Final Exam: Comprehensive Review of Chapters 17, 20, 21
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Questions and Answers

What is the concept that describes the idea that one country's gain must be balanced by another country's loss?

  • Absolute advantage
  • Zero sum game (correct)
  • Comparative advantage
  • Positive sum game

    • What is the graph that represents various possible combinations of two goods that can be produced given a set of resources and technology?

  • Terms of Trade Curve
  • Production Possibilities Frontier (correct)
  • Community Indifference Curve
  • Offer Curve

    • What is the concept that describes the ratio of the prices of two goods in autarky?

  • Price Condition for Trade
  • Price Ratio (correct)
  • Opportunity Cost
  • Absolute Advantage

    • What is the curve that represents the various combinations of two goods that provide the same level of satisfaction or utility to consumers?

    <p>Community Indifference Curve</p> Signup and view all the answers

    What is the limit imposed by the exchange rate on the trade between two countries?

    <p>Exchange rate limit</p> Signup and view all the answers

    When does the Final Exam open on Blackboard?

    <p>Wednesday, May 8, 11:00AM</p> Signup and view all the answers

    What is the duration of the Final Exam?

    <p>120 minutes</p> Signup and view all the answers

    How many multiple-choice questions are on the Final Exam?

    <p>60</p> Signup and view all the answers

    What is allowed in the Final Exam?

    <p>One piece of formula index sheet</p> Signup and view all the answers

    What is the total point value of the Final Exam?

    <p>250 points</p> Signup and view all the answers

    What is the main concept discussed in Chapter 8?

    <p>Factor Abundance</p> Signup and view all the answers

    What is the concept that describes the change in production possibilities of a country due to immigration?

    <p>Rybczynski Theorem</p> Signup and view all the answers

    What is the term used to describe the rate of protection provided by a tariff?

    <p>Effective Rate of Protection</p> Signup and view all the answers

    What is the concept that describes the relationship between the exchange rate and the price of a good?

    <p>Law of One Price</p> Signup and view all the answers

    What is the term used to describe a bond issued in a foreign market?

    <p>Eurobond</p> Signup and view all the answers

    What is the concept that describes the surplus of a producer in a market?

    <p>Producer Surplus</p> Signup and view all the answers

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