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Department
Economics
Course
ECON 1010
Professor
Steven Edwards
Semester
Winter

Description
Economics Canada in the Global Environment 7e ParkinChapter 31 International Trade Policy311 How Global Markets Work1 Goods and services that we buy from other countries are ourA balance of paymentsB exportsC importsD terms of tradeE comparative goods and servicesAnswerCTopicHow Global Markets WorkSkillRecognitionAACSBReflective Thinking2 The goods and services we sell to people in other countries are ourA tariffsB quotasC exportsD importsE investment goods and servicesAnswerCTopicHow Global Markets WorkSkillRecognitionAACSBReflective Thinking3 The fundamental force that drives international trade isA absolute advantageB importation dutiesC the advantage of executionD export advantageE comparative advantageAnswerETopicHow Global Markets WorkSkillRecognitionAACSBReflective Thinking1 2010 Pearson Education Canada4 The fundamental force that drives international trade isA comparative advantageB absolute advantageC a countries desire to increase their trade surplusD cheap labor in countries like China and IndiaE unemployment of factors of productionAnswerADiff 2TopicHow Global Markets WorkSkillRecognitionAACSBReflective Thinking5 A countryA imports those goods in which it has a comparative advantageB exports those goods in which it has a comparative advantageC imports goods produced in countries with lower wage ratesD exports goods produced by domestic industries with low wages relative to its trading partnersE B and D are correctAnswerBTopicHow Global Markets WorkSkillConceptualAACSBReflective Thinking6 Canada has a comparative advantage in producing airplanes if A it can produce them at a lower dollar cost than another countryB it can produce a larger quantity than another countryC it has a larger quantity of skilled workers than another countryD it can produce them at a higher opportunity cost than another countryE it can produce them at a lower opportunity cost than another countryAnswerETopicHow Global Markets WorkSkillConceptualAACSBReflective Thinking7 Prior to international trade if the price of good X is lower in country A than in country BA country B has an absolute advantage in the production of good XB country B has a comparative advantage in the production of good XC country A has an absolute advantage in the production of good XD country A has a comparative advantage in the production of good XE country B should stop producing good AAnswerDTopicHow Global Markets WorkSkillConceptualAACSBReflective Thinking2 2010 Pearson Education Canada8 Which of the following statements about Canadas international trade in 2008 is correctA The value of Canadas exports exceeded the value of Canadas importsB The value of Canadas exports was about 45 percent of the value of total expenditure in CanadaC Canada imported only goodsD Canada was the worlds second largest traderE Canada exported only goodsAnswerATopicHow Global Markets WorkSkillRecognitionAACSBReflective Thinking9 Canada has a comparative advantage in producing hardwood if the Canadian price of hardwood before international trade isthe world priceA equal toB greater thanC not comparable toD at least doubleE less thanAnswerETopicHow Global Markets WorkSkillConceptualAACSBReflective Thinking10 Compared to the situation before international trade after Canada exports a good production in Canadaand consumption in Canada A increases increasesB increases decreasesC decreases increasesD decreases decreasesE increases does not changeAnswerBTopicHow Global Markets WorkSkillConceptualAACSBAnalytical Skills11 Compared to the situation before international trade after Canada imports a good production in Canadaand consumption in Canada A increases increasesB increases decreasesC decreases increasesD decreases decreasesE does not change increasesAnswerCTopicHow Global Markets WorkSkillConceptualAACSBAnalytical Skills3 2010 Pearson Education Canada
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