Economics 2122A/B Study Guide - Quiz Guide: Target Canada, Canadian Imperial Bank Of Commerce, Nuclear Proliferation

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jadehamster416

22 Apr 2014

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The unlabeled box in figure 3 refers to. 1: economics, world politics, migration, trading blocks, none of the above. 2: import loans, export loans, world bank quotas, tariffs, none of the above. 3: canada, united kingdom, usa, germany, none of the above. 4: canada, united kingdom, usa, germany, none of the above. 5: growing great power rivalry, state sponsored terrorism, expansion of democracy, low inflation, all of the above are differences. 6: the boar war, the establishment of the international monetary fund, the establishment of the league of nations, world war one, the tokyo conference of 1915. 7: ipod, nike athletic shoes, coca cola, lexus es330, they were all shown. 8: tokyo, frankfurt and new york city, london, new york city and dubai, tokyo, frankfurt and london, shanghai, london and new york city, none of the above. What country in the world has the highest broadband internet population.

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1. Professor Gordon Hanson has a favorable view of illegal immigration because

Select one:

a. illegal immigration responds to the forces of the free market.

b. legal immigration is determined by a bureaucratic process which does not necessarily respond quickly to market forces.

c. spouses and children of skilled legal immigrants (who come with them) may not have marketable skills - so the case for legal immigration is weakened.

d. all of the above.

2. Gordon Hanson calculates gain/loss due to Mexican migration to the United States. He shows that because of Mexican migration to the United States:

Select one:

a. Original American workers lose 65% of US GDP.

b. Original American workers lose 1% of US GDP.

c. World income goes up by about 1.2% of US GDP.

d. Mexican wages fall by 0.03% of US GDP.

3. The Bracero Program refers to a temporary work visa program which is no longer in place. Under the program a large number of mostly Mexican farm workers could come and work in the Unirted States.

Select one:

True

False

4. This question may require some research. The US-Mexico Bracero Program was eventually opposed by:

Select one:

a. President Ronald Reagan.

b. Governor Rick Perry of Texas.

c. Cesar Chavez.

d. US Employers.

5. Which of the following is likely to contradict Samuel Huntington's idea that Mexican migrants to the US may not have an "Americano dream?"

Select one:

a. Mexican-American consumption pattern is not too different from the consumption pattern of rest of America.

b. Mexican immigrants who come from Mexican villages take longer to assimilate, but the educated Mexican immigrants assimilate readily.

c. Latinos are quite adept at climbing out of poverty. Sixty-eight percent of those who have been in this country 30 years, own their own homes.

d. A large number of Mexican-Americans join the US Army.

e. All of the above.

6. Which of the following would be called "Distributive Coalition" that prevents free entry and thereby creates deadweight losses?

Select one:

a. Racism

b. Casteism

c. Religious Fundamentalism

d. All of the above.

7. Which of the following events created a large number of refugees to the United States?

Select one:

a. The North Korean Famine of 1996

b. The Irish Potato Famine 1845-1850

c. The Chinese Famine 1958-1962

d. The Sudan Famine 1998

8. Approximately how many people in the world die every hour from hunger, malnutrition and starvation?

Select one:

a. 36

b. 3600

c. 3.6

d. 1000

9. According to Michael Clemens, World GDP would increase by 50% or more if inter-country immigration restrictions were removed.

Select one:

True

False

10. What is the current status of Senate Bill S. 744 (113th US Congress of 2013 - 2014) also known as Border Security, Economic Opportunity, and Immigration Modernization Act?

Select one:

a. It failed in the US Senate

b. It failed in the US House of Representatives.

c. Although the S 744 passed in 2013, it has not yet been introduced in the House of Representatives.

d. The bill was passed by the US Congress, but President Obama vetoed it.

11. In a country called George-David (named after George Borjas and David Card), the labor demand curve is given by: W = K â 4L

where W is the wage rate, K is a variable determined by capital stock in the country, and L is the labor force in the country.

K is created by capitalists and capitalists always convert 10 percent of their income to add to the stock of K (assume there is no depreciation).

Example: In this period if K is 60 and in this period, capitalistsâ income is 100, in the next period, the value of K will be (old K + 10% of capitalistsâ income in this period) = (60 + 0.10*100) = 70.

Suppose in period 1. K = 50 and the labor supply is 10. What is the capitalists' income in period 1?

Select one:

a. 200

b. 100

c. 300

d. None of the above.

12. Refer to the question above, What are capitalists' incomes in the next three periods? (Period 2, Period 3 and Period 4) in this country if labor supply remains the same at 10?

Select one:

a. 200, 210, 220

b. 200, 200, 200

c. 100, 200, 300

d. None of the above.

13. Refer to the question above. Show how the wages change in the next three periods (Period 2, Period 3 and Period 4) in this country if labor supply remains the same at 10.

Select one:

a. 10, 10, 10

b. 10, 20, 30

c. 30, 50, 70

14. Refer to the question above. What are the incomes of the capitalistsâ in the next three periods (Period 2, Period 3 and Period 4) in this country if an immigration takes place and labor supply becomes 11 beginning Period 2?

Select one:

a. 200, 240, 280

b. 242, 242, 242

c. 202, 234, 256

d. None of the above.

15. Refer to the question above. What are the wage rates in Period 2, Period 3 and Period 4 in this country if an immigration takes place and labor supply becomes 11 beginning Period 2?

Select one:

a. 10, 10, 10

b. 10, 15, 20

c. 20, 23, 27

d. 25, 28, 31

e. None of the above.

31. A country's tax system influences the attractiveness of investing in that country and affects the relative level of profitability for an MNC.

a. True

b. False

32. Points inside a production possibilities frontier represent

a. unattainable production combinations

b. efficiency

c. situations where supply exceeds demand

d. unemployment of resources

33. Firms in a high-wage nation like the U.S. can compete effectively with imports from low-wage nations if

a. the U.S. reduces tariffs on imports

b. low-wage nations impose tariffs on U.S. made goods

c. labor productivity is higher in the low-wage nation

d. labor productivity is higher in the U.S.

34. Assume that production in the United States is valued at $100,000. National income is therefore $100,000. Of their income, workers save $2000, pay $6,000 in taxes, spend $89,000 on consumer goods, and spend $2000 on imports. Businesses spend $5,000 in new investment spending. And, foreigners spend $1000 on exports. To avoid any problems of inflation or unemployment, the government should have a budget deficit or surplus of:

a. $2,000 surplus

b. $1,000 deficit

c. $2,000 deficit

d. $1000 surplus

e. $0 deficit

35. Autarky means-----------------------------------------------------------------

a. the absence of government

b. lack of agriculture

c. self-sufficient, in the absence of international trade

d. short of exchange rates

36. The more people there are----------------------, the less the public as a whole will spend on goods and services.

a. unemployed

b. underemployed

c. employed

d. as discouraged workers

37, Which of the following theories holds that countries will produce and export products that use large amounts of production factors that they have in abundance?

a. Mercantilism

b. The theory of absolute advantage

c. The factor endowment theory

d. None of the above.

38. Suppose that a consumer has a marginal propensity to consume of 0.79. If this consumer earns an extra $1220, her saving would be expected to increase by-----------------------------

39. Many countries in Asia, Africa, and South America-----------------------

a. Are developing countries

b. Are industrialized nations

c. Have a high demand for nonessential products

d. Do not trade

40. Which two of the following are regarded as the main aims of the World Trade Organization (WTO)?

a) To eliminate discrimination in world trade

b) To provide financial assistance to countries with debt

c) To reduce tariff barriers

d) To make infant industry protection illegal

e) To help give preferences to smaller economies

b) and e) a) and c) a) and d) c) and e) b) and d)

41. Last year Sophia's nominal income increased by 12% while the price level rose by 5.5%. Consequently, Sophia's real income:

a. rose by approximately 7%

b. fell by approximately 1%

c. rose by approximately 2%

d. ------------------------------------

42. Consumer surplus

a. is always positive.

b. for a particular unit of consumption is computed by taking the difference between quantity demand and quantity supplied.

c. for all units consumed is the area below demand and below market price over all the units consumed.

d. added to producer surplus provides a measure of the net gain to society from the production and consumption of the good.

43. A decline in Real GDP for six or more consecutive months is called-------------------------------

a. A trough

b. A recession

c. An expansion

d. A recovery

44. What do we call the situation where capital grows faster than the labor force?

a. economic growth

b. technological change

c. productivity growth

d. capital deepening

45. The terms of trade are-------------------------------------------

a. the cost of transportation between countries

b. the ratio of wages in two countries

c. the terms which are used in the trade negotiations

d. the rate at which two products can be exchanged

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Economics 2122A/B Study Guide - Quiz Guide: Target Canada, Canadian Imperial Bank Of Commerce, Nuclear Proliferation

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