Question

In: Economics

10. Soft currencies are currencies that attract little global demand. a. True b. False 11. Which...

10. Soft currencies are currencies that attract little global demand.

a. True b. False

11. Which organization(s) has helped decrease tariffs?

a. GATT b. WTO c. GATT and WTO d. World Bank

12. In the United States, export tariffs are prohibited by the constitution.

a. True b. False

13. Which IS NOT a factor influencing a country's competitive advantage in an industry?

a. Balance of payments b. Elements of production c. Nature of domestic demand d. Presence of related industries

14. For domestic producers, a strong domestic currency provides the greatest protection.

a. True b. False

15. In the balance of payments, stock purchases are never considered direct investments.

a. True b. False

16. Which of the following is a non-tariff barrier?

a. Licensing regulations

b. Health and safety regulations

c. Government subsidies

d. All of these are non-tariff barriers

17. The GATT principal of transparency requires that member countries make trade restrictions overt.

a. True b. False

18. In NAFTA, member countries agreed to drop trade barriers among themselves, but the agreement does not set common external tariffs.

a. True b. False

19. China's competitive advantage may be decreasing because:

a. Wage rates in China are decreasing b. Wage rates in China are increasing c. The value of the yuan is increasing d. The yuan is slowly devaluing against the dollar and the euro

20. Culture encompasses:

a. Morals b. Habits c. Religion d. All of the above

Solutions

Expert Solution

10. Soft currencies are currencies that attract little global demand.

a. True- Soft currency is a low value currency and has low demand due to economic and political instability of a country. Opposite is hard currency.

11. Which organization(s) has helped decrease tariffs?

c. GATT and WTO

Both GATT- General aggrement on trade and tariff. WTO(World trade organization) is successor of GATT, both aimed at reducing tariff.

12. In the United States, export tariffs are prohibited by the constitution.

a. True- Article 1 section 9 prohibits this.

13. Which is NOT a factor influencing a country's competitive advantage(CA) in an industry?

a. Balance of payments b. Elements of production c. Nature of domestic demand d. Presence of related industries

a. Balance of payments is an outcome of trade and hence cannot be a factor to determine competitive advantage.

A country may specialize in an element of production which is a key input and hence can have CA in it. Similarly if domestic demand only specifies a type of product eg. Swiss handmade watch and related industry presence do decide the final cost of product.

Rahul Sunny answered 1 year ago

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