Question : 56) When a nation starts importing a good or service, : 1240699

 

56) When a nation starts importing a good or service, domestic employment in that industry

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what else the country imports is needed to determine if employment increases, decreases, or does not change.

E) might change, but more information about what the country exports is needed to determine if employment increases, decreases, or does not change.

57) When a nation starts importing a good or service, the domestic production of the good or service

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what the country exports is needed to determine if production increases, decreases, or does not change.

E) might change, but more information about what else the country imports is needed to determine if production increases, decreases, or does not change.

 

58) When a nation exports a good or service in which it has a comparative advantage, employment in that industry

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change.

E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.

 

59) When a nation exports a good or service in which it has a comparative advantage, production of the good or service

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what the country imports is needed to determine if production increases, decreases, or does not change.

E) might change, but more information about what else the country exports is needed to determine if production increases, decreases, or does not change.

60) When a nation exports a good or service, employment in that industry

A) decreases.

B) stays the same.

C) increases.

D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change.

E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.

 

61) Goods and services that we buy from firms in other countries are called our

A) imports.

B) exports.

C) inputs.

D) raw materials.

E) obligations.

 

62) If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________ and the price received by Brazilian producers of ethanol ________.

A) does not change; does not change

B) rises; rises

C) rises; falls

D) falls; rises

E) falls; falls

63) When Italy buys Boeing jets, the price Italy pays is ________ if it produced its own jets, and the price Boeing receives is ________ than it could receive from an additional U.S. buyer.

A) lower than; lower

B) higher than; higher

C) lower than; higher

D) higher than; lower

E) the same as; higher

 

64) A nation will import a good if its no-trade, domestic

A) price is equal to the world price.

B) price is less than the world price.

C) price is greater than the world price.

D) quantity is less than the world quantity.

E) quantity is greater than the world quantity.

 

65) When a good is imported, the domestic production of it ________ and the domestic consumption of it ________.

A) increases; increases

B) increases; decreases

C) decreases; increases

D) decreases; decreases

E) increases; does not change

66) The United States exports a good if its no-trade U.S. price is ________ its world price. With international trade, U.S. production of the good ________ compared to the level of no-trade production.

A) higher than; does not change

B) higher than; increases

C) lower than; increases

D) the same as; increases

E) the same as; does not change

 

67) When a country imports a good, the ________ to consumers is ________ the ________ to producers.

A) loss; larger than; gain

B) loss; smaller than; gain

C) gain; smaller than; loss

D) gain; equal to; loss

E) gain; larger than; loss

 

68) When a country exports a good, the ________ to consumers is ________ the ________ to producers.

A) loss; larger than; gain

B) loss; smaller than; gain

C) gain; smaller than; loss

D) gain; equal to; loss

E) gain; larger than; loss