ECON 312 Principles of Economics Week 7 Discussion and Quiz Devry

ECON 312 Principles of EconomicsWeek 7Week 7 Discussion Free Trade (Graded)Are you for or against free trade? Are you for or against NAFTA? What is the economic basis for trade? Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences. What are some examples of goods that the U.S. has comparative advantage in producing? Take a look at the tag of the shirt/dress/pants you are wearing today. Where was it made? Anyone wearing “Made in America” items of clothing today? We sometimes hear people say “Buy American.” Why don’t we? What is the basis of international trade? What are the benefits and the costs? Under what conditions would you advocate for trade restrictions?Week 7 Quiz(TCO 8) Specialization and trade between individuals or between nations lead to:(TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)(TCO 9) Which of the following is not included in the current account of a nation’s balance of payments?(TCO 9) If the dollar price of the yen rises, then(TCO 9) In recent years, the United States has had large(TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place.(TCO 8) The primary gain from international trade is(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing(TCO 9) The Group of Eight (G8) Nations which periodically have jointly intervened to influence the value of the dollar include(TCO 8) As a percentage of GDP, U.S. exports are(TCO 8 and 10) Explain some of problems with the argument that trade protection is needed to protect American jobs.(TCO 9) What are the economic effects of a depreciation of the US dollar on US trade balances?(TCO 8) The United States’ most important trading partner quantitatively is(TCO 8) Suppose the United States sets a limit on the number of tons of sugar that can be imported each year. This is an example of a(n)(TCO 9) Which of the following is not included in the current account of a nation’s balance of payments?(TCO 9) If the dollar price of the yen rises, then(TCO 9) In terms of individual nations, the largest U.S. trade deficit is with(TCO 9) Answer the next question(s) on the basis of the following table which indicates the dollar price of libras, the currency used in the hypothetical nation of Libra. Assume that a system of freely floating exchange rates is in place.(TCO 8) Other things equal, economists would prefer(TCO 8) Refer to the graphs below. Stanville has a comparative advantage in producing(TCO 9) Suppose the G8 Nations decide that the dollar is too strong (high in value) relative to the yen. These nations might(TCO 8) Which country has the largest share of total world exports?(TCO 8 and 10) Evaluate this argument for a trade barrier: “The U.S. needs protection from cheap foreign labor.” Include some reasons why this might be an invalid statement.(TCO 9) What effect might the depreciation of the U.S. dollar relative to the Japanese yen have on imports and exports to and from each country?

 

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