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ECN 212 Microeconomics Exam Questions with 100% Correct Answers

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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 ...

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  • November 16, 2024
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  • 2024/2025
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  • Questions & answers

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  • ecn 212
  • ecn 212 microeconomics
  • ecn 212 microeconomics exam questions

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  • ECN 212 Microeconomics

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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

D) currency hedging - Answer- purchasing power parity

Module 9:
Which of the following is not mentioned in the Module as a legitimate reason for
protection policy.

A) protection of emerging domestic industries

B) unsafe consumer products

C) maintain a favorable trade balance

D) national security concerns - Answer- maintain a favorable trade balance

Module 9:
Assume there is an increase among US consumers for Japanese electronic products. In
foreign currency markets, this will cause:

A) an increase in the supply of Japanese Yen

B) an increase in the demand for US dollars

C) an increase in demand for Japanese Yen

,D) a decrease in demand for US dollars - Answer- an increase in demand for Japanese
Yen

Module 9:
If a tariff is placed on an imported good, the effect in the market for a similar good
produced domestically is:

A) price increases, quantity exchanged increases

B) price increases, quantity exchanged decreases

C) price decreases, quantity exchanged increases

D) price decreases, quantity exchanged decreases - Answer- price increases, quantity
exchanged increases

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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