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Can you name the Answers ECN 607 Midterm Questions?

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Name one of the 3 benefits that international integration of national economies has brought
Yes or No - Today's major economies are more integrated than at any time in history
Name one of the four criteria for judging degree of integration
In 1950, how much % of the world's GDP were total words exports estimated at?
In 2005, how much % of the world's GDP were total words exports estimated at
Yes or No - The index of openness reveals a contry's trade policies and trade barriers
Yes or No - As national economies become more interdependent, labor and capital generally move more easily across international borders
Name one of the two important points regarding international capital flows:
Name one of the three features of contemporary international economic relations
Yes or No - During the decade of the 1900s the US had an open door immigration policy allowing almost everyone with a passport, visa or work permits into the country
Between which two decades of the 1900s did the US restrict immigration, therefore decreasing mobility
The capital flow representing physical assets such as real estate, factories and businesses is called what
Yes or No - Countries with high savings tend to have high rates of investment and vice versa
Yes or No - Relatively speaking, capital flows today are much larger than before
This is the term for the costs of obtaining market information, negotiating an agreement, and enforcing the agreement
Yes or No - Transaction costs are higher in demostic markets than international costs
Overspeculation crisis in the US Economy between 1890 to 1893 was towards this
Overspeculation crisis in the US Economy between 1907 was towards this
Overspeculation crisis in the US Economy between 1920 to 1921 was towards this
Overspeculation crisis in the US Economy between 1929 was towards this
A tax on import is called this
A qualitative restriction on imports is called this
The elimination or reduction of trade barriers caused by non-trade-related domestic policies is referred to as this
Name one of the organizations that serve as forums for discussing and establisheing rules, disputes and resolving problems with economy
Name one of the major regional trade agreements in the world
While trade may give consumers lower prices and greater choices, it gives firms and workers more _________
Yes or No - the effects of the great depression were lessened slightly when countries began shutting out flows of goods, capital, and labour
The Oil Producing and Exdporting Countries (OPEC), International Telecommunications Union (ITU) are examples of this type of economic institution
International Boundary and Water Commission (IBWC) and Lake Chad Basin Commission are institutions for managing this
The Asian Development Bank and Islamic Development bank are institutions made for this
The creation of the IMF, IBRD and IDA was a result of this conference held in July 1944
When the IMF began operation in 1945, it had 29 member countries. In 2003 it now has grown to this many member countries
The currency of the IMF is called this
This is the term when countries periodically negotiate a set of incremental tariff reductions
This trade round started in 1986 and finishing in 1994 discussed unresolved issues in trade in sectors of agriculture textiles and apparel as well as non tariff isues. What is the
This trade round in 2001 discussed trade negotiations emphasizing issues of developing countries. What is its name?
This is the key issue proposed in the Doha Development Agenda
This type of Regional Trade Agreement (RTA) has free trade in teh outputs of one or a few industries
This RTA is free trade are plus a common external tariff for non member countries
This RTA is free trade in the outputs (goods and services)
This RTA involves a customs union plus free movement of inputs (capital and labour)
This RTA is a common market plus substantial harmonization of economic policies includeing possible a common currency
The ECCAS (Economic Community fo Centra African States) is this type of trade bloc (RTA)
The MERCOSUR is this type of RTA
The EU (European Union) is this type of RTA
Which RTA is considered the least comprehensive RTA
This RTA is considered the final level of economic integration
Yes or No - The WTO will approve an RTA if trade diversion exceeds trade creation
QuestionAnswer
This component of 'Public Goods' defines the fact taht the normal price mechanism doesn't work as way of regulating access Eg. Anyone can pick up a TV signal
This component means that quality of the good or service is equal among everyone Eg. TV signal is same quality to 2 different TVs
This component means that there is no measurable quantity of the good and that consumption will not cause the good to run out
This term is when there is no incentive to pay for public goods because people cannot be excluded from consumption
This is the term when the rights of nations are free from unwanted foreign interference in their affairs
Yes or No - Most free trade agreements combine featuers of many types of RTAs
This is the term for the improvement in national welfare
Yes or No - Mercantilism stressed imports over exports
Using the form UOO - units of output, and HW - hours worked, write out the formula for hte Ricardian model of labor productivity
Yes or No - Adam smith believed that every country would have an absolute advantage in something
This is considered the most important geopolitical natural resource
This is the name economists give to the negative economic effects taht occur when a country has a sigle valuable resource such as oil
Using 'Bread' and 'Steel' as 2 difference resource outputs, write the opportunity cost for bread
Yes or No - If a point is above the Prediction possiblities curve, it means that there is a waste in the economy
Yes ir No - Trade is beneficial between two countries if the cost of a particular good per worker is in between the opportunity costs of that good in both countries
This is the term for the complete absence of trade
Yes or No - Comparative advantage is the most important matter regarding purposes of trade
Yes or No - Comparative advantage is indicative of a country's living standards and income
This is the therm that refers to changes in the economy that requre some industries to grow and others to shrink or disappear
This is the most important factor of trade patterns
Yes or No - It is not necesssary to have an absolute advantage in order to have a comparative advantage
Yes or No - A product reaches the late phase of the product cycle when consumption begins to exceed production
This is the term for international trade between a parent company an a foreign owned affiliate
This is the term for the movemoent of some or all of a firm's activities to a location outside the home country
This is the term for reassignment of activities to another firm either inside or outside the home country
Name the 3 components in Dunning's OLI Theory in order of O, L, I
Yes or No - Most firms that invest abroad chooses to sell the rights its asset and let a foreign firm to do teh production
This is the term used to define a foreign-based operation owned by the firm in the home country
The main issue in off-shoring is the effect that it has on the home country. What is this effect?
This is the term economists use to describe a force inside a country that causes people to think about leaving such as recessions, long-run structural changes, wars and natural dis
This is teh term economists use to describe forces that pull migrants to a particular country such as cost, probability in finding a job and wage that will be earned
The third factor that determines migration to a country is the existence of this
Yes or No - Trade has a large overall effect on the number of jobs
Yes or no - Manufacturing tends to have much faster rates of productivity growth than services
The HO model hypothesizes that comparative advantage is based on national differences in this
The act of trading steel-for-steel and bread-for-bread is known as this type of trade
The act of trading steel-for-bread and bread-for-steel is known as this type of trade
Using the Grubel-Lloyd (GL) index, if exports of a domestic industry are equal to the value of imports, what % of trade is intraindustry
This is the term of an economy that is dominated by a smaller number of firms
This is the term when one firm produces the entire industry output
The 'maquiladora' is this country's special export processing sector
Market failure is caused by a divergence of these two components
The fact that not all costs or benefits go to the companies engaged in the economic activity is known as this. An example is a steel mill polluting a nearby river
Yes or No - When analyzing market failure, if social returns are greater than private returns, a fre market produces less than the optimal amount
Yes or No - When analyzing market failure, if social returns are less than private returns, the value of the product to society is reduced
Strategic Trade Policy is based on the selective use of what two components
Yes or No - Intraindustry trade is based on comparative advantage
Yes or No - an internal economy of scale have a wider selecton of consumer choices and lower prices

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