1. International Economies is all about how nations interact through the followi

Question

1. International Economies is all about how nations interact through the following except a. trade in goods and services b. amnesty for immigrants c. flow of money d. investment 2. International Economics is broadly categorized into....nd. a. International Trade; International Tourism b. International Tourism; International Sports c. International Trade; International Finance d. International Finance; International Sports 3. The following countries are the top 3 exporters of goods and services in the world except a. Spain b. China c. Germany d. United States 4. In international trade, we classify goods and services that cannot be traded at long distance or across borders as a. tradables b. consumables c. non-tradables

Explanation / Answer

(1) (b)

Immigration amnesty is a political issue.

(2) (c)

(3) (a)

(4) (c)

(5) (a)

(Pi / Li) > (PM / LM). A country should specialize in that good for which the Price-to-Labor per unit is higher.

(6) (b)

(7) (c)

Since (Pi / Li) = (PM / LM), US can specialize in any of the goods.

(8) (a)

(Li / Li*) < (LM / LM*).It means, US has a lower relative labor requirement for iPhone than in Macbook. So, US has a comparative advantage in producing iPhone.

(9) (d)

(10) (c)

Note: First 10 questions are answered.

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