Macroeconomics Australia Study Set 1

Business

Quiz 16 :

International Trade Policy

Quiz 16 :

International Trade Policy

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Goods and services that Australia buys from other nations are called
Free
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Answer:

B

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img -The figure above shows the Australian demand and supply curves for cherries. In the absence of international trade, cherry farmers would receive ________ per kilogram of cherries.
Free
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D

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If a nation imports a good that can be domestically produced, what happens to the quantity consumed of the good and why?
Free
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B

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As a result of importing a good, domestic consumers ________ the quantity consumed and the price of the good ________.
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If the world price of a good is below the no-trade domestic price, a country
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img -The figure above shows the Australian demand and supply curves for cherries. In the absence of international trade, how many kilograms of cherries would Australian farmers produce?
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img -The above figure shows the Australian market for thongs. When there is no international trade, the Australian price is ________ per thong and the Australian quantity is ________ thongs.
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A country exports a good if
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If you buy a DVD player produced in Japan, a
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Comparative advantage is based on
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If Australia imports medicines, then the quantity of medicines produced in Australia will ________ and the quantity of medicines purchased by consumers in Australia will ________.
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How can a domestic producer determine whether or not it has a comparative advantage in the production of a good or service?
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Australia imports motor vehicles because
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When a country exports a good because the world price is higher than the no-trade domestic price, domestic purchases of the good ________ and domestic production of the good ________.
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img -The figure above shows the Australian demand and supply curves for cherries. Suppose the world price of cherries is $2 per kilogram. At this price, Australian consumption of cherries will equal
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With no international trade, the Australian price of wheat is lower than the world price of wheat. This indicates that Australia ________ a comparative advantage in the production of wheat and with international trade, Australia will ________ wheat.
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If a nation can produce a good or service at the lowest opportunity cost, then it
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img -The above figure shows the Australian market for thongs. With international trade, the equilibrium price in Australia is ________ and Australia ________ thongs.
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The fundamental force that generates international trade is
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img -The above figure shows the Australian market for thongs. With international trade, Australia imports ________ thongs.
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