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MacroEconomics 202 / Business

MacroEconomics 202 / Business

Daniel Kevins

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Q1:

Refer to Figure 18.3. With an import ban, domestic production is:

80.

100.

60.

Q2:

Refer to Figure 18.1. The terms of trade for Duckland is:

1 pair of sunglasses for 6/5 umbrellas.

1 pair of sunglasses for 2/3 umbrellas.

1 pair of sunglasses for 5/6 umbrellas.

1 pair of sunglasses for 3/2 umbrellas.

Q3:

Which of the following trade policies will prevent a foreign supplier to sell even one unit of the good in the domestic market?

		import ban
		import quota
		voluntary export restraint
		import tariffs

Q4:

Which of the following benefits from a quota or VER?

		consumers
		domestic producers
		the government
		All of these

Q5:

Suppose there are only 2 nations A and B, and only two goods, x and y. If nation A produces only x, it can make 16x per day. If nation A produces only y, it can make 4y per day. If nation B produces only x, it can make 20x per day. If nation B produces only y, it can make 4y per day. After trade begins, nation ________ will specialize in the production of x and nation ________ will specialize in the production of y.

		A; A
		A; B
		B; B
		B; A

Q6:

If the U.S. government imposes an import ban on German made cars, then:

		no German made cars can enter the U.S.
		any German made car after a certain predetermined number is not allowed.
		no German made can can enter the U.S without being taxed.
		any German made car after a certain predetermined number is taxed.

Q7:

Refer to Table 18.1. The nation with a comparative advantage in bagpipes is:

		both Scotland and Poland.
		neither Scotland nor Poland.
		Poland.
		Scotland.

Q8:

f24g1q28g1

Refer to Table 5.2. Suppose this economy produces only the three goods A, B, and C. If we use year 1 as the base year, then real GDP in year 2 is:

		$6.20.
		$7.80.
		$8.50.
		$9.70.

Q9:

f24g1q50g1

Refer to Table 5.4. Assume that this economy produces only two goods: Good X and Good Y. If year 1 is the base year, the value for this economy’s GDP Deflator in year 3 is:

		100.0.
		118.2.
		126.3.
		132.9.

Q10:

The U.S. experienced a severe depression during:

		the 1973-1975 period.
		the 1929-1933 period.
		the March 2001 to November 2001 period.
		All of these.

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Daniel Kevins

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