ECON 312 Week 7 Quiz (Example 2)

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1.     (TCO 8) The United States' most important trading partner quantitatively is

2.     (TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)

3.     (TCO 9) Which of the following is not included in the current account of a nation's balance of payments?

4.     (TCO 9) If the dollar price of the yen rises, then

5.     (TCO 9) In terms of individual nations, the largest U.S. trade deficit is with

6.     (TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place.

7.     (TCO 8) Other things equal, economists would prefer

8.     (TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing 

9.     (TCO 9) Suppose the G8 Nations decide that the dollar is too strong (high in value) relative to the yen. These nations might

10.   (TCO 8) Which country has the largest share of total world exports?

11.   (TCO 8 and 10) Evaluate this argument for a trade barrier: “The U.S. needs protection from cheap foreign labor.” Include some reasons why this might be an invalid statement.

12.   (TCO 9) What effect might the depreciation of the U.S. dollar relative to the Japanese yen have on imports and exports to and from each country?