Homework help for ECON 1500?

I have an open book quiz due but I can't find my book. If you know any of these answers, they're welcome! :)

When a U.S. company establishes a call center in India that answers its customer service calls, the U.S. is

a. outsourcing, a form of importing services.

b. outsourcing, a form of exporting services.

c. insourcing, a form of importing services.

d. insourcing, a form of exporting services.

2.Countries can expect to gain from international trade as long as they:

a. keep production diversified.

b. specialize according to their comparative advantage.

c. produce only those goods for which they have a relatively high opportunity cost.

d. use trade restrictions to reduce competition for domestic producers.

3.Myopia and Utopia are two countries with equivalent resources. The country of Myopia can produce up to 100 tons of yak butter or up to 5,000 prayer wheels, if it devotes all its resources to yak butter or all its resources to prayer wheels. Similarly, the country of Utopia can produce up to 500 tons of yak butter or up to 3,000 prayer wheels. We know that the production possibility curves for both Myopia and Utopia are straight lines. If international trade exists between Utopia and Myopia, we would expect to find:

a. Utopia exporting prayer wheels and Myopia exporting yak butter.

b. Myopia exporting prayer wheels and Utopia exporting yak butter.

c. Utopia exporting both goods to Myopia.

d. Myopia exporting both goods to Utopia.

4.Crusoe and Friday are the only two inhabitants of an island and produce and consume only two goods, fish and coconuts. For every fish Crusoe catches, he could gather two coconuts. For every fish Friday catches, he could gather one coconut. From this information we:

a. cannot determine who has comparative advantage in either good.

b. can determine who has a comparative advantage in fish but not in coconuts.

c. know that Crusoe has the comparative advantage in coconuts.

d. know that Friday has the comparative advantage in coconuts.

5.The United States imports:

a. only manufactured goods.

b. only services.

c. only capital goods.

d. all types of goods including manufactured goods, services and capital goods.

6.The text mentions ten sources of U.S. comparative advantage. Which of the following is NOT one of them?

a. Wealth from past production

b. English is the international language of business

c. A high ratio of lawyers to the population

d. Extensive natural resources

7.When people talk about U.S. intellectual property rights, what are they talking about?

a. The existence of high quality educational institutions such as the Ivy League schools

b. Ideas and knowledge protected by patents and copyright

c. The human capital of the U.S. labor force

d. The abstract nature of ownership in corporate organizations

8.In May, 2003 the U.S. banned all imports of Canadian cattle and beef after one cow in Alberta was found with mad cow disease. This action is an example of:

a. a tariff.

b. a quota.

c. a regulatory trade restriction.

d. a voluntary trade restriction.

9.The U.S. passes a 50 percent tax on imports of Danish cheese. This is an example of:

a. a tariff.

b. a quota.

c. a regulatory trade restriction.

d. an embargo.

10. The international organization whose primary function is to promote free and fair trade between countries worldwide is the:

a. WTO.

b. IMF.

c. NAFTA.

d. EU.

11. An import quota does which of the following?

a. Decreases the price of the imported good to the consumer.

b. Increases the price of the domestic good to the consumer.

c. Redistributes income from domestic producers to domestic consumers.

d. Decreases the price received by the foreign producer.

12.A quota differs from a tariff in that quotas:

a. limit the volume of imports more than tariffs.

b. do not increase the price of imports as much as tariffs.

c. do not generate tax revenues, unlike tariffs.

d. reduce consumer welfare more than tariffs.

13.The voluntary export restraints on autos by Japan in the early 1980s were

a. prohibited under the TANSTAFFL treaty.

b. unlike a quota and do not affect the price of cars imported .

c. unlike a tariff, and do not affect the price of imports.

d. approved by the U.S. automobile unions since it allows them to preserve union jobs.

14.Trade embargoes are generally implemented:

a. to benefit emerging industries.

b. to help domestic workers.

c. for political reasons.

d. to raise revenue from trade.

15.All of the following are arguments in support of protectionist legislation except:

a. supporting infant industries.

b. preserving domestic employment.

c. increasing global trade.

d. promoting national security.

16.One reason trade restrictions exist is that:

a. workers can be easily shifted from one industry to another.

b. workers cannot be easily shifted from one industry to another.

c. the long-run gains from free trade are small re