ARIZONA STATE UNIVERSITY POS 351 | POS351 FINALS • Question 1 Free trade alters supply and demand by • Question 2 In a liberalized country with an abundance of labor and land but littl e capital, we would expect When U.S. automakers (the Big 3) sought a bailout from the federal government in 20...
ARIZONA STATE UNIVERSITY
POS 351 | POS351
FINALS
Question 1
Free trade alters supply and demand by
Selected
4.
Answer:
providing gains in the form of increased revenue to
domestic producers
Correct
2.
Answer:
lowering the price, thereby increasing the quantity
demanded
Response See Chapter 3, "The Economic Case for Free Trade"
Feedback: and Lecture 3
Question 2
In a liberalized country with an abundance of labor and land but little capital, we
would expect
Selected
2.
Answer:
agricultural interests to be export-
oriented
Correct
2.
Answer:
agricultural interests to be export-
oriented
Response See Oatley Chapter 4 & Lecture 4 on abundant factors & trade
Feedback: preferences & the midterm exam.
Question 3
When U.S. automakers (the Big 3) sought a bailout from the federal government
in 2008, the sectoral model would predict
Selected
2.
Answer:
that the automakers and autoworkers would both support
the bailout
Correct
2.
Answer:
that the automakers and autoworkers would both support
the bailout
Response Refer to the differences between the sector and factor
, Feedback: models, Chapter 4
Question 4
In a factor-based model of trade, if a developing country begins producing more
shoes and fewer aviation systems, who benefits?
Selected
1.
Answer:
labo
r
Correct
1.
Answer:
labo
r
Response See Oatley Chapter 4 on Trade Policy Preferences, and
Feedback: Lecture 4, and the midterm.
Question 5
If Toyota purchased its parts manufacturers to internalize inputs, this would be an
example of which the following?
Selected
2.
Answer:
vertical
integration
Correct
2.
Answer:
vertical
integration
Response Refer to Oatley's Chapter 8, pp. 168-169 on market
Feedback: imperfections
Question 6
The number of MNCs
Selected
3.
Answer:
has grown as a result of market reforms implemented globally
since the 1980s
Correct
3.
Answer:
has grown as a result of market reforms implemented globally
since the 1980s
Response See Oatley, Chapter 8 &
Feedback: Lecture 8
Question 7
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