International Economics Quiz
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Questions and Answers

Which factor is NOT indicative of higher integration, based on the text?

  • Lower tariffs
  • Interest rates of a country converging to those of global capital markets
  • Faster shipping times
  • A rise in the number of skilled workers (correct)
  • Lower insurance costs

    • According to Adam Smith, how does greater opportunities for trade promote productivity advance?

  • Specialization (correct)
  • By limiting the power of dictators
  • Lowering income inequality
  • Because fixed exchange rates are not possible when trading
  • Greater investment in pirating and privateering

    • Which was NOT a crucial factor in explaining migration patterns of free workers in Europe before 1914?

  • Credit constraints
  • Information and personal connections
  • Government restrictions limiting entry based on nationalities
  • Wages in the receiving and sending countries
  • Population pressures in the sending country (correct)

    • Which factor did the LEAST to promote free and open immigration into the United States?

    <p>The Chinese Exclusion Act of 1882</p> Signup and view all the answers

    What happens when nations sign a trade treaty with a Most Favored Nation clause?

    <p>Both nations now had to extend their lowest tariff on all goods with their treaty partner.</p> Signup and view all the answers

    What is the principle cause of hyperinflation in places like Germany between the wars?

    <p>Reparations payments and government budget deficits</p> Signup and view all the answers

    Why was the gold standard weak in the period between the two world wars compared to before World War I?

    <p>The loss of British leadership at the international level</p> Signup and view all the answers

    What does the marginal product of capital diverging suggest?

    <p>Productivity was decreasing.</p> Signup and view all the answers

    What happens when nations sign a trade treaty with a Most Favored Nation clause regarding tariffs?

    <p>Both nations now had to reduce all tariffs to zero.</p> Signup and view all the answers

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