Eco 305 Wk 1 Homework Ch 2 -

ECO 305 WK 1 Homework Ch 2 - 12(a-b),13(a-c),14

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Homework: Chapter 2: 12(a-b), 13(a-c), 14

ECO 305 WK 2 Quiz 1 - Chapters 1 and 2 - All Possible Questions

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ECO 305 WK 2 Quiz 1 - Chapters 1 and 2

MULTIPLE CHOICE

     1.   A primary reason why nations conduct international trade is because:

a. | Some nations prefer to produce one thing while others produce other things |

b. | Resources are not equally distributed among all trading nations |

c. | Trade enhances opportunities to accumulate profits |

d. | Interest rates are not identical in all trading nations |

     2.   A main advantage of specialization results from:

a. | Economies of large-scale production |

b. | The specializing country behaving as a monopoly |

c. | Smaller production runs resulting in lower unit costs |

d. | High wages paid to foreign workers |

     3.   International trade in goods and services is sometimes used as a substitute for all of the following except:

a. | International movements of capital |

b. | International movements of labor |

c. | Domestic production of the same goods and services |

d. | Domestic production of different goods and services |

     4.   If a nation has an open economy, it means that the nation:

a. | Allows private ownership of capital |

b. | Has flexible exchange rates |

c. | Has fixed exchange rates |

d. | Conducts trade with other countries |

     5.   International trade forces domestic firms to become more competitive in terms of:

a. | The introduction of new products |

b. | Product design and quality |

c. | Product price |

d. | All of the above |

     6.   The movement to free international trade is most likely to generate...