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Question 144 pts

Dutch Disease is associated with a dramatic decline in the demand for a primary commodity produced by a country.

True
False

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Question 154 pts

The Heckscher-Olin model uses differences in factor abundance to determine whether any nation has a comparative advantage in any good.

True
False

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Question 164 pts

According to the Ricardian model, the source of comparative advantage is:

differences in the fields of research and development in a country.
differences in foreign trade policies followed by the government of various countries.
differences in labor productivity in different countries.
differences in the taste and preferences of the consumers in different countries.
differences in resource endowments of an economy.

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Question 174 pts

The simultaneous import and export of goods in the same industry by a particular country is known as interindustry trade.

True
False

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Question 184 pts

The export supply curve shows a country’s:

domestic surplus at various prices below the “no-trade” equilibrium price.
domestic supply at the “no-trade” equilibrium price.
domestic shortage at various prices below the “no-trade” equilibrium price.
domestic shortage at various prices above the “no-trade” equilibrium price.
domestic surplus at various prices above the “no-trade” equilibrium price.

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Question 194 pts

The table below shows units of wheat and cloth produced by each worker per day in both the countries.
Table 20.1
Country Good India eat Cloth

Refer to Table 20.1. Which of the following statements is true?

The U.S. has an absolute advantage in the production of both wheat and cloth.
The U.S. has an absolute advantage in the production of wheat but not cloth.
India has an absolute advantage in the production of cloth but not wheat.
India has an absolute advantage in the production of both wheat and cloth.
The U.S. has an absolute advantage in the production of cloth but not wheat.
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