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International Economics Essay

488 words - 2 pages

Week 1 Assignment
• Read chapters 1-2 of the text book
• Read the power points posted (chapter 1-2)

Chapter 1

Try to answer the study questions in page 26. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers.

Try to answer the following multiple choice questions. Answers of these problems will be provided next week; however, you should try your best to answer these problems before check the answers.

1. A primary reason why nations conduct international trade is because:

b.
Resources are not equally distributed among all trading nations

2. International trade in goods and services is sometimes used as a substitute for all of the following except:

d. Domestic production of different ...view middle of the document...

Page 64-66
1.Mercantilism: Regulation to ensure a positive trade balance.Critics: possible only for short term; assumes static world economy. Absolute advantage (Adam Smith) Countries benefit from exporting what they make cheaper than anyone else But: nations without absolute advantage do not gain from trade. Comparative advantage (David Ricardo) Nations can gain from specialization, even if they lack an absolute advantage
2: Absolute advantage: Countries benefit from exporting what they make cheaper than anyone else But: nations without absolute advantage do not gain from trade
3:

4: supply conditions can determine the comparative advantage and the mode of specification.
5: The production gains from specialization will be different.
6: when changing comparative advantage.

7: It will have a effect on the comparative advantage.

8;opportunity cost.

9: the measure of welfare separately on producers and consumers.

10: A country spends the money on B country that gains from C country, while B country spends the money on C country that gains from A country.

11: the improvement of working efficiency because of the specialization.

1. The trading principle formulated by Adam Smith maintained that:
d. Absolute cost differences determine the immediate basis for trade

2. A nation that gains from trade will find its consumption point being located:

c. Outside its production possibilities curve

3. Concerning international trade restrictions, which of the following is false? Trade restrictions:

c. Cause nations to produce inside their production possibilities curves

4. If Hong Kong and Taiwan had identical labor costs but were subject to increasing costs of production:

a. Trade would depend on differences in demand conditions

5. When a nation achieves autarky equilibrium:

d. Production equals consumption

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