ECO201 - CHAPTER 4

ECO201 - CHAPTER 4

University

20 Qs

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ECO201 - CHAPTER 4

ECO201 - CHAPTER 4

Assessment

Quiz

English

University

Practice Problem

Medium

Created by

Ngô DN)

Used 33+ times

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20 questions

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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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