9 Questions
Which factor is NOT indicative of higher integration, based on the text?
A rise in the number of skilled workers
According to Adam Smith, how does greater opportunities for trade promote productivity advance?
Specialization
Which was NOT a crucial factor in explaining migration patterns of free workers in Europe before 1914?
Population pressures in the sending country
Which factor did the LEAST to promote free and open immigration into the United States?
The Chinese Exclusion Act of 1882
What happens when nations sign a trade treaty with a Most Favored Nation clause?
Both nations now had to extend their lowest tariff on all goods with their treaty partner.
What is the principle cause of hyperinflation in places like Germany between the wars?
Reparations payments and government budget deficits
Why was the gold standard weak in the period between the two world wars compared to before World War I?
The loss of British leadership at the international level
What does the marginal product of capital diverging suggest?
Productivity was decreasing.
What happens when nations sign a trade treaty with a Most Favored Nation clause regarding tariffs?
Both nations now had to reduce all tariffs to zero.
Test your knowledge on international economics with this quiz. Questions cover topics such as trade indicators, integration, productivity, and trade promotion according to Adam Smith.
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