Question 1

A)

Use the table to answer the question.

	Microscopes	Lab Coats
Malaysia	200 million	1 billion
Singapore	300 million	600 million

The table above gives the maximum quantities of microscopes and lab coats that Malaysia and Singapore could produce in a year if all resources were dedicated to each of these items. What does Malaysia have the comparative advantage in?

(1 point)

lab coats

lab coats

microscopes

microscopes

lab coats and microscopes

lab coats and microscopes

neither product

neither product

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Question 2

A) Which of the following correctly explains how a tariff on imported blueberries reduces the quantity of blueberries demanded?(1 point)

The tariff would increase the price of blueberries for domestic consumers. This decreases the quantity of blueberries demanded and increases the quantity of blueberries supplied by domestic producers.

The tariff would increase the price of blueberries for domestic consumers. This decreases the quantity of blueberries demanded and increases the quantity of blueberries supplied by domestic producers.

The tariff would increase the price of blueberries for domestic consumers. This increases the quantity of blueberries demanded and decreases the quantity of blueberries supplied by domestic producers.

The tariff would increase the price of blueberries for domestic consumers. This increases the quantity of blueberries demanded and decreases the quantity of blueberries supplied by domestic producers.

The tariff would decrease the price of blueberries for domestic consumers. Thisdecreases the quantity of blueberries demanded and increases the quantity of blueberries supplied by domestic producers.

The tariff would decrease the price of blueberries for domestic consumers. Thisdecreases the quantity of blueberries demanded and increases the quantity of blueberries supplied by domestic producers.

The tariff would decrease the price of blueberries for domestic consumers. This increases the quantity of blueberries demanded and decreases the quantity of blueberries supplied by domestic producers.

The tariff would decrease the price of blueberries for domestic consumers. This increases the quantity of blueberries demanded and decreases the quantity of blueberries supplied by domestic producers.

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Question 3

A) Why do governments employ protectionist policies?(1 point)

to protect domestic consumers from the consequences of international trade and competition

to protect domestic consumers from the consequences of international trade and competition

to protect domestic businesses from the consequences of domestic trade and competition

to protect domestic businesses from the consequences of domestic trade and competition

to protect domestic consumers from the consequences of domestic trade and competition

to protect domestic consumers from the consequences of domestic trade and competition

to protect domestic businesses from the consequences of international trade and competition

to protect domestic businesses from the consequences of international trade and competition

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Question 4

A) NAFTA, the North American Free Trade Agreement, was renegotiated under which name?(1 point)

USMCA

USMCA

UN

UN

APEC

APEC

EU

EU

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Question 5

A) Which of the following is a common featureofthe EU and APEC?(1 point)

a stated aim to improve trade among members

a stated aim to improve trade among members

a uniform tariff levied on imports from non-members

a uniform tariff levied on imports from non-members

a reduction in borders among members

a reduction in borders among members

a shared currency

a shared currency

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Question 6

A) If the U.S. dollar appreciates relative to the currencies of the rest of the world, which of the following is correct?(1 point)

U.S. producers benefit from the the relative decrease in the price of foreign goods, but U.S. consumers are worse off.

U.S. producers benefit from the the relative decrease in the price of foreign goods, but U.S. consumers are worse off.

U.S. producers benefit from the the relative increase in the price of foreign goods, but U.S. consumers are worse off.

U.S. producers benefit from the the relative increase in the price of foreign goods, but U.S. consumers are worse off.

U.S. consumers benefit from the relative decrease in the price of foreign goods and services, but U.S. producers are worse off.

U.S. consumers benefit from the relative decrease in the price of foreign goods and services, but U.S. producers are worse off.

U.S. consumers benefit from the relative increase in the price of foreign goods and services, but U.S. producers are worse off.

U.S. consumers benefit from the relative increase in the price of foreign goods and services, but U.S. producers are worse off.

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Question 7

A) Which of the following combinations addresses development according to health, education, and economic output?(1 point)

per capita GDP, literacy rate, and total GDP

per capita GDP, literacy rate, and total GDP

literacy rate, life expectancy, and infant mortality rate

literacy rate, life expectancy, and infant mortality rate

per capita GDP, literacy rate, and life expectancy

per capita GDP, literacy rate, and life expectancy

literacy rate, overall total GDP, and average years of education

literacy rate, overall total GDP, and average years of education

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Question 8

A) Which of the following is an example of foreign direct investment?(1 point)

An American corporation sells shares to British residents.

An American corporation sells shares to British residents.

An investor in the United States purchases a bond issued by a British corporation.

An investor in the United States purchases a bond issued by a British corporation.

An American corporation merges with a British company.

An American corporation merges with a British company.

An investor in the United States purchases stock in a British corporation.

An investor in the United States purchases stock in a British corporation.

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Question 9

A) Which of the following is a function of the United Nations Development Programme?(1 point)

buying securities issued by foreign governments

buying securities issued by foreign governments

serving in an advisory role to governments

serving in an advisory role to governments

lending funds to countries for infrastructure improvements

lending funds to countries for infrastructure improvements

purchasing controlling interests in foreign businesses

purchasing controlling interests in foreign businesses

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Question 10

A) Which of the following describes one manner in which globalization has contributed to economic growth?(1 point)

Globalization has led to advances in technology. This improves economic productivity worldwide.

Globalization has led to advances in technology. This improves economic productivity worldwide.

Globalization has led to businesses becoming less specialized. This improves economic productivity worldwide.

Globalization has led to businesses becoming less specialized. This improves economic productivity worldwide.

Globalization has led to increased competitiveness of small businesses. This improves economic productivity worldwide.

Globalization has led to increased competitiveness of small businesses. This improves economic productivity worldwide.

Globalization has led to income inequality. This improves economic productivity worldwide.

Globalization has led to income inequality. This improves economic productivity worldwide.

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Question 11

A) Which of the following is an advantage that larger businesses have over smaller businesses in the global economy? Explain.(1 point)

Larger businesses benefit from economies of scale because they can make large bulk purchases and specialize to a high degree.

Larger businesses benefit from economies of scale because they can make large bulk purchases and specialize to a high degree.

Larger businesses benefit from foreign investment because they are able to acquire funds through the sale of physical assets.

Larger businesses benefit from foreign investment because they are able to acquire funds through the sale of physical assets.

Larger businesses benefit from foreign investment because they are able to acquire funds through the sale of securities.

Larger businesses benefit from foreign investment because they are able to acquire funds through the sale of securities.

Larger businesses benefit from economies of scale because they are able to improve their production through technological advances.

Larger businesses benefit from economies of scale because they are able to improve their production through technological advances.

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Question 12

A) Which of the following is an example ofincreased globalization?(1 point)

A country moves toward increased protectionism in order to decrease competition for certain domestic industries.

A country moves toward increased protectionism in order to decrease competition for certain domestic industries.

A company contracts one part of a project to another company that is located in another country.

A company contracts one part of a project to another company that is located in another country.

A nation's president implements tariffs on imports coming from other countries.

A nation's president implements tariffs on imports coming from other countries.

A company moves its manufacturing to its domestic country to take advantage of tax breaks offered by the government.

A company moves its manufacturing to its domestic country to take advantage of tax breaks offered by the government.