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CSC FIN333 MIDTERM EXAM
Part 1 of 1 - 100.0 Points
Question 1 of 33 3.0 Points
When demand increases,
A. consumers buy more of the good only if its price falls.
B. the price is lower at any level of quantity demanded.
C. consumers are willing to buy more at any price.
D. the demand curve shifts leftward.
Question 2 of 33 3.0 Points
If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
A. a substitute for camcorders.
B. made using advanced technology.
C. an inferior good.
D. a normal good.
Question 3 of 33 3.0 Points
In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
A. The demand curve would shift rightward.
B. The demand curve would not shift but the price of dining out would fall.
C. The demand curve would shift leftward.
D. The effect on the demand curve is unknown.
Question 4 of 33 3.0 Points
If a consumer's income doubles and she now purchases less of good X, we can infer that good X is a(n) __________ good.
a. Luxury
A. Luxury
B. Normal
C. Inferior
D. Special
Question 5 of 33 3.0 Points
Referring to figure, at a price of $70, the amount of producer surplus is:
A. $9,000.
B. $8,000.
C. $18,000.
D. $6.000.
Question 6 of 33 3.0 Points
Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:
QS = 25 + 10P
QD = 925 – 5P
If the United States could trade MP3 players freely with the rest of the world at a price of $90, how many MP3 players would be produced in the United States?
A. 625
B. It depends on foreign demand MP3 players
C. 475
D. 925
Question 7 of 33 3.0 Points
Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:
QS = 25 + 10P
QD = 925 – 5P
If the United States could trade MP3 players freely with the rest of the world at a price of $90 the United States would import __________ MP3 players and export __________ MP3 players.
A. 0; 925
B. 450; 0
C. 475; 925
D. 0; 450
Question 8 of 33 3.0 Points
Suppose the domestic supply and demand curves for MP3 players in the United States are given by the following set of equations:
QS = 25 + 10P
QD = 925 – 5P
The opening of free trade with an international price for MP3 players of $90 will lead to a __________ to the United States in the amount of __________.
A. Gain; 2,625 MP3 players
B. Loss; $13,500
C. Loss; 150 MP3 players
D. Gain: $6,750
Question 9 of 33 3.0 Points
Refer to Table The opportunity cost of producing an umbrella in the United Kingdom is __________ units of corn and the opportunity cost of producing an umbrella in the Rest of the World is __________ units of corn.
A. 1/8; 1/3
B. 8; 3
C. 1/3; 1/8
D. 3; 8
Question 10 of 33 3.0 Points
Refer to Table 3.4 and assume the United States and France trade only with each other. The United States has a comparative advantage in the production of __________ and France has a comparative advantage in the production of __________.
A. Cheese; wine
B. Wine; cheese
C. Both goods; neither good
D. Neither good; both goods
Question 11 of 33 3.0 Points
Refer to Figure. The opportunity cost of one liter of maple syrup production in Canada is __________ units of corn and in the Rest of the World is __________ units of corn.
A. 9/7; 2
B. 7/9; 1/2
C. 9/7; 1/2
D. 7/9; 2
Question 12 of 33 3.0 Points
In the two-country-two-good model, if a country has a comparative advantage in the production of a certain good, that means that this country:
A. Also has an absolute advantage in the production of this good.
B. Will start importing this good.
C. Can produce this good at the same opportunity cost.
D. Can produce this good at a lower opportunity cost.
Question 13 of 33 3.0 Points
Assume that Country X produces two goods—sugar and shoes—and that the country’s production possibility curve is “bowed-out”. As the country produces more sugar:
A. The opportunity cost of shoes in terms of sugar foregone will increase.
B. The opportunity cost of sugar in terms of shoes foregone will increase.
C. The opportunity cost of sugar in terms of shoes foregone will decrease.
D. The opportunity cost of sugar in terms of shoes foregone will be the same.
Question 14 of 33 3.0 Points
Refer to Figure. After the opening up of international trade, Canada will export __________ units of wheat and import __________ units of cloth.
A. 0; 0
B. 20; 5
C. 60; 15
D. 20; 80
Question 15 of 33 3.0 Points
The United States is relatively capital-abundant because:
A. The ratio of capital to other factors of production is greater in the United States than the rest of the world’s ratio of capital to other factors of production.
B. Capital costs more in the United States than in the rest of the world.
C. The United States has more capital than the rest of the world.
D. The United States produces more high-tech goods than the rest of the world.
Question 16 of 33 3.0 Points
China has 20% of the world’s population but only 10% of the world’s farmable land. The Heckscher-Ohlin theory of trade would predict which of the following for China following the opening of trade?
A. China will export land-intensive goods like wheat and import labor-intensive goods like clothing.
B. China will export capital-intensive goods like automobiles and import labor-intensive goods like clothing.
C. China will shift resources into the production of agricultural goods and away from manufactured goods.
D. China will shift resources out of the production of agricultural goods and into the production of labor-intensive goods.
Question 17 of 33 3.0 Points
Assume a two-country, two-good, two-factor of production world with the countries being the United States and the Rest of the World, the two goods being steel and wheat, and the two factors of production being capital and land. If the United States was capital-abundant and steel production was capital-intensive, the Heckscher-Ohlin model would predict that the Rest of the World would export __________ and import __________.
A. Steel; wheat
B. Steel; steel
C. Wheat; wheat
D. Wheat; steel
Question 18 of 33 3.0 Points
Assume a two-country, two-good, two-factor of production world where the following relationships hold:
(K/L)US > (K/L)ROW
(K/L)automobiles > (K/L)shoes
Where (K/L)US is the capital-labor ratio in the United States, (K/L)ROW is the capital-labor ratio in the Rest of the World, (K/L)automobiles is the capital-labor ratio in the production of automobiles, and (K/L)shoes is the capital-labor ratio in the production of shoes. Assume further that technology and tastes are the same in the United States and the Rest of the World.
The relationships shown above indicate that in the United States the price of automobiles relative to shoes is:
A. Higher than in the Rest of the World.
B. The same as in the Rest of the World.
C. It is impossible to compare the prices with the information provided.
D. Lower than in the Rest of the World.
Question 19 of 33 3.0 Points
Assume a two-country, two-good, two-factor of production world where the following relationships hold:
(K/L)US > (K/L)ROW
(K/L)automobiles > (K/L)shoes
Where (K/L)US is the capital-labor ratio in the United States, (K/L)ROW is the capital-labor ratio in the Rest of the World, (K/L)automobiles is the capital-labor ratio in the production of automobiles, and (K/L)shoes is the capital-labor ratio in the production of shoes. Assume further that technology and tastes are the same in the United States and the Rest of the World.
According to the Heckscher-Ohlin model, the opening of trade between the United States and the Rest of the World should cause the United States to export __________ and import
A. Both goods; neither good
B. Automobiles; shoes
C. Neither good; both goods
D. Shoes; automobiles
Question 20 of 33 3.0 Points
The following cost data is for the mythical land of Painduvin where they produce nothing but bread and wine using only land and labor as inputs.
1 unit of Bread 1 unit of Cheese
Labor Input 5 dollars 20 dollars
Land Input 4 dollars 10 dollars
In Painduvin, bread is __________ and cheese is __________.
A. Labor-intensive; land-intensive
B. Labor-abundant; land-abundant
C. Land-intensive; labor-intensive
D. Land-abundant; labor-abundant
Question 21 of 33 3.0 Points
The following cost data is for the mythical land of Painduvin where they produce nothing but bread and wine using only land and labor as inputs.
1 unit of Bread 1 unit of Cheese
Labor Input 5 dollars 20 dollars
Land Input 4 dollars 10 dollars
If Painduvin were land-abundant, the opening up of free trade would cause the production of bread to __________ and the production of cheese to __________.
A. Rise; fall
B. Fall; fall
C. Fall; rise
D. Rise; rise
Question 22 of 33 3.0 Points
According to the Heckscher-Ohlin theorem, in the short-run, following the opening of trade:
A. Inputs are mobile across sectors, but input returns remain constant.
B. Capital and labor will move to better-paying sectors.
C. Land owners will benefit from higher rents.
D. Workers will experience lower wages due to cheap imports.
Question 23 of 33 3.0 Points
The opening of trade between a land-abundant country and a labor-abundant country should lead to:
A. Higher rents and wages in both countries.
B. Lower rents and wages in both countries.
C. Higher rents in the labor-abundant country and higher wages in the land-abundant country.
D. Lower rents in the labor-abundant country and lower wages in the land-abundant country.
Question 24 of 33 3.0 Points
The Stolper-Samuelson theorem would predict that trade between the United States, a capital-abundant country, and Mexico, a labor-abundant country, should lead to:
A. Higher wages in both countries.
B. Lower wages in both countries.
C. Higher wages in Mexico.
D. Lower wages in Mexico.
Question 25 of 33 3.0 Points
Use the following information to answer questions.
Assume the standard trade model with two countries (Alpha and Beta), two goods (food and drink), and two factors of production (land and labor). Further assume that Alpha is relatively labor-abundant and drink is relatively labor-intensive.
Alpha has a comparative advantage in the production of:
A. Drink.
B. Food.
C. Both goods.
D. Neither good.
Question 26 of 33 2.0 Points
According to the Heckscher-Ohlin model, the source of comparative advantage is a country's
A. factor endowments.
B. technology.
C. advertising.
D. human capital.
Question 27 of 33 5.0 Points
The following equations describe the long-run situation for prices and costs, where the numbers indicate the amounts of labor and land needed to produce a unit of corn and toys.
Pcorn = 80w + 40r
Ptoys = 100w + 30r
If the price of corn is initially 200 and the price of toys is initially 200, what are the values for the wage rate w and the rental rate r?
A. W = 0.25 and r = 0.5
B. W = 1.25 and r = 1.50
C. W = 1.25 and r = 2.5
D. W = 1.20 and r = 2.25
Question 28 of 33 3.0 Points
Referring to Figure, the outward shift of the production possibilities frontier is likely the result of:
A. An increase in arable land.
B. A fall in production costs.
C. The move from autarky to free trade.
D. An increase in the labor force.
Question 29 of 33 3.0 Points
A large capital-abundant country trades two goods with the rest of the world, medical equipment and corn. Medical equipment is relatively capital-intensive. An increase in the country’s endowment of capital will cause the price of medical equipment relative to the price of corn to:
A. Rise.
B. Rise at first and then fall.
C. Fall.
D. Stay the same.
Question 30 of 33 3.0 Points
Assume a country that produces wine and guns. Both wine and gun production require inputs of both land and labor. Assume that wine production is a relatively land-intensive production process while gun production is a relatively labor-intensive production process. A significant rise in immigration will likely lead to:
A. An increase in the production of both wine and guns.
B. Wine production increasing by a greater proportion than the proportion by which labor increased as a result of the immigration.
C. Wine production increasing by a greater proportion than gun production will increase.
D. Gun production increasing by a greater proportion than the proportion by which labor increased as a result of the immigration.
Question 31 of 33 3.0 Points
Suppose a large country experiences economic growth which leads to an increased willingness to trade. The country’s terms of trade will __________ because the increase in demand for imports will cause the price of its exports to __________ relative to the price that it has to pay for its imports.
A. Improve; rise
B. Improve; fall
C. Worsen; fall
D. Worsen; rise
Question 32 of 33 3.0 Points
Referring to Figure, the country’s well-being:
A. Deteriorates because the growth cannot compensate for the decline in the country’s terms of trade
B. Increases due to the increased production of wheat.
C. Increases because the country experiences an unbalanced growth.
D. Deteriorates because the price lines intersect.
Question 33 of 33 3.0 Points
In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would
A. move the point of production along the production possibility curve.
B. shift the production possibility curve outward, and increase the production of both goods.
C. shift the production possibility curve outward and decrease the production of the labor-intensive product.
D. shift the production possibility curve outward and decrease the production of the capital-intensive product.
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