A. natural resource extraction and mining jobs

C. manufacturing and blue-collar jobs

D. agriculture and farming jobs

A. Canada

B. Mexico

D. China

A. Imported, but not exported

B. Neither imported not exported

C. Exported, but not imported

A. underproduce, under consume

B. underproduce, overconsume

D. Overproduce, overconsume

A. Aggregate demand is increasing

B. The injections from trade are greater then the withdrawals

C. The external value of the currency would tend to rise

A. imports should exceed exports

B. Exports should exceed imports

C. Resources are more mobile internationally than are goods

B. Maximizing domestic efficiency is not considered imports

C. Economists tend to favor high protected domestic markets

D. There exist sound economic reasons for keeping ones economy isolated from other economies

B. U.S firms shipping component production overseas

C. Sluggish rates of productivity growth in the United States

D. High unemployment rates among America workers

B. Friedman Samuelson theorem

C. Lucas-Laffer theorem

D. Ricardo Malthus theorem

A. The price of goods when they leave the producing country

B. a government payment to encourage exports

C. a limit on the quantity of a good that can be imported into a country

B. balance of trade

C. balance of payments

D. comparative advantage

B. Industries that sell to only foreign buyers

C. Industries that sell to domestic and foreign buyers

D. Industries in which there are neither imports nor exports

A. Mexico

B. Germany

D. United Kingdom

A. A wider selection of products for consumers

B. Increased competition for world producers

D. The utilization of the most efficient production methods

A. multilateral advantage

B. mutual advantage

C. absolute advantage

B. International movements of technology

C. International movements of capital

D. International movements of labor

B. federation

C. common market

D. free trade area

A. the different tastes and preferences of people in different countries

C. different sizes of the countries

D. The industrial policies of governments

A. Side payments

B. Tariffs

C. export quotas

A. Reduce unemployment for all domestic workers

B. Ensure that industries can operate at less than full capacity

C. Provide benefits for all producers and consumers

A. Comparative scale

B. Production possibility advantage

C. Economies of advantage

A. financial services

C. intermediate products

D. manufactured products

B. a tariff

C. an export subsidy

D. dumping

A. relative factor competition

B. relative factor mobility

C. relative factor substitution

A. Technological progress, but not international trade

B. Neither technological progress nor international trade

D. International trade but not technological progress

A. To improve the balance of payments

B. To protect infant industries

C. To Protect strategic industries

B. The specializing country behaving as a monopoly

C. High wages paid to foreign workers

D. Smaller production runs resulting in lower unit costs

B. its currency; other currencies

C. its opportunity costs; world opportunity costs

D. Value of exports; value of imports

A. Exported, but not imported

B. Imported, but not exported

D. Neither exported nor imported

A. lower tariffs

B. development of tourism

C. technological change

A. Sell its own currency

B. Reduce interest rates

D. Increase its own spending

B. Purely competitive firm in the home market becomes an oligopolist

C. Oligopoly in the home market becomes a monopoly in the world market

D. purely competitive firm in the home market becomes a monopolist

A. use a new technology

C. are competing with well-established overseas firms

D. employ many young or untrained workers

A. The upward trend in commodity prices, the volatility of primary products real prices

B. The downward trend in commodity prices the stability of primary products real prices

C. The upward trend in commodity prices the stability of primary products real prices

B. default on the loan

C. reschedule debt

D. get a loan from an international organization

A. Common security arrangements

B. Elimination of border controls

D. No import taxes on goods bought in another members country

A. low levels of investment

B. poor infrastructure

C. poor human capital

D. resource scarcity

A. rise, rise

C. rise, fall

D. fall, rise

B. Total spending / total consumption

C. Change in consumption / change in savings

D. Total consumption / total income

A. High levels of investment by American corporations

B. High incomes of American households

D. Relatively low interest rates in the United States

B. The GDP of one country compared to another

C. The quantity of exports of one country compared to another

D. The income of one country compared to another

A. exports, patents

B. exports, subsidies

C. imports, subsidies

B. trade quotas

C. trade barriers

D. High exchange rates

A. money; opportunity

B. foreign exchange money

D. resource; resource

B. higher the countrys initial living standard

C. The more mobile the countrys resources

D. The lower the countrys initial living standard

B. differences in technology

C. differences in factor endowments

D. scale economies

A. import prices are the same as export prices

B. Price elasticity of imports is unity and tariff revenue is maximized

C. Comparative advantage is achieved

A. Intensify inflationary pressure at home

C. Increase profits of domestic import competing industries

D. Induce falling output per worker-hour for domestic workers

B. trade creation

C. trade diversion

D. trade channeling

A. 1B

B. 0.4A

D. 10A