Ch.20

The United States' most important trading partner quantitatively is:

In recent years, the United States has:

In terms of absolute dollar volume, the top 3 leaders in world exports are:

Which of the following is an example of a land-intensive commodity? (beef, wool, meat)

Which of the following is an example of a labor-intensive commodity? (textiles, electronics, apparel, toys, and sporting goods)

Which of the following is an example of a capital-intensive commodity? (airplanes, automobiles, agricultural equipment, machinery, chemicals)

Differences in production efficiencies among nations in producing a particular good result from:

Countries engaged in international trade specialize in production based on:

In order for mutually beneficial trade to occur between two otherwise isolated nations:

If country A can produce both goods X and Y more efficiently, that is, with smaller absolute amounts of resources, than can country B:

The terms of trade reflect the:

In the theory of comparative advantage, a good should be produced in that nation where:

Refer to the diagrams. The solid lines are production possibilities curves; the dashed lines are trading possibilities curves. The opportunity cost of producing a:

Refer to the diagrams. The solid lines are production possibilities curves; the dashed lines are trading possibilities curves. The trading possibilities curves suggest that the terms of trade are:

The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:

the cost ratios for two products—fish (F) and chicken (C)—in countries Singsong and Harmony. Assume that production occurs under conditions of constant costs and these are the only two nations in the world. Singsong: 1F = 2C Harmony: 1F = 4C Refer to the given information. In Singsong the domestic real cost of each chicken:

The primary gain from international trade is:

If a nation has a comparative advantage in the production of X, this means the nation:

Refer to the graphs. Stanville has a comparative advantage in producing:

Refer to the graphs. These production possibilities curves:

Answer the question on the basis of the following production possibilities data for two countries, Alpha and Beta, which have populations of equal size. The given data show that:

Refer to the given diagram in which line AB is the U.S. production possibilities curve and AC is its trading possibilities curve. We can conclude that the United States:

Refer to the given diagram in which line AB is the U.S. production possibilities curve and AC is its trading possibilities curve. The international exchange ratio between beef and cheese (terms of trade):

A nation's import demand curve for a specific product:

A nation will neither export nor import a specific product when its:

Export supply curves are __________________; import demand curves are ___________________.

In a two-nation model, the equilibrium world price will occur where:

Tariffs:

An excise tax on an imported good that is not produced domestically is called a:

Excise taxes on imported goods that help shield domestic producers of the good are called:

Country A limits other nation's exports to Country A to 1,000 tons of coal annually. This is an example of a(n):

Which is an example of a nontariff barrier (NTB)?

In the past, Canada has agreed to set an upper limit on the total amount of softwood lumber sold to the United States. This is an example of a(n):

In comparing a tariff and an import quota, we find that:

Other things equal, economists would prefer:

Studies show that:

Research studies indicate that:

Which of the following arguments for trade protection contends that new domestic industries need support to establish themselves and survive?

Which of the following arguments contends that certain industries need to be protected in the interest of national security?

The organization created to oversee the provisions of multilateral trade agreements, resolve disputes under the international trade rules, and meet periodically to consider further trade liberalization is called the:

The "eurozone":

How many European nations belong to the European Union (EU)?

Which of the following statements about the European Union (EU) is true?

NAFTA:

"Offshoring" refers to: