Exam (elaborations)
New Economic Realities (NER1) Mock Exam 2
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New Economic Realities 1 Mock Exam #2 - Questions and Answers - Multiple choice
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1) Institutions areA) the same thing as organizations.
B) associations of individuals or groups.
C) always embodied in a written set of rules.
D) a set of rules governing behavior, whether written or not.
2) One of the strongest motivations for holding the Bretton Woods Conference was to
design new international institutions that would
A) contain communism.
B) help countries avoid the mistakes of the 1920s and 1930s.
C) provide a collective defense security for Western Europe and North America.
D) ensure that world prices were not rising too rapidly.
3) Which of the following is TRUE?
A) A country experiencing a debt or currency crisis would contact the World Trade
Organization.
B) The World Trade Organization was formed at the Bretton Woods conference.
C) The General Agreement on Tariffs and Trade created the World Trade
Organization in the negotiations and treaty known as the Uruguay Round.
D) The World Trade Organization has no power to resolve trade disputes and to
enforce their resolution.
4) The economic philosophy that favors strict limits on imports and strong support for
exports is called
A) zero sum.
B) autarky.
C) mercantilism.
D) comparative advantage.
Table 1
Output per Hour Worked
5) Based on Table 1, the opportunity cost of a pair of shoes in the United States is
A) three computers.
B) two computers.
C) one computer.
D) one-half computer.
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