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International Economics

International Economics

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International Economics

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  1. International Economics Practice Questions

  2. France imports more products from China than China imports from France. In this scenario, France has • A favorable balance of trade with China • An unfavorable balance of trade with China • An advantage in net exports • A comparative advantage

  3. The fact that the U.S. tends to import goods from Guatemala that it could produce more abundantly itself tends to suggest that • Guatemala has a comparative advantage in producing these goods • Guatemala enjoys an absolute advantage in producing these goods • Guatemala has more net exports than the U.S. • Guatemala enjoys a current account surplus over the U.S.

  4. Which of the following parties would be most likely to favor U.S. tariffs? • Producers of exported U.S. products • U.S. consumers • U.S. labor unions • Foreign producers of U.S. imports

  5. The international community has just discovered that the leaders of the nation of Simgowa are executing large numbers of citizens who it accuses of opposing the government. In an effort to put economic pressure on Simgowa to stop these mass murders, the international community refuses to ship food and military weapons to the country, while refusing to buy Simgowa’s products. As a result, Simgowa ceases its brutal actions and asks other nations to resume trade relations. Simgowa has responded to • Tariffs C. International standards • An embargo D. International subsidies

  6. Which of the following can limit the availability of foreign products? • Product standards • Free trade • Lack of quotas • Few domestic subsidies

  7. When the U.S. dollar appreciates, U.S. consumers can • Afford to buy fewer foreign products • Afford to buy more foreign products • Have to pay higher tariffs • Impose more quotas

  8. The nation of Anturmo is still struggling to develop economically. It depends on help from other nations and is trying desperately to encourage foreign investment in its economy. Is sounds like Anturmo would benefit most from • A fixed exchange rate • A floating exchange rate • A managed floating exchange rate • No exchange rate

  9. Brian is the CEO of a U.S. company that depends on profits from exports overseas for the bulk of its business. Brian would most like to see • The dollar appreciate • More U.S. tariffs • More foreign tariffs • The dollar depreciate

  10. (add exchange rate question)