ECN 212 Microeconomics Exam Questions with 100% Correct Answers
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Course
ECN 212 Microeconomics
Institution
ECN 212 Microeconomics
ECN 212 Microeconomics Exam Questions with 100% Correct Answers
Module 9:
The theoretical exchange rate at which a person can buy the same amount of goods and services with another currency is considered:
A) allocative efficiency
B) a fixed exchange rate
C) purchasing power parity
...
Module 9:
The major factor influencing movement of exchange rates is:
A) an increased volume of international trade of produced goods
B) foreign aid to other countries
C) opportunities for arbitrage in foreign exchange markets
D) international investments - Answer- international investments
Module 9:
If a quota is placed on an imported good, the effect in the market for the imported good
is:
A) a limit on quantity shown as a vertical line to the left of equilibrium quantity
B) a price ceiling shown as a horizontal line below equilibrium price
C) a price floor shown as a horizontal line above equilibrium price
D) a decrease in supply - Answer- a limit on quantity shown as a vertical line to the left
of equilibrium quantity
Module 9:
The international member organization to resolve trade disputes is
A) The World Trade Organization
B) The General Agreement on Taxes and Tariffs
, C) The United Nations
D) The North America Free Trade Agreement - Answer- The World Trade Organization
Module 9:
Which of the following is not a form of protectionist trade policy
A) tariff duties on imported goods
B) limits on the quantity of imported goods
C) subsidies to producers of export goods
D) non-tariff regulations on imported goods
E) all of the above are considered a form of protectionist policy - Answer- subsidies to
producers of export goods
Module 9:
The race to the bottom scenario is the situation when
A) countries engage in a trade war to the harm of both economies
B) fixed exchange rates pegged to the US dollar are allowed to float in foreign exchange
markets
C) countries retaliate to dumping with subsidies of domestic industries
D) multinational companies shift production to countries with weak environmental
standards - Answer- multinational companies shift production to countries with weak
environmental standards
Module 10:
A Gini Coefficient for the situation where one person earns all the income is:
A) G = 0
B) G = 1
C) G = 10
D) G = 100 - Answer- G = 1
Module 10:
The veil of ignorance refers to:
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