26 Jul WHICH OF THE FOLLOWING WOULD BE CONSIDERED AN EXPORT FOR BULGARIA?
Suppose Japan has a comparative advantage over Canada in the production of VCRs. This means that Jap Show more Suppose Japan has a comparative advantage over Canada in the production of VCRs. This means that Japan: A. needs fewer resources to produce VCRs than does Canada. B. has better technology for producing VCRs than does Canada. C. has a lower opportunity cost of VCR production than does Canada. D. can produce more VCRs in a given period of time than can Canada. E. None of the above The theory of comparative advantage suggests that a (an): A. industrialized country should not import. B. country that is not competitive should import everything. C. country should specialize in producing goods and services in which it has absolute advantage. D. country should specialize in producing goods or services for which it has a lower opportunity cost. E. None of the above A nation should specialize in the production of the product for which it has a(n): A. absolute advantage. B. exchange rate. C. characterization. D. comparative advantage. E. term of trade. Which of the following would be considered an export for Bulgaria? A. A German investor getting interest payments on bonds issued by a Bulgarian firm B. Bulgarian citizens traveling to France to watch a series of soccer matches C. A Bulgarian firm hiring an engineering consultant from Greece to help it improve the efficiency of a chemical process D. An American student going to study at Sofia University in Bulgaria E. The Bulgarian government purchasing a Chinese supercomputer to help them run large-scale mathematical simulations During the 1980s the U.S. imported a lot more consumer products from Japan than Japan imported from the U.S. At the same time Japanese individuals and firms purchased a lot more real estate and bonds in the U.S. than U.S. individuals and firms purchased in Japan. According to this information by the end of the 1980s: A. the U.S. current account was in surplus and the U.S. capital account was in deficit. B. the U.S. current account was in deficit and the Japanese capital account was in surplus. C. the U.S. capital account was in surplus and the Japanese current account was in deficit. D. the U.S. capital account was in surplus and the Japanese current account was in surplus. E. the U.S. capital account was in deficit and the Japanese current account was in surplus. The balance of payments will always be equal to zero unless: A. a countrys capital account is in surplus. B. a country imposes tariffs on imports. C. the people in one country hold large amounts of another countrys currency. D. the exchange rate is changing steadily. E. None of the above. The balance of payments will always be equal to zero without exception. If Japan gives up 10 bushels of rice to produce 1 bicycle and the United States gives up 5 bushels of rice to produce 1 bicycle: A. the opportunity cost of producing bicycles in the United States is higher than in Japan. B. Japan has a comparative advantage in the production of bicycles. C. the United States has an absolute advantage in the production of rice. D. total output will be highest if the United States specializes in rice and Japan specializes in bicycles. E. total output will be highest if Japan specializes in rice and the United States specializes in bicycles. Show less
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