International Economics MCQ
Employment data is released ________ gross domestic product (gdp) data.
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More frequently than
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Economists normally consider costs of operation in ______ time frame(s).
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Economists believe that self-sufficiency (no trade) _____
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Is needed, in order to guarantee national security.
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Suppose the current market price is = $8. then there is an ______ of about ______.
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There is a shortage and the price of t-shirts will rise.
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The bretton woods agreement implemented a system of _____ exchange rates.
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Predictable exchange rates reduce the need for ________.
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Currency conversion.
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The european union set and largely met a goal to be a ____________________ by 1992.
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Common market
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To convert u.s. dollars into another currency, _____.
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Multiply the number of dollars by the number of units of the other currency per dollar
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The _____________ is an example of a large-scale common currency.
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The _____ helps us to compare the relative prices of goods and services in different countries.
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Exchange rate
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_____ are the oldest and simplest instrument of trade policy.
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________ is an activity under the monetary policy of a nation.
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Selling government securities
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World supply of a good ______ domestic supply.
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Is more elastic than
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The percentage of imports to america by japan is approximately _______ percent.
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5 (correct)
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The new trade theory is mainly at odds with the ________ theory.
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Factor proportions
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The international monetary fund receives its funds from _____.
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Subsidiary investing
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The gold standard is a ________ because it secured nations' currencies to the value of gold.
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Fixed exchange-rate system
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The global trend towards large multinational firms is partially driven by __________.
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Comparative advantage
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The focus of factor proportions theory is on the ________.
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Productivity of the production process
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National comparative advantage arises from the differences in _______ across countries.
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Opportunity cost
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Much production in the world today closely resembles what is predicted by the ________.
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Theory of comparative advantage.
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A trade deficit occurs when ________.
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Trade Deficit
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According to adam smith, _____ should determine what a country imports and what it exports.
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The market mechanism
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A recession tends to make a _____________________.
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Trade deficit smaller
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To benefit each nation, any resulting trade must be within the __________________ .
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Limits of trade (correct)
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The _____ refers to the institutional arrangements that govern exchange rates.
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International monetary system
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The ____________________ is based on the prices of merchandise that are exported or imported.
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International Price Index
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If the exchange rate for mexican pesos has changed from 10 pesos to 9 pesos per dollar, _____.
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The value of the peso has increased
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If england sends out 30 units of cloth, it will get _____ units of wine in return.
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Host governments sometimes intervene in foreign direct investment to ____________.
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Shore up balance of payments
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Purchasing power parity is better at predicting ________ exchange rates.
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Long-term
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U.s. exporters prefer a(n) ________ dollar.
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If imports ______________, then the economy is said to have a trade deficit.
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Exceed exports
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A country's balance of payment equals the ________.
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Total flow of money into the country minus the total flow of money out of the country
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The key concept that underlies all bureaucracies is ________.
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Standardization
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A majority of the total world merchandise trade occurs among ________.
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High-income economies
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Specialization and trade can _____ the per-unit cost of production because _____ .
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Decrease; it creates economies of scale associated with large-scale production
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All of the following are responsibilities of the world trade organization except _____.
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Recording and distributing tariffs collected on imports and exports.
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A country?s _____ tells how much of its production it exports.
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Level of trade
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Capital accounts are a measure of how much ____ have invested ____.
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U.S. firms; in foreign nations
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A clean floating exchange rate policy is a government policy to _____.
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Allow a currency's value to fluctuate according to the foreign exchange rate
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When a country's currency is weak, the price of its ________.
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Exports on world markets declines and the price of imports increases
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Governments sometimes intervene in international trade to ________.
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Protect jobs
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In the u.s. economy, ________ are considered the reward for the risk of entering business.
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Export supply curves are __________________; import demand curves are ___________________.
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Upsloping; downsloping
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An example of globalization of ________ is toyota opening a factory in kentucky.
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Production
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The benefit that john gets from eating an additional grape is called the ________ the grape.
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Marginal utility from
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The basic economic problem of ________ has always existed and will continue to exist.
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The bandwagon effect is an example of the way _____ directly affects foreign exchange rates.
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Investor psychology
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Recent trends toward trade restrictions have been to _____.
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Decrease trade barriers
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