Homework Answers
1 - 16 offshoring - when a firm in another country outsources a function to a US company.
2 - 8 Exchange rate - Domestic price of a foreign currency.
3 - 10 Floating exchange rates - exchange rates determined by supply and demand.
4 - 5 current account - That part of a country's balance of payments that includes trade, income from investments and financial aid.
5 - 3 capital account - That part of a country's balance of payments that includes investments made in another countries and foreign investments in domestic country.
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apter 6 Name When a firm in another country outsources a function to a US company....
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and...
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and bought in the United States. Goods or services produced in the United States and sold to someone in another country. Imports exceed exports. Exports exceed imports. Being able to produce using fewer resources Being able to produce incurring less opportunity costs. The absence of trade restrictions. A tax on imports. An absolute limit on imports of certain products. An argument for trade restrictions that...
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products...
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products need for the military. An argument for trade restrictions that stresses protecting newly formed industries from foreign competition. Selling of excess goods in a foreign market at a price below the cost of production. Hiring an outsider to take over a particular function of a business. Outsourcing functions to a firm in another country. The net of all foreign trade, investment, and other transactions....
1.Mercantilism and Comparative Advantage are trade theories. Mercantilism is called a "zero sum game" and is...
1.Mercantilism and Comparative Advantage are trade theories. Mercantilism is called a "zero sum game" and is said to "beggar thy neighbor" meaning to make your neighbor poorer. Comparative Advantage is a "win-win" or "plus sum game" to benefit all parties. Access outside resources and comment on these two trade theories. When were they first used and how are they used today? 2.The Balance of Payments records funds leaving and entering a country. I will categorize the funds into three sections:...
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing...
Questions: c) An emergency tariff on a wide range of imports would be effective in addressing U.S deficits and forcing other nations to purchase more U.S. exports; d) One reason the U.S. does not export more is lagging investment in domestic industries. Why Protectionism Cannot Cure the Trade Deficit The causal link between investment flows, exchange rates, and the balance of trade explains why protectionism cannot cure a trade deficit. In his 1997 book, One World, Ready or Not, Washington...
(1) If the world price is above the domestic equilibrium price, the domestic country is likely...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
3. Which two sentences work together to express the topic of Paragraph 27 4. What is...
3. Which two sentences work together to express the topic of Paragraph 27 4. What is the main idea of Paragraph 3? a. Citizens would benefit significantly from purchasing goods made in their country. b. It is advantageous for workers to adapt swiftly to dynamic economic conditions. c. Workers should change their circumstances as soon as the economy is hit with problems. d. Protectionist policies serve to help workers in certain industries keep their jobs. 5. What is the main...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
6. The balance of payments is ..-(A) negative when the nation runs a trade deficit. (B)...
6. The balance of payments is ..-(A) negative when the nation runs a trade deficit. (B) positive when the nation runs a trade surplus. (C) negative when the country is a borrower in the international apital market. (D) positive when the country is a lender in the international capital market. (E) always equal to zero. 7. If the U.S. dollar increases in value relative to the British pound, (A) U.S. wheat will become cheaper in England. (3) British bicycles will...
MATCHING Match the key terms with the descriptions. Goods or services produced in another country and bought in the United States. Goods or services produced in the United States and sold to someone in another country. Imports exceed exports. Exports exceed imports. Being able to produce using fewer resources Being able to produce incurring less opportunity costs. The absence of trade restrictions. A tax on imports. An absolute limit on imports of certain products. An argument for trade restrictions that...
CCIO An argument for trade restrictions that stresses being able to domestically produce all the products need for the military. An argument for trade restrictions that stresses protecting newly formed industries from foreign competition. Selling of excess goods in a foreign market at a price below the cost of production. Hiring an outsider to take over a particular function of a business. Outsourcing functions to a firm in another country. The net of all foreign trade, investment, and other transactions....
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Does GDP give us a complete picture of standard of living in a country No, because it does not account for inflation Yes, because it measures productivity of a country No, because it does not account for population size Yes, because it includes goods AND services produced The same car costs $10k in USA and AED30k in UAE (1$=3.67AED). Purchasing power Same for...
(1)
If the world price is above the domestic equilibrium price, the
domestic country is likely to ____________________ the good.
(2)
The difference between what an economy sells to and buys from
foreigners is _________________.
(3)
The idea that exchange rates and prices adjust to equalize the
cost of living across international boundaries is called
__________________________.
(4)
In the graph below, when the world price is $3, how many units
are...
3. Which two sentences work together to express the topic of Paragraph 27 4. What is the main idea of Paragraph 3? a. Citizens would benefit significantly from purchasing goods made in their country. b. It is advantageous for workers to adapt swiftly to dynamic economic conditions. c. Workers should change their circumstances as soon as the economy is hit with problems. d. Protectionist policies serve to help workers in certain industries keep their jobs. 5. What is the main...
1. Given the information in Table 1, in a two country and two-product Ricardian model, which of the following statements is (are) true? Table 1 Unit Labour Requirements T-shirt Brandy 4 hours 12 hours 6 hours 12 hours United States France A) The pretrade price ratio in France is 1 brandy - 2 T-shirts. B) The US pretrade price ratio is 1 brandy - 4 T-shirts. C) The US pretrade price ratio is 1 T-shirt = 1/3 brandy. D) The...
6. The balance of payments is ..-(A) negative when the nation runs a trade deficit. (B) positive when the nation runs a trade surplus. (C) negative when the country is a borrower in the international apital market. (D) positive when the country is a lender in the international capital market. (E) always equal to zero. 7. If the U.S. dollar increases in value relative to the British pound, (A) U.S. wheat will become cheaper in England. (3) British bicycles will...
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