information:

Question 1:

For which of the following does Bolivia have the absolute advantage in production?

• Answer: Soybeans

Question 2:

If a country directs all of its resources into producing one item, it can produce a maximum of either 2,000 computers or 10,000 books. Which of the following is a viable option to achieve the resident's desired consumption of 1,500 computers and 8,000 books?

• Answer: The country could only achieve this through trade.

Question 3:

Which term refers to a tax on imports?

• Answer: Tariff

Question 4:

A country is a leading producer of lumber. They want to increase their export of lumber and impose a subsidy. What are the results of this decision?

• Answer: The subsidy will increase exports of lumber and raise domestic prices for consumers and producers.

Question 5:

Which of the following describes one purpose of APEC?

• Answer: To reduce tariffs among member countries.

Question 6:

Which of the following correctly explains the relationship between international trade agreements and protectionist trade policies?

• Answer: International trade agreements usually weaken protectionist trade policies by reducing barriers to trade.

Question 7:

Which of the following is addressed by the USMCA? Select the two correct answers.

• Answers: Intellectual property rights, agricultural trade.

Question 8:

Which of the following correctly explains how the dollars-per-euro exchange rate will change if the exchange rate is expected to rise?

• Answer: The expectation of an appreciating euro increases the demand for euros and decreases the supply of euros on the foreign exchange market. The result is a higher exchange rate in the near future.

Question 9:

Which measures are used to assess aspects of a population's development? Select the two correct answers.

• Answers: Per capita GDP, infant mortality rate.

Question 10:

Which country is more developed based on per capita GDP?

• Answer: Country B is more developed because it produces $2,000 per person, while Country A only produces $1,500 per person.

Question 11:

How does foreign portfolio investment contribute to economic development?

• Answer: Domestic investors direct capital to foreign countries through the purchase of securities issued by foreign entities.

Question 12:

Interpret the difference in Gini coefficients for the United States and China.

• Answer: The United States and China differ in how evenly income is distributed among individuals.

Question 13:

Which trends have followed globalization? Select the two correct answers.

• Answers: Technological advancement, an increase in the value of knowledge and information.

Question 14:

What are the benefits and disadvantages of a trade deal between the U.S. and Canada?

• Answer: Consumers in both countries will benefit. Oil producers in Canada and auto part manufacturers in the U.S. will benefit. Oil producers in the U.S. and auto part manufacturers in Canada will be at a disadvantage.

Question 15:

How can opportunity costs be determined?

• Answer: The opportunity cost of producing Product A in terms of Product B can be used to quickly determine the cost of Product B in terms of Product A by inverting the ratio; for example, if producing 1 unit of A costs 2 units of B, then producing 1 unit of B costs 0.5 units of A.

Question 16:

Discuss one similarity and one difference between a quota and an embargo.

• Answer: Both quotas and embargoes are trade restrictions; however, a quota limits the amount of goods that can be imported, while an embargo is a complete ban on certain goods from specific countries.

Question 17:

Differentiate foreign investment from the types of aid provided by the UNDP and World Bank.

• Answer: Foreign investment involves capital directed to a country to acquire assets, such as purchasing land or stocks. In contrast, the UNDP might provide humanitarian aid for poverty alleviation, while the World Bank might finance infrastructure projects like building schools or roads.

Question 18:

Discuss one advantage and one disadvantage of globalization to the economy.

• Answer: An advantage of globalization is the increased market access for producers, allowing them to expand their customer base. A disadvantage is the potential job losses in domestic industries due to competition from foreign markets.

Feel free to ask if you need further details or elaboration on any specific question!