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ECO 365 Week 5 Knowledge Check NEW .pdf


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ECO 365 Week 5 Knowledge Check
NEW
Check this A+ tutorial guideline at
http://www.homeworkrank.com/u
op-eco-365-new/eco-365-week-5knowledge-check-new

1. What problem do economists see with free trade areas
such as NAFTA and the European Union?
A. They tend to lead to free trade rather than fair trade.
B. They can lead to regional trading blocs then restrict
trade.
C. They lead to globalization.
D. They encourage countries to rely on others rather than
being self-sufficient.

2. A group of countries that allows free trade among its
members and puts up common barriers against all other
countries' goods is called
A. a tariff-free zone

B. a most-favored nation agreement
C. an autarky
D. a free trade association

3. Mexico has a comparative advantage in producing corn
A. if its opportunity cost of producing corn is higher than
the opportunity cost in other countries
B. if its opportunity cost of producing corn is the same as
the opportunity cost in other countries
C. if its opportunity cost of producing corn is lower than
opportunity cost in other countries
D. regardless of the opportunity cost in other countries

4. Workers in education, health care, and government
sectors have
A. seen their incomes fall just like in manufacturing
B. been mostly hurt from globalization
C. benefited from globalization in terms of lower consumer
prices
D. been hurt because the sector has been shrinking

5. In the United States globalization has

A. played a significant role in growing income disparity
because some sectors have benefited and others have not
B. played little role in growing income disparity because
all Americans are consumers who have enjoyed lower
prices
C. played a significant role in growing income disparity
because foreign workers' incomes have risen
D. played little role in growing income disparity because
while some jobs were lost, the gain in jobs balanced out
those that were lost

6. Most economists
A. oppose free trade
B. favor free trade
C. have no opinion on free trade
D. would prefer to have no trade with other nations

7. World trade declined in the 1930s. Which of the
following is the best explanation of that decline?
A. World income shrank and trade restrictions increased.
B. World income shrank, but there were few changes in
trade restrictions
C. Trade restrictions increased, but there was little change
in world income

D. The incomes of most nations increased, allowing them
to become more self-sufficient.

8. As a country develops economically, what changes
usually take place in the goods it exports?
A. There is little change because comparative advantage
does not change.
B. Raw materials and agricultural products decline in
importance
and
are
replaced
by
services
and
manufactured goods.
C. Services and manufactured goods decline in importance
and are replaced by raw materials and agricultural
products.
D. Exports go from being diversified to being specialized
in whatever the country finds to be its comparative
advantage.

9. When a U.S. company establishes a call center in India
that answers its customer service calls, the United States
is
A. outsourcing, a form of importing services
B. outsourcing, a form of exporting services
C. insourcing, a form of importing services
D. insources, a form of exporting services

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