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ECON 102 Economics 2 – Microeconomics Quiz 5

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As a percentage of GDP (total output), U.S. exports are: Select one:

Import quotas are taxes or duties on imported products. Select one:

Refer to the above data. If Alpha was producing at alternative B and Omega was at alternative C before trade, the gain from specialization and trade would be:

Terms of trade of 1X=5Y will be acceptable to two countries that have domestic opportunity costs of 1X=4Y and 1X=1Y, respectively.

Which of the following sets of countries were among those admitted to the European Union in 2004?

France, Germany, and Italy are all members of the Euro zone. Select one:

If yesterday $1 would buy 800 South Korean won, but today $1 will only buy 790 won; the: Select one:

The European Union (EU) is a free trade zone comprising all the nations of eastern and western Europe.

The above data would graph as: Select one:

In terms of absolute dollar volume, the world's leading export nations are


The main problem posed by trade blocs for nonmember nations is that: Select one:

Mexican importers are suppliers of pesos in the foreign exchange market


The primary economic advantage of the European Union (EU) to its members is that: Select one:

The physical export of motorcycles from the United States to Mexico best illustrates 


The major goods imports of the United States (in dollar volume) are: Select one:

Depreciation of the dollar will: 


Proponents of the WTO argue that free international trade and investment will: Select one:

Answer the next question(s) on the basis of the following production possibilities tables for countries Alpha and Beta:


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