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Test Canvas : Self-Test Quiz – Chapter 08
Microeconom ics, 3e
Test Canvas: Self-Test Quiz – Chapter 08
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1. Multiple Choice: The United States has a comparative a...
Question The United States has a comparative advantage in the production of aircrafts,
because this task is intensive in the use of:
Correct
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Correct! The Heckscher-Ohlin model explains why a country that is relatively
abundant in one factor of production will have a comparative advantage in goods
that use that factor intensely. Section: Sources of Comparative Advantage
Incorrect
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Incorrect! The United States has a relative abundance of human capital in form of
highly educated workers. The Heckscher-Ohlin model explains why a country that
is relatively abundant in one factor of production will have a comparative advantage
in goods that use that factor intensely. Section: Sources of Comparative Advantage
2. Multiple Choice: The production of aluminum baseball b...
Question The production of aluminum baseball bats is characterized by increasing returns.
This means that:
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Points: 1
3. Multiple Choice: Suppose that Great Britain and France…
Question Suppose that Great Britain and France each specializes according to its own
comparative advantage, so that Great Britain produces fish and France produces
wine. Then they engage in trade. This means that:
4. Multiple Choice: Sid and Nancy have opened a small sho…
Question Sid and Nancy have opened a small shop selling tea and crumpets. Sid takes one
hour to brew one pitcher of tea, and three hours to bake one plate of crumpets.
Nancy also takes one hour to brew one pitcher of tea, and two hours to bake one
plate of crumpets. From this information, we know that:
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Points: 1
5. Multiple Choice: The opening of trans-Atlantic trade i...
Question The opening of trans-Atlantic trade in the late nineteenth century had a large
negative impact on:
6. Multiple Choice: Which of the following is not one of …
Question Which of the following is not one of the standard arguments for restricting imports?
Points: 1
Points: 1
7. Multiple Choice: In which of the following areas does ...
Question In which of the following areas does the United States limit imports?
8. Multiple Choice: Autarky is a situation in which a cou...
Question Autarky is a situation in which a country:
9. Multiple Choice: When the world price of a good exceed...
Question When the world price of a good exceeds the domestic price, a country is MOST
likely to:
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Points: 1
Points: 1
10. Multiple Choice: If a country imports a good for which...
Question If a country imports a good for which the world price is below its domestic price:
11. Multiple Choice: Which of the following statements bes…
Question Which of the following statements best describes the effects of trade?
Points: 1
Points: 1
12. Multiple Choice: The effect of a tariff is to:
Question The effect of a tariff is to:
13. Multiple Choice: Compared with autarky, international ...
Question Compared with autarky, international trade leads to:
14. Multiple Choice: According to the Heckscher-Ohlin mode…
Question According to the Heckscher-Ohlin model, a country will export those goods:
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15. Multiple Choice: In the United States, growing interna...
Question In the United States, growing international trade has:
16. Multiple Choice: What is the effect of the quota impos…
Question What is the effect of the quota imposed on sugar imports into the United States?
Answer
Consumers pay a lower price for sugar than they would otherwise.
Points: 1
Points: 1
17. Multiple Choice: Which group of people would be most l...
Question Which group of people would be most likely to support a tariff imposed on cotton
imported into the United States?
18. Multiple Choice: In general, U.S. tariffs imposed on m...
Question In general, U.S. tariffs imposed on manufacturing imports are:
19. Multiple Choice: What authority does the World Trade O…
Question What authority does the World Trade Organization have?
Answer The World Trade Organization has the authority to determine which countries
have a comparative advantage in which goods.
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20. Multiple Choice: Many of the commonplace items that yo...
Question Many of the commonplace items that you use everyday are manufactured in Asia.
If the Heckscher-Ohlin model applies, what would account for this?
Answer
The United States has used its military power to oppress the people of Asia
and force them to work for low wages.
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Points: 1