
ECO201 - CHAPTER 4
Quiz
•
English
•
University
•
Medium
Ngô DN)
Used 32+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?
Imports are only restricted when foreign-made goods do not meet domestic standards of quality.
Import restrictions are the result of trade wars between hostile countries.
Trade can have substantial effects on a country's distribution of income.
The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Ricardian two-country two-good model predicts that there are potential benefits from trade, but NOT
when one country has significantly lower wages than the other country.
the mechanism that determines which country will specialize in which good.
when both countries have the same types of technology available.
the effect of trade on income distribution.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
International trade can have important effects on the distribution of income because
different countries use different currencies.
some resources are immobile in the short run.
of government corruption.
the more powerful country dictates the terms of trade.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
International trade can have important effects on the distribution of income because
different industries employ different factors of production.
different countries use different currencies.
rich countries take advantage of poor countries.
the more powerful country dictates the terms of trade.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the specific factors model, labor is defined as a(an)
mobile factor.
fixed factor.
specific factor.
variable factor.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the specific factors model, which of the following is treated as a specific factor?
land
cloth
food
labor
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the specific factors model, which of the following is treated as a specific factor?
labor
cloth
food
capital
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