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3. Why is comparative advantage important in international trade?

7. Identify the exchange rate that equalizes the prices of internationally traded goods across countries and briefly discuss the main functions this exchange rate serves.

10. Briefly discuss the shortcomings of environmental command-and-control regulations.

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16 Dec 2018

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what is a key factor that determines a firm's profitability?

A differentiation of a firm's product from other products

B factors affecting a firm's entire market

C a firm's average cost of production relative to that of competing firms

D chance events

E all of the above

economic theory suggests countries benefit from international trade by producing more of those good and services for which they have a comparative advantage (and less of that for which a country does not have a comparative advantage). However, countries rarely specialize completely, why?

even with international trade, countries rarely specialize completely because

A, all goods and services can be traded internationally

B, some countries would lose as a result of free trade

C, consumers in different countries have homogeneous tastes

D, some countries do not have an absolute advantege producing anything

E, production of most goods involves increasing opportunity costs.

Which of the following is TRUE regarding international trade?

Select one:

a. Typically, it is belived that when countries trade with one another, ther eare gains in production efficiency.

b. All of these are correct

c. Freedom to trade internationally adds to the consumers' choices available for purhcase

d. Countries often hope that international trade will help raise the standard of living for their citizens

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Which of the following is TRUE regarding why countries trade with one another?

Select one:

a. Countries trade so that they can get products and services that they are not as efficient in making as other countries.

b. Countries often hope that international trade will help their economy grow

c. All of these are correct

d. Countries trade because not all nations have the same resources.

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Revenue tariffs are levied to

Select one:

a. lower exports.

b. protect domestic producers.

c. increase imports.

d. raise money.

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Tariffs and quotas can have all of the following effects EXCEPT

Select one:

a. protecting domestic industry.

b. reducing trade deficits.

c. increasing prices consumers pay for goods.

d. promoting third-world development.

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The United States trade deficit causes

Select one:

a. the value of the dollar to fall in foreign exchange markets.

b. immediate worldwide recessions.

c. increased employment opportunities for all Americans.

d. the value of the dollar to strengthen in foreign exchange markets.

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Which of the following is true regarding the relationship of international trade and competition?

Select one:

a. International competition, like competition in general, can have effects on the price levels of goods.

b. When countries trade with one another, there is often increased competition among firms offering the same good or service.

c. All of these are correct.

d. When tariffs increase, domestic producers usually have fewer international competitors.

apricotlizard520

International Trade: Think of the importance of trade in your life. Look simply at what you're wearing today. When you shop, do you look for the "Made in the USA" label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this; 1. How is international trade regulated? Log on to www.wto.org and click the "Trade Topics" tab to learn about the scope of trade agreements and trade controversies. What is involved in "trade agreements"? 2. Log on to www.bea.gov and view the "international" tab, then "Trade in Goods and Services." What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you think this balance will move in the near future, and why? (Define the overall subject of each question. Cited at least three (3) resources from this week's materials.

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