Question
12. Professor Leamer found that when factors of production are properly bundled, the Heckscher-Olin theory of trade is supported. True or False 13. Under the
12. Professor Leamer found that when factors of production are properly bundled, the
Heckscher-Olin theory of trade is supported. True or False
13. Under the revised trade agreement with Korea, the U.S. import tariffs on light trucks has
been removed. True or False
14. The recent trade agreement with Japan contains a new section dealing with electronic
commerce, digital privacy, and related matters. True or False
15. The China Phase One agreement has resolved the disputes over intellectual property
rights. True or False
16. The China Phase One agreement on increased purchases of U.S. products is on track to
be completely fulfilled. True or False
17. The Trans-Pacific Partnership would have clearly led to an improvement in the U.S.
balance of payment and an increase in the growth rate of GDP. True or False
18. Most of the counterfeit merchandise arriving in the U.S. was made in China. True or
False
19. With international trade no industry sector ever loses. True or False
20. The Trade Adjustment Act provides funds for improving port facilities. True or False
21. A country with no absolute advantage cannot benefit from trade. True or False
22. In Figure 4 the demand schedule with trade is more horizontal because of more
substitutes. True or False
23. In Figure 4 the downward sloping demand schedule indicates perfect competition. True
or False
24. The factor price equalization theorem states that, given certain conditions and
assumptions, free trade equalizes not only product prices but also the prices of individual
factors between the two countries. True or False
25. Freer trade with low-wage countries not only might cause incomes in the U.S. to become
more unequal, but it may also cause the pay of low-skilled workers to fall absolutely.
True or False
26. Productivity gains are a necessity for wage gains and a rising standard of living. True or
False
27. The use of economic development districts and clusters in China has not led to faster
growth. True or False
28. The gravity model of trade maintains trade decreases with the distance between trading
partners. True or False
29. Under the Jones Act, foreign owned liquefied natural gas carrying ships still may load
gas in Houston and unload it in New England. True or False
30. JaxPort is primarily a lessor of land and equipment. True or False
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