ECON 333 Lesson Practice Quiz Answers (Penn State University)

ECON 333 Lesson 03 Practice Quiz 2 Answers (Penn State University) The opportunity cost of one more slice of pizza in terms of sodas is the The United States can use all its resources to produce 250 DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300 shoes. The opportuni...

ECON 333 Lesson 04 Practice Quiz 2 Answers (Penn State University) In the HO model, the production possibility frontier is bowed out due to the assumption of Assume that Mexico is relatively labor abundant, and that the U.S. is relatively capital abundant. If free trade were to open up between thes...

ECON 333 Lesson 04 Practice Quiz 3 Answers (Penn State University) If the autarky price of S were lower in country A than in country B, then if trade were allowed Assume that Australia is relatively labor abundant, and that Belgium is relatively capital abundant. If free trade were to open up betwe...

ECON 333 Lesson 05 Practice Quiz Answers (Penn State University) Refer to the figure above. With free trade, the total quantity of imports would equal Tariffs can be used to redistribute income from A country gains from international trade if its post-trade ________ point lies outside its producti...

ECON 333 Lesson 06 Practice Quiz 1 Answers (Penn State University)

ECON 333 Lesson 1 Quiz Answers (Penn State University) Question 1 1 / 1 pts An international trade gravity model estimates a country’s trade flows to other countries and predicts that any two countries will trade more with each other when: their combined GNPs are smaller and the geographical...

ECON 333 Lesson 10 Quiz Answers (Penn State University) Question 1 1 / 1 pts For which of the following will the law of one price hold best? milk butter Correct! gold shirt Question 2 1 / 1 pts Which of the following statements is the most accurate? ab...

ECON 333 Lesson 2 Quiz Answers (Penn State University) Question 1 1 / 1 pts If the relative price of S in terms of T is 2, and S has a nominal price of $1, then the nominal price of T is Need more information to answer. 50 cents. You Answered $2. 1/2 S. Questi...

ECON 333 Lesson 6 Quiz 1 Answers (Penn State University) Domestic governments tend to prefer to administer quotas using the “quota license” mechanism as opposed to the “unallocated global quota” mechanism. This is because Quotas are government imposed limits on the ________ of goods traded ...

ECON 333 Lesson 7 Quiz Answers (Penn State University) Question 1 1 / 1 pts In WTO rules, the ________ allows for the imposition of restrictions on fairly traded imports that cause or threaten harm to domestic industry. GATT none of these are correct free trade law cou...

ECON 333 Lesson 8 Quiz Answers (Penn State University) Question 1 1 / 1 pts True or False: The Balance of Payments can be in surplus, deficit, or equal to zero. True False Question 2 1 / 1 pts Merchandise exports minus merchandise imports equal the official settlements b...

ECON 333 Lesson 9 Quiz Answers (Penn State University)

Econ 333 Fall 2020 Sample Exam 1 Review Material Exam Review Material (1) Globalization is most accurately defined as: A) A process of interaction and integration among people, firms, and governments of different nations, driven by international trade and investment and aided by information techno...

ECON 333 Lesson 2 Review Lesson 2: Exercise 1. In autarky, when a community maximizes its standard of living, its consumption point is: A) Below the production possibility frontier. B) On the production possibility frontier. C) Above the production possibility frontier. D) Can’t tell witho...