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Macro Economics Practice Exam Essay

2107 words - 9 pages

Question 1 (Essay Worth 15 points)

Exchange Rates |
Year | U.S.
Dollar | South Korean
Won | Malaysian
Ringgits | Indonesian
Rupiahs |
2008 | 1 | 9,046 | 3.49 | 9,022 |
2009 | 1 | 9,046 | 3.78 | 9,087 |
2010 | 1 | 8,995 | 3.65 | 9,144 |

a. Given the change in the value of the dollar between 2008 and 2009, as indicated in the table above, describe the effects this will have on United States tourism in each of these countries.
b. Explain what impact the change in the value of the dollar between 2008 and 2009 will have on the United States current account.

Question 2 (Essay Worth 15 points)

Suppose the United States decides to impose a tariff on all wood ...view middle of the document...

S. financial account?
a car that was imported from Korea
wheat that was exported to Somalia
a factory site purchased in Ireland
$2 million in U.S. aid to rebuild schools in Afghanistan
$500 in interest earned on Swedish bonds

Question 6 (Multiple Choice Worth 2 points)
Lindsay can either wash two dogs or clean four windows in two hours. Amy can either wash two dogs or clean ten windows in two hours. Based on this information, which of the following is true?
Lindsay has an absolute advantage in washing dogs, while Amy has an absolute advantage in cleaning windows.
Lindsay has a comparative advantage in washing dogs, while Amy has a comparative advantage in cleaning windows.
Lindsay has a comparative advantage in cleaning windows, while Amy has a comparative advantage in washing dogs.
Lindsay has a comparative advantage in the production of both goods.
Amy has a comparative advantage in the production of both goods

Question 7 (Multiple Choice Worth 2 points)
| Oranges | Bananas |
United States | 4 acres | 5 acres |
Costa Rica | 3 acres | 2 acres |
The table above lists the number of acres it takes to produce one cargo container of oranges and one cargo container of bananas in the United States and Costa Rica. Which of the following is true?
I. The U.S. has the comparative advantage in producing oranges.
II. Costa Rica has the comparative advantage in producing oranges.
III. The U.S. has the comparative advantage in producing bananas.
IV. Costa Rica has the comparative advantage in producing bananas.
I and III only.
I and IV only.
II and III only.
II and IV only.
I, III, and IV only.

Question 8 (Multiple Choice Worth 2 points)
If Shadowland’s workers can produce eight lunch boxes or four sandwich containers per hour, then the opportunity cost of one lunch box is
4 sandwich containers.
¼ of a sandwich container.
8 sandwich containers.
½ of a sandwich container.
12 sandwich containers.

Question 9 (Multiple Choice Worth 2 points)
What would be the short-run impact of a tariff on all computers imported to the United States?
A higher standard of living
An increase in American production of computers
An increase in foreign production of computers
A decrease in the price of computers
A more efficient use of resources

Question 10 (Multiple Choice Worth 2 points)
ABC Corporation argues that it needs a tariff on bread baskets so that it can grow large enough to compete with foreign producers. This is an argument for
an infant industry.
job protection.
national security.
environmental standards.
protection from dumping.

Question 11 (Multiple Choice Worth 2 points)
If the U.S. government imposes a tariff on imported steel to protect American steel manufacturers, then
consumers pay less for steel sold in the nation.
consumers benefit from lower priced domestic steel.
consumers pay more for steel sold in the nation.
producers will export more domestic...

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