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ECO 365 Week 5 Knowledge Check

ECO 365 Week 5 Knowledge Check

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ECO 365 Week 5 Knowledge Check -

1. What problem do economists see with free trade areas such as

NAFTA and the European Union?

  • They tend to lead to free trade rather than fair trade.
  • They can lead to regional trading blocs then restrict trade.
  • They lead to globalization.
  • They encourage countries to rely on others rather than being self-sufficient

 

2. A group of countries that allows free trade among its members and puts up common barriers against all other countries' goods is

Called

  • a tariff-free zone
  • a most-favored nation agreement
  • an autarky
  • a free trade association

 

3. Mexico has a comparative advantage in producing corn

  • if its opportunity cost of producing corn is higher than the opportunity cost in other countries
  • if its opportunity cost of producing corn is the same as the opportunity cost in other countries
  • if its opportunity cost of producing corn is lower than opportunity cost in other countries
  • regardless of the opportunity cost in other countries

4. Workers in education, health care, and government sectors have

  • seen their incomes fall just like in manufacturing
  • been mostly hurt from globalization
  • benefited from globalization in terms of lower consumer prices
  • been hurt because the sector has been shrinking

 

5. In the United States globalization has

  • played a significant role in growing income disparity because some sectors have benefited and others have not
  • played little role in growing income disparity because all Americans are consumers who have enjoyed lower prices
  • played a significant role in growing income disparity because foreign workers' incomes have risen
  • played little role in growing income disparity because while some jobs were lost, the gain in jobs balanced out those that were lost

 

6. Most economists

  • oppose free trade
  • favor free trade
  • have no opinion on free trade
  • Would prefer to have no trade with other nations

 

 

7. World trade declined in the 1930s. Which of the following is the best explanation of that decline?

  • World income shrank and trade restrictions increased.
  • World income shrank, but there were few changes in trade
  •  
  • Trade restrictions increased, but there was little change in world income
  • The incomes of most nations increased, allowing them to become more self-sufficient.

 

8. As a country develops economically, what changes usually take place in the goods it exports?

  • There is little change because comparative advantage does not change.
  • Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.
  • Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.
  • Exports go from being diversified to being specialized in whatever the country finds to be its comparative advantage.

 

9. When a U.S. company establishes a call center in India that answers its customer service calls, the United States is

  • outsourcing, a form of importing services
  • outsourcing, a form of exporting services
  • in sourcing, a form of importing services
  • in sources, a form of exporting services

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