C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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A. 3/8 of a surfboard B. 8/3 surfboards C. 30 surfboards D. 80 surfboards Question 7 of 205.0/ 5.0 Points According to the infant industry argument for trade protectionism, __________ . A. trade barriers must be used to protect domestic workers B. new industries need to be shielded from competition in the early stages of learning by doing C. tariffs imposed to aid new industries should never be removed D. new industries are capable of competing with established rivals Question 8 of 205.0/ 5.0 Points The relative amounts of the goods that will be exchanged for each other in trade refers to the nations' __________ . A. absolute advantages B. terms of trade C. production possibilities D. autarky status Question 9 of 205.0/ 5.0 Points Import bans, import quotas, voluntary export restraints, and tariffs on goods all __________ .
A. increase imports and raise prices for consumers B. reduce imports and prices for consumers C. reduce imports and raise prices for consumers D. increase imports and reduce prices for consumers Question 10 of 20 0.0/ 5.0 Points Suppose Belgium produces only two goods, chocolate and lace. If Belgium has a comparative advantage in lace, a move toward free trade will __________ . A. benefit chocolate workers, harm lace workers in the short run, but benefit the nation as a whole B. harm chocolate workers in the short run, benefit lace workers, but benefit the nation as a whole C. harm chocolate workers in the short run, harm lace workers, but benefit the nation as a whole D. benefit chocolate workers, harm lace workers in the short run, but harm the nation as a whole Question 11 of 20 5.0/ 5.0 Points A(n. __________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies. A. tariff B. voluntary export restraint C. import quota D. import ban Question 12 of 20 5.0/ 5.0 Points A(n. __________ is a tax on an imported good.
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C13 Microeconomics Online Exams 1-8
Page 3 and 4: C. the cost of bait, any other mone
Page 5 and 6: A. allowing the government and othe
Page 7 and 8: C. The answer depends on how much y
Page 9 and 10: D. 20 Question 2 of 205.0/ 5.0 Poin
Page 11 and 12: C. consumer income D. the cost of p
Page 13 and 14: Question 13 of 5.0/ 5.0 Points 20 T
Page 15 and 16: A. consumer income rises B. the pri
Page 17 and 18: C. $55,000 D. $100,000 Question 4 o
Page 19 and 20: B. maximum amount the consumer woul
Page 21 and 22: If the government imposes a maximum
Page 23 and 24: B. a monetary payment from the gove
Page 25 and 26: A. increase and output will decreas
Page 27 and 28: D. encourage driving to generate re
Page 29 and 30: A. are designed to encourage more p
Page 31 and 32: C. Fixed costs are always the large
Page 33 and 34: A. the different combinations of tw
Page 35 and 36: C. the foregone interest and the co
Page 37 and 38: The equimarginal rule __________ .
Page 39 and 40: A. a perfectly competitive market B
Page 41 and 42: A. demand for butter increased caus
Page 43 and 44: C. firms act strategically D. all o
Page 45 and 46: A. change in labor necessary to pro
Page 47 and 48: D. reduce the wealth of the poorest
Page 49 and 50: A. an increase in demand for highly
Page 51 and 52: C. individual labor supply D. marke
Page 53: A. autarky B. absolute advantage C.
Page 57 and 58: Suppose there are only two nations,
Page 59: C. produced by a nation before trad
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C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

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