Protectionist measures are enacted because they: allow countries to preserve culturally important ways of life at very low cost.

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1.     Protectionist measures are enacted because they:

1. allow countries to preserve culturally important ways of life at very low cost.
2. typically benefit a large number of people at a cost to only a very small number.
3. typically benefit a small number of people greatly and impose small costs on a large number of people.
4. make everyone in an economy better off.
5. preserve a nation's critical natural resources.

2.     Restrictions on imports of foreign steel into the U.S. will:

1. help both U.S. steel producers and U.S. automobile producers.
2. help U.S. steel producers and hurt U.S. automobile producers.
3. hurt U.S. automobile producers, but help U.S. automobile consumers.
4. hurt foreign steel producers and help U.S. steel consumers.
5. help both U.S. steel producers and foreign steel producers.

3.     Say that the exchange rate between the U.S. dollar and the Melnik bop is expressed in terms of bops per dollar. All of the following will cause this exchange rate to rise, ceteris paribus, except for:

1. an increase in Melnik residents' demand for U.S.-made cigarettes.
2. a big increase in the number of American tourists visiting the beautiful archeological sites of Melnik.
3. a decrease in interest rates in the U.S.
4. an increase in U.S. demand for intricate carvings made exclusively by artists in Melnik.
5. an increase in interest rates in Melnik.

4.     Which of the following transactions would be recorded as a credit in the U.S. current account?

1. A Mexican bank's purchase of Microsoft stock (Microsoft is an American-owned firm)
2. An American tourist's payment to a Mexican hotel
3. A Mexican consumer's purchase of a computer produced in the U.S. by a U.S. firm
4. An American consumer's purchase of a Mexican-made VCR
5. A German citizen's receipt of a $50 dividend check on shares of stock she owns in a U.S. corporation

5.     Which of the following would be considered an export for Bulgaria?

1. A German investor getting interest payments on bonds issued by a Bulgarian firm
2. Bulgarian citizens traveling to France to watch a series of soccer matches
3. A Bulgarian firm hiring an engineering consultant from Greece to help it improve the efficiency of a chemical process
4. An American student going to study at Sofia University in Bulgaria
5. The Bulgarian government purchasing a Chinese supercomputer to help them run large-scale mathematical simulations

6.     The "law of one price" applies to all goods, except those that:

1. are produced only in one location.
2. cannot be transported.
3. are produced in a country that does not have a comparative advantage.
4. are affected by arbitrage.
5. are included in calculating the parity of purchasing power.

Thanks