Question :
101) Refer to Figure 33-6. At what price the total : 1384523
101) Refer to Figure 33-6. At what price is the total domestic demand for regional jets met completely by domestic supply?
A) exactly $30 million
B) $30 million and below
C) $30 million and above
D) $35 million
E) no price – there will always be some imported jets in this market.
102) Refer to Figure 33-6. Assume the world price of a regional jet is $20 million. How many jets are not produced in Canada that would have been if Canada did not engage in international trade?
A) 20
B) 40
C) 50
D) 70
E) 90
103) Refer to Figure 33-6. Assume the world price of a regional jet is $20 million. Further, suppose that Canada disallowed international trade in regional jets. With no trade in regional jets, Canadian consumers will spend ________ at the domestic equilibrium price and quantity versus ________ for the same quantity at the world price.
A) $1000 million; $1800 million
B) $1800 million; $1000 million
C) $1400 million; $2100 million
D) $2100 million; $2100 million
E) $2100 million; $1400 million
104) Refer to Table 33-6. At what price and quantity combination will Canada not engage in international trade in granite?
A) $1000 and 20 tonnes
B) $1000 and 170 tonnes
C) $700 and 80 tonnes
D) $400 and 140 tonnes
E) $400 and 0 tonnes
105) Refer to Table 33-6. Suppose the world price of granite is $900. What quantity will Canada import or export?
A) Canada will export 100 tonnes
B) Canada will export 140 tonnes
C) Canada will neither import nor export
D) Canada will import 40 tonnes
E) Canada will import 100 tonnes
106) Refer to Table 33-6. Suppose the world price of granite is $350 per tonne. What quantity will Canada import or export?
A) Canada will import 0 tonnes
B) Canada will import 150 tonnes
C) Canada will export 160 tonnes
D) Canada will neither import nor export
E) Canada will export 140 tonnes
107) The “terms of trade” reflect the
A) amount of absolute advantage held by one country over another.
B) conditions under which trade takes place, as established by the World Trade Organization.
C) difference in opportunity costs between two countries.
D) quantity of domestic goods that must be exported to get a unit of imported goods.
E) quantity of imports that must be purchased to sell a unit of exported goods.
108) The division of the gains of trade between two trading countries depends on the
A) difference between the terms of trade and the countries’ autarkic relative prices.
B) long-run costs.
C) quantity of resources held by each country.
D) level of unemployment in both countries.
E) size of the absolute advantages possessed by each country.
109) There will be a favourable change in a nation’s terms of trade if the
A) export and import prices rise by the same amount.
B) export price index rises by more than the import price index.
C) import price index rises by more than the export price index.
D) export and import prices fall by the same amount.
E) export and import prices stay the same.
110) There is an unfavourable change in a nation’s terms of trade whenever its
A) import prices rise more than its export prices.
B) export prices rise more than its import prices.
C) import prices fall while its export prices remain constant.
D) export prices rise while its import prices remain constant.
E) export and import prices stay the same.
