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ECO 365 Week 5 Knowledge Check

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Title: ECO 365 Week 5 Knowledge Check

1
ECO 365 Week 5 Knowledge Check

Questions to ECO 365 Week 5 Knowledge Check are
as follow
What problem do economists see with free trade
areas such as
NAFTA and the European Union?
They tend to lead to free trade rather than fair
trade.
They can lead to regional trading blocs then
restrict trade. They lead to globalization.
They encourage countries to rely on others
rather than being self-sufficient
2. A group of countries that allows free trade
among its members and puts up common barriers
against all other countries' goods is Called
a tariff-free zone
a most-favored nation agreement
an autarky
a free trade association

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3. Mexico has a comparative advantage in
producing corn
if its opportunity cost of producing corn is
higher than the opportunity cost in other
countries
if its opportunity cost of producing corn is the
same as the opportunity cost in other countries
if its opportunity cost of producing corn is
lower than opportunity cost in other countries
regardless of the opportunity cost in other
countries
4. Workers in education, health care, and
government sectors have
seen their incomes fall just like in
manufacturing
been mostly hurt from globalization
benefited from globalization in terms of lower
consumer prices
been hurt because the sector has been shrinking

5. In the United States globalization has
played a significant role in growing income
disparity because some sectors have benefited and
others have not
played little role in growing income disparity
because all Americans are consumers who have
enjoyed lower prices
played a significant role in growing income
disparity because foreign workers' incomes have
risen
played little role in growing income disparity
because while some jobs were lost, the gain in
jobs balanced out those that were lost
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Team Reflections Global Competition
6. Most economists
oppose free trade
favor free trade
have no opinion on free trade
Would prefer to have no trade with other nations

7. World trade declined in the 1930s. Which of
the following is the best explanation of that
decline?
World income shrank and trade restrictions
increased.
World income shrank, but there were few changes
in trade Restrictions
Trade restrictions increased, but there was
little change in world income
The incomes of most nations increased, allowing
them to become more self-sufficient.
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8. As a country develops economically, what
changes usually take place in the goods it
exports?
There is little change because comparative
advantage does not change.
Raw materials and agricultural products decline
in importance and are replaced by services and
manufactured goods.
Services and manufactured goods decline in
importance and are replaced by raw materials and
agricultural products.
Exports go from being diversified to being
specialized in whatever the country finds to be
its comparative advantage.

9. When a U.S. company establishes a call center
in India that answers its customer service calls,
the United States is
outsourcing, a form of importing services
outsourcing, a form of exporting services
in sourcing, a form of importing services
in sources, a form of exporting services
About Author
This article covers the topic for the University
Of Phoenix ECO 365 Week 5 Knowledge Check. The
author is working in the field of education from
last 5 years. This article covers the basic of
ECO 365 Final Exam Knowledge Check from UOP.
Other topics in the class are as follows