What is a spot exchange rate?

		The price of one asset value in terms of another today
		The price of one currency in terms of another today
		The price of one currency in terms of another in the future
		The price of one asset value in terms of another in the future

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QUESTION 2

What is a quota?

		Tax on imports
		Government limits on quantity that can be imported
		Clause in the US that limits restrains of trade between states
		None of the above

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QUESTION 3

What is the forward exchange rate?

		The price of one currency in terms of another today
		The price of one currency in terms of another in the future
		The price of one asset value in terms of another today
		The price of one asset value in terms of another in the future

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QUESTION 4

What is depreciation?

		An increase in value of a currency
		A decrease in value of a currency

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QUESTION 5

What is the purchasing power parity theory?

		Theory that states that the same commodity in two countries will sell for the same amount when measured in the same currency
		Theory that states that different commodity in two countries will sell for the same amount when measured in the same currency
		Theory that stated the exchange rate will adjust to equality the price levels of two countries
		Theory that states that the same commodity in two countries will sell for the same amount when measured in different currencies

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QUESTION 6

What are specific tariffs?

		A tax on imports as a percentage of the import value
		A tax on imports proportional to the number of units imported
		An import tax required to raise revenue
		Set of tariffs that raise tariff level to 59%

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QUESTION 7

What is the law of one price?

		Theory that states that the same commodity in two countries will sell for the same amount when measured in the same currency
		Theory that states that different commodity in two countries will sell for the same amount when measured in the same currency
		Theory that stated the exchange rate will adjust to equality the price levels of two countries
		Theory that states that the same commodity in two countries will sell for the same amount when measured in different currencies

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QUESTION 8

How do we define the value of the next best forgone alternative not chosen?

		Spot exchange rate
		Inflation rates
		Opportunity cost
		Tariffs

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QUESTION 9

What is a labor abundant economy?

		A higher level of capital per worker
		A lower level of capital per worker
		Production that require a high level of capital
		Production that requires a low level of resources

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QUESTION 10

What is a tariff?

		Tax on imports
		Government limits on quantity that can be imported
		Clause in the US that limits restrains of trade between states
		None of the above

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QUESTION 11

What is an intra-industry trade?

		Trade between countries in goods from the same or similar industries
		Trade between countries in goods from different countries

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QUESTION 12

What is an inter-industry trade?

		Trade between countries in goods from the same or similar industries
		iTrade between countries in goods from different countries

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QUESTION 13

What is a labor abundant economy?

		A higher level of capital per worker
		A lower level of resources per worker
		Production that require a high level of capital
		Production that requires a low level of capital

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QUESTION 14

What is a capital intensive economy?

		A higher level of capital per worker
		No labor input in the production system??
		Production that require a high level of capital
		Production that requires a low level of capital

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QUESTION 15

What does WTO stand for?

		World Tariffs Organization
		World Trade Organization
		Wide Trade Organization
		World Tax Organization

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QUESTION 16

What is international trade?

		Exchange of goods and services between people in different nations
		Exchange of goods and services between firms in different nations
		Both of the above

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QUESTION 17

What is a commerce clause?

		Tax on imports
		Government limits on quantity that can be imported
		Clause in the US that limits restrains of trade between states
		None of the above

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QUESTION 18

What are Smoot-Hawley tariffs?

		A tax on imports as a percentage of the import value
		A tax on imports proportional to the number of units imported
		An import tax required to raise revenue
		Set of tariffs that raise tariff level to 59%

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QUESTION 19

What is a capital abundant economy?

		A higher level of capital per worker
		A lower level of capital per worker
		Production that require a high level of capital
		Production that requires a low level of capital

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QUESTION 20

What are revenue tariffs?

		A tax on imports as a percentage of the import value
		A tax on imports proportional to the number of units imported
		An import tax required to raise revenue
		Set of tariffs that raise tariff level to 59%

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QUESTION 21

What are ad valorem tariffs?

		A tax on imports as a percentage of the import value
		A tax on imports proportional to the number of units imported
		An import tax required to raise revenue
		Set of tariffs that raise tariff level to 59%

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QUESTION 22

What is appreciation?

		An increase in value of a currency
		A decrease in value of a currency