ECO 365 week 5 Knowledge Check
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<strong>ECO</strong> <strong>365</strong> Week 5<br />
<strong>Knowledge</strong> <strong>Check</strong><br />
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1. What problem do economists see with free trade areas such as<br />
NAFTA and the European Union?<br />
• The ted to lead to free trade rather tha fair trade.<br />
• The a lead to regioal tradig los the restrit trade.<br />
• The lead to gloalizatio.<br />
• The eourage outries to rel o others rather tha eig selfsufficient<br />
2. A group of countries that allows free trade among its members and<br />
puts up common barriers against all other countries' goods is<br />
Called<br />
• a tariff-free zone<br />
• a ost-favored nation agreement<br />
• a autark<br />
• a free trade assoiatio<br />
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3. Mexico has a comparative advantage in producing corn<br />
• if its opportuit ost of produig or is higher tha the<br />
opportunity cost in other countries<br />
• if its opportuit ost of produig or is the sae as the<br />
opportunity cost in other countries<br />
• if its opportuit ost of produig or is loer tha opportuit<br />
cost in other countries<br />
• regardless of the opportuit ost i other outries<br />
4. Workers in education, health care, and government sectors have<br />
• see their ioes fall just like i aufaturig<br />
• ee ostl hurt fro gloalizatio<br />
• eefited fro gloalizatio i ters of loer osuer pries<br />
• ee hurt eause the setor has ee shrikig<br />
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5. In the United States globalization has<br />
• plaed a sigifiat role i groig ioe disparit eause soe<br />
sectors have benefited and others have not<br />
• plaed little role i groig ioe disparit eause all Aerias<br />
are consumers who have enjoyed lower prices<br />
• plaed a sigifiat role i groig ioe disparit eause foreig<br />
workers' incomes have risen<br />
• plaed little role i groig ioe disparit eause hile soe<br />
jobs were lost, the gain in jobs balanced out those that were lost<br />
6. Most economists<br />
• oppose free trade<br />
• faor free trade<br />
• hae o opiio o free trade<br />
• Would prefer to hae o trade ith other atios<br />
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7. World trade declined in the 1930s. Which of the following is the best explanation<br />
of that decline?<br />
• World ioe shrak ad trade restritios ireased.<br />
• World ioe shrak, ut there ere fe hages i trade<br />
Restrictions<br />
• Trade restritios ireased, ut there as little hage i orld ioe<br />
• The ioes of ost atios ireased, alloig the to eoe ore selfsufficient.<br />
8. As a country develops economically, what changes usually take place in the goods<br />
it exports?<br />
• There is little hage eause oparatie adatage does ot hage.<br />
• Ra aterials ad agriultural produts delie i iportae ad are replaed <br />
services and manufactured goods.<br />
• Series ad aufatured goods delie i iportae ad are replaed ra<br />
materials and agricultural products.<br />
• Eports go fro eig diersified to eig speialized i hateer the outr fids<br />
to be its comparative advantage.<br />
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9. When a U.S. company establishes a call center in India that<br />
answers its customer service calls, the United States is<br />
• outsourcing, a form of importing services<br />
• outsourcing, a form of exporting services<br />
• in sourcing, a form of importing services<br />
• in sources, a form of exporting services<br />
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<strong>ECO</strong> <strong>365</strong> <strong>week</strong> 5 knowledge check. We give you entire course<br />
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