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IE Chapter 6

Beschreibung

Chapter 6
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Zusammenfassung der Ressource

Frage 1

Frage
The meaning of "terms of trade" is
Antworten
  • the price of a country's exports divided by the price of its imports.
  • the amount of exports sold by a country.
  • the price conditions bargained for in international markets.
  • the quantities of imports received in free trade.
  • the tariffs in place between two trading countries.

Frage 2

Frage
A country cannot produce a mix of products with a higher value than where
Antworten
  • the isovalue line is tangent to the production possibility frontier.
  • the isovalue line intersects the production possibility frontier.
  • the isovalue line is above the production possibility frontier.
  • the isovalue line is below the production possibility frontier.
  • the isovalue line is tangent with the indifference curve.

Frage 3

Frage
Tastes of individuals are represented by
Antworten
  • indifference curves.
  • production possibility frontiers.
  • isovalue lines.
  • production functions.
  • the terms of trade.

Frage 4

Frage
If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
Antworten
  • the terms of trade of cloth exporters will improve.
  • all countries would be better off.
  • the terms of trade of food exporters will improve.
  • the terms of trade of all countries will improve.
  • the terms of trade of cloth exporters will worsen.

Frage 5

Frage
If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
Antworten
  • the cloth exporter will increase the quantity of cloth produced.
  • the cloth exporter will increase the quantity of cloth exported.
  • the food exporter will increase the quantity of food exported.
  • the cloth exporter will decrease the quantity of cloth exported.
  • the country would import more cloth.

Frage 6

Frage
If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
Antworten
  • world relative quantity of cloth supplied will increase.
  • world relative quantity of cloth supplied and demanded will increase.
  • world relative quantity of cloth supplied and demanded will decrease.
  • world relative quantity of cloth demanded will decrease.
  • world relative quantity of food will increase.

Frage 7

Frage
A country will be able to consume a combination of goods that is not attainable solely from domestic production if
Antworten
  • the world terms of trade differ from its domestic relative costs.
  • the country specializes in one product.
  • the country avoids international trade.
  • the world terms of trade equal the domestic relative costs.
  • the country's domestic production value equals world relative value.

Frage 8

Frage
Terms of trade refers to
Antworten
  • the relative price at which trade occurs.
  • what goods are imported.
  • what goods are exported.
  • the volume of trade.
  • the tariffs applied to trade.

Frage 9

Frage
If points A and B are two locations on a country's production possibility frontiers, then
Antworten
  • the country could produce either of the two bundles.
  • consumers are indifferent between the two bundles.
  • producers are indifferent between the two bundles.
  • at any point in time, the country could produce both.
  • both bundles must have the same relative cost.

Frage 10

Frage
If the economy is producing at point a on its production possibility frontier, then
Antworten
  • all of the country's workers are employed.
  • all of the country's workers are specialized in one product.
  • all of the country's capital is used for one product.
  • all of its capital is used, but not efficiently.
  • all of the country's exports are produced in equal amounts.

Frage 11

Frage
Refer to the figure above, which shows a country's possible production possibility frontiers and indifference curves. If the country is producing at ______________, then moving to ______________ will cause utility to ____________.
Image:
f1724021-324f-44c4-9f6d-09c2b24f760b (image/jpeg)
Antworten
  • point b; point c; remain unchanged
  • point a; point b; increase
  • point c; point b; increase
  • point c; point b; decrease
  • point a; point c; remain unchanged

Frage 12

Frage
If two countries with diminishing returns and different marginal rates of substitution between two products were to engage in trade, then
Antworten
  • the marginal rates of substitution of both would become equal.
  • the shapes of their respective production possibility frontiers would change.
  • the larger of the two countries would dominate their trade.
  • the country with relatively elastic supplies would export more.
  • the opportunity costs for the smaller country would increase.

Frage 13

Frage
If a country began exporting product A and importing product B, then, as compared to the autarky (no-trade) situation, the marginal cost of product A will
Antworten
  • increase.
  • decrease.
  • shift outward.
  • shift inward.
  • remain the same.

Frage 14

Frage
When the production possibility frontier shifts out relatively more in one direction, we have
Antworten
  • biased growth.
  • unbiased growth.
  • immiserizing growth.
  • balanced growth.
  • imbalanced growth.

Frage 15

Frage
Suppose that a country experiences growth strongly biased toward its export, cloth
Antworten
  • this will tend to worsen the country's terms of trade.
  • this will tend to improve the country's terms of trade.
  • this will tend to leave the country's terms of trade unchanged.
  • this will tend to worsen the terms of trade for the country's trading partner.
  • this will increase the price of cloth relative to the imported good.

Frage 16

Frage
Suppose that a "small country" experiences growth strongly biased toward its export, cloth
Antworten
  • this will have no effect on terms of trade for the country's trading partner.
  • this will tend to worsen the country's terms of trade.
  • this will tend to improve the country's terms of trade.
  • this will tend to worsen terms of trade for the country's trading partner.
  • this will tend to improve terms of trade for the country's trading partner.

Frage 17

Frage
Refer to the figure above, which shows a country's possible production possibility frontiers and indifference curves. If the country is producing at __________, then moving to ___________ will cause utility to ___________________.
Image:
67972805-12cd-4e3a-ac24-e7b437d6d9e1 (image/jpeg)
Antworten
  • point c; point b; remain unchanged
  • point a; point b; increase
  • point c; point b; increase
  • point c; point b; decrease
  • point a; point c; remain unchanged

Frage 18

Frage
Refer to the figure above, which shows a country's possible production possibility frontiers and indifference curves. If the country is producing at __________, then moving to ___________ will cause utility to ___________________.
Image:
77964a98-d04b-4b8d-9167-1e7946001467 (image/jpeg)
Antworten
  • point b; point a; increase
  • point a; point b; increase
  • point c; point b; increase
  • point c; point b; decrease
  • point a; point c; remain unchanged

Frage 19

Frage
If the U.S. (a large country) imposes a tariff on its imported good, this will tend to
Antworten
  • improve the terms of trade of the United States.
  • have no effect on terms of trade.
  • improve the terms of trade of all countries.
  • cause a deterioration of U.S. terms of trade.
  • raise the world price of the good imported by the United States.

Frage 20

Frage
If Slovenia is a small country in world trade terms, then if it imposes a large series of tariffs on many of its imports, this would
Antworten
  • have no effect on its terms of trade.
  • improve its terms of trade.
  • deteriorate its terms of trade.
  • decrease its marginal propensity to consume.
  • increase its exports.

Frage 21

Frage
If Slovenia is a large country in world trade, then if it imposes a large set of tariffs on many of its imports, this would
Antworten
  • improve its terms of trade.
  • have no effect on its terms of trade.
  • harm its terms of trade.
  • decrease its marginal propensity to consume.
  • increase its exports.

Frage 22

Frage
If Slovenia were a large country in world trade, then if it imposes a large set of tariffs on its imports, this must
Antworten
  • decrease the internal price of imports below the world market rate.
  • cause retaliation on the part of its trade partners.
  • harm Slovenia's real income.
  • improve Slovenia's real income.
  • improve the real income of its trade partners.

Frage 23

Frage
If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this must
Antworten
  • harm its terms of trade.
  • have no effect on its terms of trade.
  • improve its terms of trade.
  • decrease its marginal propensity to consume.
  • harm world terms of trade.

Frage 24

Frage
If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this must
Antworten
  • improve the real income of its trade partners.
  • cause retaliation on the part of its trade partners.
  • harm Slovenia's real income.
  • improve Slovenia's real income.
  • increase internal prices above the world market rate.

Frage 25

Frage
If a small country were to levy a tariff on its imports then this would
Antworten
  • decrease the country's economic welfare.
  • have no effect on that country's economic welfare.
  • increase the country's economic welfare.
  • change the terms of trade.
  • raise prices on its exports in other countries.

Frage 26

Frage
An increase in a country's net commodity terms of trade will
Antworten
  • not always guarantee positive changes in the country's economy.
  • always increase the country's economic welfare.
  • always increase the country's real income.
  • never increase the country's quantity of exports.
  • always increase the country's production of its import competing good.

Frage 27

Frage
An import tariff will cause the relative demand for ____________ to ________________ and the relative supply for _______________ to ________________.
Antworten
  • imports; decrease; imports; increase
  • imports; increase; imports; decrease
  • exports; increase; exports; decrease
  • exports; decrease; exports; increase
  • exports; increase; imports; decrease

Frage 28

Frage
An export subsidy will cause the relative demand for _______________ to ________________ and the relative supply for ______________ to ______________.
Antworten
  • exports; decrease; exports; increase
  • imports; decrease; imports; increase
  • imports; increase; imports; decrease
  • exports; increase; exports; decrease
  • exports; increase; imports; decrease

Frage 29

Frage
An import tariff will cause the terms of trade of the _______________ country to ______________ and will _______________ the country.
Antworten
  • importing; improve; benefit
  • exporting; improve; benefit
  • importing; suffer; harm
  • exporting; improve; harm
  • importing; improve; harm

Frage 30

Frage
An export subsidy will cause the terms of trade of the ____________ country to ____________ and will ______________ the country.
Antworten
  • exporting; suffer; harm
  • exporting; improve; benefit
  • importing; suffer; harm
  • importing; suffer; benefit
  • importing; improve; harm

Frage 31

Frage
International borrowing and lending may be interpreted as one form of
Antworten
  • intertemporal trade.
  • intermediate trade.
  • trade in services.
  • unrequited international transfers.
  • aid to offset trade advantages.

Frage 32

Frage
If one observes that Japan was traditionally a net foreign lender, one could conclude that relative to its international trade and financial partners
Antworten
  • Japan's intertemporal production possibilities are biased toward present consumption.
  • Japan's intertemporal production possibilities are biased toward future consumption.
  • Japan's intertemporal production possibilities are larger than that of the other countries.
  • Japan's intertemporal production possibilities are not biased.
  • Japan preferred to consume beyond its production in the present.

Frage 33

Frage
Rapidly growing developing countries tend to be borrowers on the international capital markets. From this information we may surmise that they have a comparative advantage in
Antworten
  • future income.
  • capital goods.
  • disposable income.
  • consumer goods.
  • present income.

Frage 34

Frage
It may be argued that theoretically, international capital movements
Antworten
  • tend to hurt labor in donor countries.
  • tend to hurt the donor countries.
  • tend to hurt the recipient countries.
  • tend to hurt labor in recipient countries.
  • increase future production in donor countries.

Frage 35

Frage
The intertemporal tradeoff between present and future consumption is measured by the
Antworten
  • real interest rate.
  • inflation rate.
  • nominal interest rate.
  • terms of trade.
  • rate of economic growth.

Frage 36

Frage
A fall in the real interest rate, all other things held constant, will cause a country's ___________ to ______________.
Antworten
  • current consumption; increase
  • current consumption: decrease
  • terms of trade; improve
  • terms of trade; worsen
  • welfare level; improve

Frage 37

Frage
An increase in the real interest rate, all other things held constant, will cause a country's ____________ to _______________.
Antworten
  • current consumption: increase
  • current consumption; decrease
  • terms of trade; improve
  • terms of trade; worsen
  • welfare level; improve

Frage 38

Frage
The price of _____________ consumption in terms of _________________ consumption is ____________________.
Antworten
  • future; current; 1/(1+r)
  • present; future; 1/(1 + r)
  • future; current; r
  • present; future; r
  • future; current; 1 + r

Frage 39

Frage
The intertemporal budget constraint is defined as:
Antworten
  • DP + DF/(1+r) = QP + QF/(1+r)
  • V = QP + QF/(1 + r)
  • V = DP + DF/(1 + r)
  • DF + DP/(1 + r) = QF + QP/(1 + r)
  • DP + DF(1 + r) = QP + QF(1 + r)
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