Homework Answers
Ans. Free trade causes some to lose their job from higher competition.
Even though free trade brings growth and prosperity to both the countries which engage in trade with each other, there are certain trade offs that also result from free trade. One of the major trade off is that free trade causes some of the individuals to lose their job due to higher competition from global markets.
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Economists generally believe that free trade is good for the economy. Which of the following describes...
QUESTION 9 Economists generally favor free trade because it allows consumers to receive more goods and...
QUESTION 9 Economists generally favor free trade because it allows consumers to receive more goods and at a lower cost it protects domestic markets it may cause some job loss none of the above QUESTION 10 A government mandated price that is above the equilibrium price is called a price floor a price ceiling O a price wall O a price toilet QUESTION 11 In the supply/demand framework, a price that is below the equilibrium price will create a surplus...
Which of the following statements corresponds to a trade barrior? Most economists agree this is not...
Which of the following statements corresponds to a trade barrior? Most economists agree this is not a good idea when the economy is at full employment When unemployment is low, the opportunity cost of production becomes zero because resources are available that are otherwise not being utilized In this situation, a country must give up the chance to produce one good for another Mutual gains from this assume full employment Save and Continue DAHA repistered trademark of SOPHIA Learning LLC
63. Which statement is generally NOT true with regard to the effect of trade on wages...
63. Which statement is generally NOT true with regard to the effect of trade on wages in developing countries? A. Working conditions, although often less pleasant than in developed nations, are generally improved with foreign investment. B. Foreign companies tend to reduce the overall number of jobs available in developing countries. C. Wages offered by foreign companies are generally higher than wages offered by local companies. D. Foreign companies generally pay lower wages in developing countries than they do back...
QUESTION 16 If the world price of cotton is less that the price that would occur...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
When we talk about whether there is prosperity or not, we are generally talking about the...
When we talk about whether there is prosperity or not, we are generally talking about the amount of the gross domestic product that goes to each person. Standard of living, meanwhile, refers to the extent to which the economy in a region enables the production of and purchase of goods and services. The financial system, meanwhile, is the group of institutions dealing with savings and borrowing of money, made up of financial markets and financial intermediaries. The stock and bond...
1. Which of the following is a cost of unemployment? a. Unemployed individuals suffer a loss...
1. Which of the following is a cost of unemployment? a. Unemployed individuals suffer a loss of income b. Unemployed individuals are more likely to have emotional or psychological problems. c. Unemployed individuals can lose their job skills over time. d. Unemployment causes production to decrease from what it could be. e. All of the above are costs of unemployment. 2. Which of the following is likely to be hurt by higher than expected inflation rates? a. a retiree on a fixed...
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010....
1. Jordan loaned Taylor $1,200 on March 15, 2009. Taylor returned $1,260 on March 14, 2010. Inflation was 2% over the 1-year period. What is the real interest rate that Taylor paid? 5% 2% 3% 7% 2. Which of the following is an example of money illusion assuming that inflation is 5%? You receive a 10% raise at your part-time job and start spending extra money on entertainment every weekend. You do not receive a raise at your part-time job...
18. Which of the following policies would come from a Marxist view of the economy? (a)...
18. Which of the following policies would come from a Marxist view of the economy? (a) government stabilization through changing spending, taxes, and interest rates since the economy will not automatically restore full employment. b) a socialist economy with government ownership of banks and businesses since economic instability is based on the exploitation of workers. (c) the need to regulate the banking system to avoid financial crisis. (d) laissez-faire or free market policies since the economy will tend towards full...
Please solve the final answer for all following 10 multiple choice questions Which argument does not refer to Preferential Trade Agreements (PTAs)? O PTA reduces trade barriers among members but dis...
Please solve the final answer for all following 10 multiple choice questions Which argument does not refer to Preferential Trade Agreements (PTAs)? O PTA reduces trade barriers among members but discriminate against non-member countries O PTA promotes regionalism and is as such against the idea of multilateralism in trade O Some people view that the formation of regional trade agreements (RTAs) undermine the WTO O PTA encourages regionalism and it is harmful since it leads to trade diversion O All...
QUESTION 9 Economists generally favor free trade because it allows consumers to receive more goods and at a lower cost it protects domestic markets it may cause some job loss none of the above QUESTION 10 A government mandated price that is above the equilibrium price is called a price floor a price ceiling O a price wall O a price toilet QUESTION 11 In the supply/demand framework, a price that is below the equilibrium price will create a surplus...
Which of the following statements corresponds to a trade barrior? Most economists agree this is not a good idea when the economy is at full employment When unemployment is low, the opportunity cost of production becomes zero because resources are available that are otherwise not being utilized In this situation, a country must give up the chance to produce one good for another Mutual gains from this assume full employment Save and Continue DAHA repistered trademark of SOPHIA Learning LLC
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
18. Which of the following policies would come from a Marxist view of the economy? (a) government stabilization through changing spending, taxes, and interest rates since the economy will not automatically restore full employment. b) a socialist economy with government ownership of banks and businesses since economic instability is based on the exploitation of workers. (c) the need to regulate the banking system to avoid financial crisis. (d) laissez-faire or free market policies since the economy will tend towards full...
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