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foundations of economics

Questions and Answers of Foundations Of Economics

12. If you could buy a market basket of goods and services in the United States for $10,000 and those same goods and services cost you $7,000 in Russia after you converted your dollars into rubles,
11. If you could buy a market basket of goods and services in the United States for $1,000 and those same goods and services cost you $1,200 after you converted your dollars into euros, (a) is the
10. Brazil ran a current account defi cit of $55 billion.What is its balance on the capital account? (LO3)
9. A country had exports of $100 billion, imports of$90 billion, net transfers from abroad of 2$10 billion, and 2$5 billion of net income from foreign investments. What is the country’s current
8. Use the exchange rates listed in Figure 6 to fi nd how much it would cost in the currency specifi ed to make the purchases listed A bottle of Viagra priced at $40 is sold in Berlin. (LO3)
7. Use the exchange rates listed in Figure 6 to fi nd how much it would cost in the currency specifi ed to make the purchases listed A Cadillac priced at $20,000 is sold in London. (LO3)
6. Use the exchange rates listed in Figure 6 to fi nd how much it would cost in the currency specifi ed to make the purchases listed Windows Vista priced at $100 is sold in China. (LO3)
5. Use the exchange rates listed in Figure 6 to fi nd how much it would cost in the currency specifi ed to make the purchases listed A DVD priced at $10 is sold in Mexico City. (LO3)
4. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed A German camera priced at 250 euros. (LO3)
3. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed A British book priced at 12 pounds. (LO3)
2. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed A carton of Canadian paper priced at $9.00 Canadian.
1. Use the exchange rates listed in Figure 6 of the chapter to fi nd how much it would cost in U.S. dollars and cents to make the purchases listed A Toyota Corolla priced at 1.4 million yen. (LO3)
10. The main difference between our being a debtor nation in the 19th century and our being a debtor nation since the early 1980s was that in the 19 th century we ran up a debt by buying
9. If Tim Matray wanted to buy wine from a French merchant, he would pay her with _____________ . (LO1)
8. Today exchange rates are set by _____________ and _____________ . (LO3)
7. Under the gold standard, if country K’s price level declines, its imports will _____________ and its exports will _____________ . (LO3)
6. Under the gold standard, if country J imports more than it exports, it has to ship to the trading partners with whom it has trade defi cits. This will depress country J’s _____________ , and its
5. To be on the gold standard, a nation must maintain a fi xed ratio between its gold stock and _____________ . (LO3)
4. A nation is on the gold standard when it _____________ . (LO3)
3. The basis for international fi nance is the exchange of _____________ . (LO1)
2. Most all the dollars that foreigners have earned from trading with the United States have been in the form of _____________ . (LO2)
1. The entire fl ow of U.S. dollars and foreign currencies into and out of the country constitutes our _____________ . (LO2)
33. Suppose that last month the U.S. dollar was trading on the foreign-exchange market at 0.85 euros per dollar. Today the U.S. dollar is trading at 0.88 euros per dollar. (LO3)a) The dollar has
32. If a Japanese DVD player priced at 12,000 yen can be purchased for $60, the exchange rate is (LO3)a) 200 yen per dollar.d) 200 dollars per yen.b) 20 yen per dollar.e) none of the above.c) 20
31. Running mounting current account defi cits is analogous to . (LO4)a) running up debt on a credit cardb) taking money out of one pocket and putting it in anotherc) owing money to ourselvesd)
30. Which is the most accurate statement? In early 2008 there was strong evidence that the . (LO3)a) yuan and yen were overvalued against the dollarb) yuan and yen were undervalued against the
29. According to the “Big Mac Index,”. (LO3)a) the U.S. dollar is too highly valued relative to virtually all other currenciesb) the U.S. dollar is valued too low relative to virtually all other
28. The most accurate statement would be: (LO4)a) The current account defi cit is high, but falling.b) The current account defi cit will bankrupt us by 2020.c) If our trade defi cit begins falling,
27. Suppose that in the year 2014 we run a trade defi cit of $900 billion. Our current account defi cit would be about billion. (LO4)a) $600d) $1,000b) $800e) $1,200c) $900
26. Suppose the world was on the gold standard. If Peru ran persistent trade defi cits, . (LO3)a) Peru would be able to continue doing so with no consequencesb) Peru’s money stock would decline,
25. Which is the most accurate statement? (LO2)a) Our balance on the current account is negative.b) Since our balance of payments is always zero, there is little to worry about.c) The income
24. If you were going to spend time in Italy, France, and Germany, you would be paying for things with. (LO1)a) lira, francs, and marksb) dollarsc) eurosd) gold
23. Which of these is the most accurate statement? (LO4)a) There is no basis for the claim that the United States is living beyond its means.b) Our current account defi cit is not a serious
22. Which is the most accurate statement? (LO2)a) Since our current account defi cit is matched by our capital account surplus, we have no problem with respect to our international transactions.b)
21. The main reason why we are the world’s largest debtor nation is . (LO4)a) our military spendingb) our trade defi citc) infl ationd) high taxes
19. Devaluation would tend to . (LO3)a) make the devaluating country’s goods cheaperb) make the devaluating country’s goods more expensivec) have no effect on the value of the devaluating
18. The most important infl uence on the exchange rate between two countries is . (LO3)a) the relative price levels of the two countriesb) the relative growth rates of the two countriesc) the
15. The gold exchange standard was in effect from. (LO3)a) 1900 to 1944c) 1955 to 1980b) 1944 to 1973d) 1973 to the present
14. Which of the following is false? (LO3)a) The gold standard will work only when the gold supply increases as quickly as the world’s need for money.b) The gold standard will work only if all
11. Today international fi nance is based on. (LO3)a) the gold standardb) mainly a relatively free-fl oating exchange rate systemc) fi xed rates of exchange
9. The total of our current and capital accounts. (LO2)a) will always be zerob) will always be negativec) will always be positived) may be positive or negative
8. An American importer of Italian shoes would pay in. (LO1)a) dollarsc) eurosb) goldd) lira
7. Which one of the following statement is the most accurate? (LO4)a) As a percentage of GDP, the United States has the highest current account surplus of any nation.b) As a percentage of GDP, the
6. Which statement is true? (LO4)a) Foreigners own most of the assets in the United States.b) We own more assets in foreign countries than foreigners own in the United States.c) Foreigners are
5. The world’s leading debtor nation is. (LO4)a) Argentinac) Mexicob) Brazild) the United States
4. During the 1980s, . (LO4)a) both American investment abroad and foreign investment in the United States increasedb) both American investment abroad and foreign investment in the United States
3. Which one of the following is the most accurate statement? (LO5)a) The American empire, like the Romans, the Spanish, and the British before us, uses its military might to force other nations to
2. In 2009 our net foreign debt was over $trillion. (LO4)a) twoc) sixe) tenb) fourd) eight
1. We became a debtor nation in . (LO4)a) 1975c) 1985b) 1980d) 1990
15. Web Activity: Melissa Larmon bought a German camera for 300 euros. How much would she have paid in U.S. dollars? Go to www.x-rates.com/calculator.html
14. Web Activity: Jennifer Saxton bought a microwave oven made in China for $200. How much would she have paid in Chinese yuan? Go to www.x-rates.com/calculator.html
13. Practical Application: Anne Hilbert has been hired by a Washington think tank to predict the trend over the next decade in the weighted average exchange value of the U.S. dollar. Its record from
12. Practical Application: Foreigners are buying up hundreds of billions of dollars a year in American assets. In what ways should this be a matter of concern to Americans?
11. Who demands Japanese yen? Who supplies yen?
10. How is the exchange rate determined in a freely fl oating rate system?
9. What is a foreign exchange rate? Provide a few examples.
8. Explain why a currency depreciation leads to an improvement in a nation’s balance of trade.
7. If the dollar depreciates relative to the Japanese yen, will the Sony DVD player you wanted become more or less expensive? What effect will this have on the number of Sony DVD players that
6. For several months before your vacation trip to Germany you fi nd that the exchange rate for the dollar has increased relative to the euro. Are you pleased or saddened? Explain.
5. Can there be a defi cit on Current Account and a defi cit on Capital Account at the same time? Explain.
4. How did the United States go from being the world’s largest creditor nation to the world’s largest debtor?
3. Why does the dollar fl uctuate with other currencies?
2. What is the gold standard? How does it work?
1. What is meant by our balance of payments? Explain what current account and capital account are.
4. How much is the percentage of income received by the middle three quintiles on line S? Percent of income 100 80 60 40 20 0 0 10 20 100 S R 30 40 50 60 70 80 90 100 Percent of households
3. How much is the percentage of income received by the highest quintile on line R? Percent of income 100 80 60 40 20 0 0 10 20 100 S R 30 40 50 60 70 80 90 100 Percent of households
2. How much is the percentage of income earned by the highest quintile on Lorenz curve Q? Percent of income 100 80 60 40 20 0 0 10 20 100 S R 30 40 50 60 70 80 90 100 Percent of households
1. How much is the percentage of income received by the lowest quintile on line R? Percent of income 100 100 80 60 40 20 0 100 S R 0 10 20 30 40 50 30 40 50 60 70 80 90 100 Percent of households
7. The richest quintile of humanity spends about ___________times as much on consumption as the world’s poorest quintile. (LO 1 )
6. The poverty line is set by the ___________. (LO 4 )
5. The basic problem with the absolute concept of poverty is fi nding the ___________. (LO 4 )
4. About ___________percent of all poor people are black. (LO 4 )
3. About one out of every ___________black Americans is poor. (LO 4 )
2. The two biggest benefi t programs aimed solely at the poor are and ___________. (LO 6 )
1. The richest 1 percent of our population owns over ___________percent of our wealth. (LO 2 )
48. Which one of the following people would stand the least chance of being poor during her or his lifetime? (LO 11)a) Someone with less than 12 years of educationb) Someone with more than 12 years
47. Which statement best refl ects the views of Charles Murray? (LO8)a) The main cause of poverty can be traced to the heritage of slavery.b) Poverty is caused largely by government antipoverty
46. Which is the most accurate statement? (LO6, 10)a) Most poor people receive public assistance(formerly called welfare).b) Public assistance has been discontinued.c) The number of people receiving
45. Who would most likely receive food stamps before the age of 20? (LO6)a) A white personb) A black personc) An Asian-American persond) A person who grew up in a two-parent household
44. Which one of the following statements is false? (LO 5 )a) Nearly half of all poor Americans own their own homes.b) A poor person today has roughly the same standard of living as a middle-income
43. Who made this statement? “I still have the audacity to believe that people everywhere can have three meals a day.” (LO 4, 8 )a) Charles Murrayb) William Julius Wilsonc) Barbara Bush (mother
42. Which is the most accurate statement? (LO 6 )a) Because of the efforts of the Veterans Administration, only a handful of veterans are homeless.b) Most military families have to get by on food
41. Which one of these is the most accurate statement about real median family income? (LO1, 2)a) It has declined steadily over the last fi ve years.b) It has fallen during nearly every recession
40. Which one of the following statements is the most accurate? (LO 9 )a) Our nation provides cradle-to-grave security for our military personnel and their families.b) Because of the relative high
39. What would be the most effective way of raising people out of poverty? (LO 9 )a) Cut off welfare payments to every family with at least one adult member between the ages of 18 and 64.b) Raise the
38. Which one of the following is the most accurate statement? (LO4)a) Our poverty rate is somewhat higher today than it was in 1999.b) Our poverty rate is over 15 percent.c) If it were not for the
37. Which statement is true? (LO 6 , 9 )a) Over 90 percent of the families receiving public assistance are headed by people who are employed.b) Nearly 90 percent of those in the workforce earn at
36. Which statement is true? (LO 6 , 10 )a) Most of the nation’s poor receive welfare benefi ts.b) Since the Welfare Reform Act of 1996, no new welfare cases have been accepted.c) More people than
35. Which one of the following people would most likely experience at least a year of poverty after her or his 20th birthday? (LO 5 )a) A high school dropoutb) A black personc) A white persond) A
34. The largest government program aimed exclusively at helping the poor is . (LO 6 )a) the earned income tax creditb) public assistancec) food stampsd) Social Security
33. Which statement is true? (LO 1 , 2 )a) If we redistributed income every year so that everyone would get the same amount, this would hurt the effi ciency of our economy.b) Virtually everyone
32. Which is the most accurate statement? (LO 4 , 5 )a) Although there are poor children in the U.S., our child poverty problem is not nearly as bad as that of most other rich countries.b) The reason
31. Which statement is true? (LO 2 )a) All of the 10 richest Americans inherited their fortunes.b) In order to make the top ten list of American billionaires, you need a fortune of over $15
30. Which of the following statements is the most accurate? (LO 5 , 6 )a) The welfare rolls today are much lower than they were in 1996.b) About 1 in 8 Americans lives below the poverty line.c)
29. Real median family income in the U.S. has. (LO 1 , 2 )a) grown each year since 2000b) declined each year since 2000c) risen by about 20 percent since the late 1960sd) become lower today than it
28. Between 1968 and 2008, our income distribution has. (LO 1 )a) became more equalb) stayed about the samec) became less equal
27. Between 1968 and 2008, the percentage share of total income grew for the . (LO 1 , 3 )a) lowest two quintilesb) the middle three quintilesc) the highest quintiled) the highest quintile and the
12. The perfect competitor has a __________ demand curve. ( LO1 )
11. Only the __________ in the __________ produces at the minimum point of its ATC. ( LO1 )
10. An oligopoly is an industry with __________ . ( LO4 )

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