Question

just solve the final answer What is the benefit of joining a free trade for a...

just solve the final answer

What is the benefit of joining a free trade for a country?

a) Improved competitiveness of its economy

b) Transfer of technology and knowhow

c) Consumption of more and diverse goods and services

d) All of the above are benefits

Consider two countries, X and Y. The value of export of country X is 300 billion US dollar and its GDP is 600 billion US dollar. The value of export of country Y is 200 billion US dollar, and its GDP is 800 billion US dollar. Which country has more openness to international trade?

a) Country Y

b) Country X

c) It is not possible to know this

d) The two countries are equally open

International economics focuses on the economic study of:

a) domestic product marketing activities

b) commercial interactions between a government and companies in a country

c) commercial interaction that takes place between two or more countries

Which one is more appropriate to compare the purchasing power of the citizens of different countries?

a) Gross domestic product (GDP)

b) GDP per capita

c) Per capita gross domestic product PPP (purchasing power parity)

d) All of the above

Theory of International Trade is also called:

a) international macro-economics

b) theory of business

c) economics

d) International Micro-economics

Which statement is not true about a trade Tariff?

a) Tariff has revenue generating effects

b) Tariff has protective effects

c) Tariff is imposed by business companies

d) Tariff is used by countries to protect or to support their trade

Which method of economics is used to analyze the effects of trade tariff?

a) Analysis of producer surplus

b) Analysis of consumer surplus

c) a and b

d) Mathematics and computer sciences

A tariff that is equal to a percentage of the price of a good is…………

a) compound tariff

b) specific tariff

c) an Ad Valorem tariff

d) All of the above

Government actions that are taken or made to influence the country’s volume and composition of international trade refers to

a) foreign investment

b) commercial policies

c) laws and regulations of domestic market

d) free trade

International trade is the exchange of goods, services and ___________ across national borders.

a) Knowledge

b) Capital

c) Information

d) Services
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Homework Answers

Answer #1

1. Free trade means that countries can import and export goods without any tarrif barriers.Free trade enables lower prices for consumers,increased exports,benefits from economies of scale and a greater choice of goods.

Ans: (d) All of the above are benefits.

3. International economics focuses on economic study of commercial interaction that place between two or more countries.

Ans: (c)

4. Ans: (c)- PPP

6. Ans: (c)- Tarrif is imposed by business companies.

7. Ans: (c)- Analysis of producer and consumer surplus

8. A tarrif that is equal to a percentage of the price of a good is an Ad Valorem tarrif.

Ans: (c)

10. International trade is the exchange of capital,goods and services across international borders or territories.

Ans: (b) Capital

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