Podcast
Questions and Answers
What is the concept that describes the idea that one country's gain must be balanced by another country's loss?
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?
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?
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?
What is the curve that represents the various combinations of two goods that provide the same level of satisfaction or utility to consumers?
What is the limit imposed by the exchange rate on the trade between two countries?
What is the limit imposed by the exchange rate on the trade between two countries?
When does the Final Exam open on Blackboard?
When does the Final Exam open on Blackboard?
What is the duration of the Final Exam?
What is the duration of the Final Exam?
How many multiple-choice questions are on the Final Exam?
How many multiple-choice questions are on the Final Exam?
What is allowed in the Final Exam?
What is allowed in the Final Exam?
What is the total point value of the Final Exam?
What is the total point value of the Final Exam?
What is the main concept discussed in Chapter 8?
What is the main concept discussed in Chapter 8?
What is the concept that describes the change in production possibilities of a country due to immigration?
What is the concept that describes the change in production possibilities of a country due to immigration?
What is the term used to describe the rate of protection provided by a tariff?
What is the term used to describe the rate of protection provided by a tariff?
What is the concept that describes the relationship between the exchange rate and the price of a good?
What is the concept that describes the relationship between the exchange rate and the price of a good?
What is the term used to describe a bond issued in a foreign market?
What is the term used to describe a bond issued in a foreign market?
What is the concept that describes the surplus of a producer in a market?
What is the concept that describes the surplus of a producer in a market?
