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International Economics ECOA12117 (202500-3020)

International Economics ECOA12117 (202500-3020)

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The deadweight loss of a tariff

is a social loss because it promotes inefficient use of national resources.

is not a social loss because it merely redistributes revenue from one sector to another.

is not a social loss because it is paid for by rich corporations.

is not a social loss because it aids domestic consumers.

is a social loss because it reduces the revenue of the government.

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The General Agreement on Tariffs and Trade and the World Trade Organization have resulted in

the reciprocal trade clause.

the establishment of the European Union.

the establishment of universal trade adjustment assistance policies.

the total protection of all intellectual property rights.

reductions in trade barriers via multilateral negotiations.

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A tariff ________ the price in Home while ________ the price in Foreign, therefore the volume traded ________.

raises; increasing; stays the same

raises; lowering; declines

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lowers; lowers; stays the same

lowers; increasing; increases

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Which organization determines procedures for the settlement of international trade disputes?

International Bank for Reconstruction and Development

World Bank

World Trade Organization

The League of Nations

International Monetary Organization

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The European Union, in which all countries must agree to charge the same tariff rate on each imported good, is an example of

The term real wages refers to:

a worker's hourly wage in dollars.

the purchasing power of a worker's wage.

the productivity of a worker's labor.

the productivity of a worker's capital.

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Diminishing returns to labor means:

that the marginal product of labor declines as the amount of land combined with labor in a sector increases.

that the marginal product of labor declines as the amount of capital combined with labor in a sector increases.

that the marginal product of labor declines as the amount of labor used in a sector increases.

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that the marginal product of capital declines as the amount of labor used in a sector increases.

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Because of the "law of diminishing marginal returns" to a factor, as more labor is employed, its marginal product:

rises disproportionally.

falls.

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rises.

stays constant.

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In the two-sector specific-factors model, diminishing returns to labor implies:

that the country's production possibilities frontier has a constant slope.

that the country's production possibilities frontier is concave to the origin.

that the country's production possibilities frontier may be either concave to or convex from the origin.

that the country's production possibilities frontier is linear (a straight line).

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Which term below describes a situation in which a nation engages in no trade and produces everything it consumes?

anarchy

oligarchy

embargo

autarky

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