Economics Unit 3 Global Economy Exam

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7 points

Comparative advantage : ______ :: absolute advantage : _____ .

7 points

_______ distribution of resources among nations leads countries to ______ in products that require the use of their available resources. Countries may then ______ with other countries for the products that they cannot produce.

7 points

Strong dollar : ______ imports :: weak dollar : _______ exports.

7 points

Japan has a 100% tariff on sports car imports from the United States. If a sports car costs $80,000.00 in the United States:
a) How much would it cost in Japan? and
b) Would this increase or decrease U.S. exports to Japan?

7 points

In the preceding example, the United States could do all of the following to enable the sale of more sports cars in Japan EXCEPT—

9 points

Evaluate the benefits of this free trade agreement; then, complete a paragraph about the benefits that have been experienced.

7 points

How does international trade impact economic growth within a trading nation?

7 points

How do fluctuations to the international exchange rate of a nation's currency affect its balance of trade?

7 points

Analyze the data in the charts above. Which impact will China's trade have on U. S. trade?

10.

7 points

Between 1990 and 2003, the United States saw a decrease in its share of global high-technology exports. Using the data above, which trading partner experienced the greatest benefit while the market share of the United States decreased?

11.

7 points

In which industry did the U.S. loss of the global market share cause an increased share for all of its trading partners?

12.

7 points

Using the table above, which of the following would be Ivory Coast's diamond output available after trade?

13.

7 points

Which economic concept does the table above illustrate?

14.

7 points

Using the table above, what gain did the United States make by specializing in tractors?

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