Eco365 Week 5 Knowledge Check Score100 1 What Do Economists See

ECO365 Week-5 Knowledge check (Score100%)

1. What problem do economists see with free trade areas such as NAFTA and the European Union?
They tend to lead to free trade rather than fair trade.
They can lead to regional trading blocs then restrict trade.
They lead to globalization.
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 tariff-free zone
a most-favored nation agreement
an autarky
a free trade association
3. Mexico has a comparative advantage in producing corn
if its opportunity cost of producing corn is higher than the opportunity cost in other countries
if its opportunity cost of producing corn is the same as the opportunity cost in other countries
if its opportunity cost of producing corn is lower than opportunity cost in other countries
regardless of the opportunity cost in other countries
4. Workers in education, health care, and government sectors have
seen their incomes fall just like in manufacturing
been mostly hurt from globalization
benefited from globalization in terms of lower consumer prices
been hurt because the sector has been shrinking
5. In the United States globalization has
played a significant role in growing income disparity because some sectors have benefited and others have not
played little role in growing income disparity because all Americans are consumers who have enjoyed lower prices
played a significant role in growing income disparity because foreign workers incomes have risen
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
oppose free trade
favor free trade
have no opinion on free trade
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?
World income shrank and trade restrictions increased.
World income shrank, but there were few changes in trade Restrictions
Trade restrictions increased, but there was little change in world income
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?
There is little change because comparative advantage does not change.
Raw materials and agricultural products decline in importance and are replaced by services and manufactured goods.
Services and manufactured goods decline in importance and are replaced by raw materials and agricultural products.
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
outsourcing, a form of importing services
outsourcing, a form of exporting services
in sourcing, a form of importing services
in sources, a form of exporting services

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