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Econ 340 Exam 2 with correct answers 100% 2026

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Econ 340 Exam 2 with correct answers 100% 2026 Quota - Correct Answers -Limit of quantity of imports/exports -Shifts supply curves by the quantity of the quota Trade Creation (A + B) - Correct Answers -Some domestic production of one customer union member is replaced by another (member's) low-cost imports. Trade Division (C) - Correct Answers -Imports from a low-cost supplier outside the union are replaced by purchase from high-cost supplier within the union (RTA) Loss - Correct Answers Trade-Division Effect= C (could have imported from the US at a lower price). Dynamic Effect - Correct Answers -Creation of larger markets Dynamic Gains - Correct Answers 1) Economies of Scale (Larger-Scale Production) 2) Greater Competition 3) Stimulus of Investment Innovation International Migration - Correct Answers -Caused better economic opportunities, non-economic factors such as, politics, war, and religion. Main Effect of Labor Mobility - Correct Answers -Equalizes wage rates in two countries (Like Mexico to the US) Institutions Lead to.... - Correct Answers Economic Growth

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Econ 340 Exam 2 with correct answers
100% 2026
Quota - Correct Answers -Limit of quantity of imports/exports

-Shifts supply curves by the quantity of the quota



Trade Creation (A + B) - Correct Answers -Some domestic production of one customer union

member is replaced by another (member's) low-cost imports.



Trade Division (C) - Correct Answers -Imports from a low-cost supplier outside the union are
replaced by purchase from high-cost supplier within the union (RTA)



Loss - Correct Answers Trade-Division Effect= C (could have imported from the US at a lower
price).



Dynamic Effect - Correct Answers -Creation of larger markets



Dynamic Gains - Correct Answers 1) Economies of Scale (Larger-Scale Production)

2) Greater Competition

3) Stimulus of Investment Innovation



International Migration - Correct Answers -Caused better economic opportunities, non-
economic factors such as, politics, war, and religion.



Main Effect of Labor Mobility - Correct Answers -Equalizes wage rates in two countries (Like
Mexico to the US)



Institutions Lead to.... - Correct Answers Economic Growth

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