代写代考 ECOS3006 In-Semester Test

24/09/2021 Quiz: ECOS3006 In-Semester Test
ECOS3006 In-Semester Test
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Midway upon the journey of our life, I found myself within a forest dark, for the straightforward pathway had been lost.
The midterm will take 60 minutes, so, please, be sure to submit it before the time is over.
For open questions type in a number if you see something like x=[blank space], (just type 1/2 or 0.5 if it is the answer).
Question 1 1 pts
Last year the value of Australian export of travel and tourism was $41.7 billion and the value of imports travel and tourism was $34.5 billion. The index of intra-
industry trade for this industry is then %. (Round your answer down to the nearest whole number).
Question 2 1 pts
A Chinese tourist buys a ticket to see at the House. This is an example of
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 3 1 pts
The distance between the USA and Japan is 10173 kilometers and between the USA and China, it is 11640 kilometers. American GDP is approximately equal to $21 trillion, Japanese $5 trillion, and Chinese 14 trillion. Use the gravity equation and compute by how much the expected volume of trade between the US and China will exceed the volume of trade between the US and Japan. Assume that the distance elasticity is equal to 1.4
2.32 2.37 0.42 1.27
Australian import of tourist services Positive trade balance
Chinese import of tourist services Autarky
Question 4 1 pts
Consider the scenario when the costs of migration between Canada and the US decreased. On the diagram below find gains for Canadian immigrants and for the American economy.
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24/09/2021 Quiz: ECOS3006 In-Semester Test
A represents gains for Canadian immigrants, B represents gains for the American economy
A represents gains for Canadian immigrants, C represents gains for the American economy
C represents gains for Canadian immigrants, B represents gains for the American economy
C represents gains for Canadian immigrants, A represents gains for the American economy
B represents gains for Canadian immigrants, A represents gains for the American economy
B represents gains for Canadian immigrants, C represents gains for the American economy
Question 5 1 pts
For questions 5-7 consider an inflow of FDI to a country producing rice, which is labor-intensive and cars, which is capital-intensive. In the long run this shock will
decrease output of both industries
increase output of both industries
increase output of rice and decrease output of cars decrease output of rice and increase output of cars
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 6 1 pts
What long-run effect will the shock from Question 5 have on capital to labor ratio (K/L) in both industries?
K/L will increase in the cars sector and will not change in the rice sector K/L will decrease in the cars sector and will not change in the rice sector K/L will decrease in the rice sector and will increase in the cars sector K/L will increase in the rice sector and will not change in the cars sector K/L will increase in the rice sector and will decrease in the cars sector K/L will increase in both sectors
K/L will decrease in the rice sector and will not change in the cars sector K/L will decrease in both sectors
K/L will not change in both industries
Question 7 1 pts
What long-run effect will the shock from Question 5 have on wage and rent?
Wage will not change, rent will increase Both wage and rent will increase
Wage will increase, rent will not change Wage will not change, rent will decrease Wage and rent will not change
Wage will decrease, rent will increase Wage will decrease, rent will not change Both wage and rent will decrease
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 8 1 pts
According to the diagram of relative demand/supply for wine, country
exports wine and imports cars, country exports cars and imports wine.
Wage will increase, rent will decrease
Question 9 1 pts
Assume that the car industry is capital intensive and wine industry is labor intensive. The PPF’s below suggest that
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 10 1 pts
For questions 10 and 11 use the specific factors model with manufacturing and agricultural sectors. COVID-19 led to an increase in the world prices of agricultural products; what effect will it have on nominal and real wages?
Nominal and real wage will decrease
Nominal wage will increase, the effect of the coronavirus on real wage is ambiguous Nominal wage will decrease, real wage will decrease
Nominal wage will decrease, the effect of the coronavirus on real wage is ambiguous Nominal and real wage will increase
country B is larger than country A, but they have the same K/L ratio country A is labor abundant, country B is capital abundant
both countries have the same amount of capital and labor
country A is capital abundant, country B is labor abundant
Question 11 1 pts
What effect will the coronavirus from Question 10 have on real rent on capital and land?
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 12 1 pts
For questions 12-15 consider the specific factors diagram below. A country moved from autarky to free trade, which led to changes depicted on the diagram. As a result
This country will export agricultural goods and the relative price of agricultural goods will increase
This country will export manufacturing goods and the relative price of manufacturing goods will increase
This country will export agricultural goods and the relative price of agricultural goods will decrease
This country will export manufacturing goods and the relative price of manufacturing goods will decrease
Rent on capital will decrease, rent on land will decrease Rent on capital will increase, rent on land will increase Rent on capital will decrease, rent on land will increase Rent on capital will increase, rent on land will decrease
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 14 1 pts
What will happen to the real wages of workers from Questions 12-13?
Real wages of workers spending most of their income on manufacturing goods will increase, real wages of workers spending most of their income on agricultural goods will decrease
Real wages will decrease Real wages will increase
Real wages of workers spending most of their income on manufacturing goods will decrease, real wages of workers spending most of their income on agricultural goods will increase
Question 13 1 pts
According to the diagram from Question 12
Workers will move from agricultural to manufacturing sector Workers will move from manufacturing to agricultural sector
The country will completely specialize in the production of agricultural goods, so all the workers will move to this sector
The country will completely specialize in the production of manufacturing goods, so all the workers will move to this sector
Even though the country transitioned to free trade from autarky, it will not have an effect on the labor market
Question 15 1 pts
What will happen to the real earnings of capital and land owners from Question 12?
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 16 1 pts
For questions 16-17 consider the Heckscher-Ohlin model with two sectors: capital- intensive computer production and labor-intensive production of wine. A country is involved in international trade, what effect would an increase in the world price of wine have on the output of both industries?
Output of wine will decrease, output of cars will increase Output of both industries will increase
Output of wine will increase, output of cars will decrease Output of both industries will decrease
Question 17 1 pts
What effect will the price shock from Question 16 have on real wages and rent?
Real wages will increase, real rent will decrease Both real wages and real rent will decrease Both real wages and real rent will increase
Real wages will decrease, real rent will increase
Real rent in both sectors will decrease
Real rent in both sectors will increase
Real rent on capital will decrease, real rent on land will increase Real rent on capital will increase, real rent on land will decrease
Question 18 1 pts
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 19 1 pts
What short-run effect will migration from Question 18 have on wages in Miami?
According to the factor price insensitivity theorem, wages will not be affected Wages will increase
Wages will decrease
Nominal wages will increase, the effect on real wages is ambiguous Nominal wages will increase, the effect on real wages is ambiguous Nominal wages will decrease, real wages will increase
Nominal wages will increase, real wages will decrease
For Questions 18-20 consider a large scale inflow of Cuban migrants to Miami 1980. What effect in the short run it would this have on the economy of Florida (Miami) in the short run (assume there are two sectors – manufacturing and agricultural)?
Output of both industries will increase
Output of both industries will decrease
Agricultural output will increase, manufacturing output will decrease Agricultural output will decrease, manufacturing output will increase
Question 20 1 pts
What short-run effect will the migration from Question 18 have on rental rates in Miami?
Rent will increase in the agricultural sector and decrease in the manufacturing sector
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 21 1 pts
In questions 21-23 consider a country, which produces agricultural and manufactured products. Besides labor, which is mobile between the two sectors, each sector uses specific factor – land for agriculture and capital for manufactured goods. What effect would an outflow of capital from the manufacturing sector have on the output in both sectors
Manufacturing output will decrease, agricultural output will not change Manufacturing output will decrease and agricultural output will increase Output of both industries will increase
Output of both industries will decrease
Manufacturing output will increase, agricultural output will not change Manufacturing output will increase and agricultural output will decrease
Rent will increase in both manufacturing and agricultural sectors
Rent will decrease in both manufacturing and agricultural sectors
Rent will decrease in the agricultural sector and increase in the manufacturing sector
According to the factor price insensitivity theorem, rental rates in both sectors will not be affected
Question 22 1 pts
What effect will the shock from Question 21 have on specific factor (capital and land) to labor ratios (K/L) in both industries?
K/L will decrease in both sectors
K/L will decrease in the manufacturing sector and will not change in the agricultural sector K/L will decrease in the manufacturing sector and increase in the agricultural sector
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 23 1 pts
What effect will the shock in Question 21 and changed K/L ratios from Question 22 have on rental rates in both sectors?
Rent will increase in both sectors
Rent will decrease in the agricultural sector and increase in the manufacturing sector
Rent will increase in the manufacturing sector and will not change in the agricultural sector
Rent will decrease in the manufacturing sector and will not change in the agricultural sector
Rent will increase in the agricultural sector and decrease in the manufacturing sector Rent will decrease in both sectors
Question 24 1 pts
In the Heckscher-Ohlin model, the capital-intensive industry
never uses more labor than the labor-intensive industry
uses less workers per unit of capital compared to labor-intensive industry for any given ratio of wages to the rental rate
uses more workers per unit of capital compared to labor-intensive industry for any given ratio of wages to the rental rate
always uses more labor than the labor-intensive industry
K/L will increase in the manufacturing sector and decrease in the agricultural sector
K/L will increase in the manufacturing sector and will not change in the agricultural sector K/L will increase in both sectors
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 25 1 pts
Japan produces whiskey and laptops; production of whiskey requires land and labor, production of laptops requires machinery and labor, and workers are mobile between these two sectors. Assume that the prices of both whiskey and laptops decreased by 10%. What effect will it have on the economy of Japan?
Output of both industries will decrease
Output of whiskey will increase, output of laptops will decrease Output of both industries will not change
Output of both industries will increase
Output of whiskey will decrease, output of laptops will increase
Question 26 1 pts
How will the changes illustrated on the box diagram below affect output of engines and beer?
Output of engines will increase, output of beer will decrease Output of both industries will increase
Output of both industries will decrease
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 27 1 pts
Finland and Germany are engaged in trade in wood and cars. According to the diagram of demand for imports and supply of exports of wood in a Ricardian model which of the two countries enjoy gains from trade?
Finland gains from trade, Germany neither gains nor loses Both countries lose from trade
Both countries gain from trade
Both countries neither lose nor gain from trade
Finland loses from trade, Germany gains from trade Finland gains from trade, Germany loses
Output of engines will decrease, output of beer will increase
Question 28 1 pts
England and Portugal are engaged in trade in clothes and wine. According to the diagram below the world relative price of clothes is not lower than
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24/09/2021 Quiz: ECOS3006 In-Semester Test
and not higher than . If your number is a fraction, write it in the format x/y (for example, 2/5, 7/3 etc.)
Question 29 1 pts
The table below shows the marginal product of labor in two different products (A and B) in two different countries (1 and 2). Use this table for questions 29-32 to answer the questions about the Ricardian model.
MPL Product A Product B
Country 1 1 2
Country 2 3 4
According to the table,
Both countries have a comparative advantage in product B Country 1 has a comparative advantage in product A Country 2 has a comparative advantage in product A
Both countries have a comparative advantage in product A
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24/09/2021 Quiz: ECOS3006 In-Semester Test
Question 30 1 pts
Use the table from Question 29 and find autarky relative prices of product A in both countries. ,
Question 31 1 pts
The lowest world relative price of good A that is possible in a trade equilibrium is
Question 32 1 pts
The real wage of workers from country 1 is units of product B and between and units of product A.
Question 33 1 pts
The car industry is capital-intensive and the wine industry is labor-intensive. Changes in the PPF on the diagram below could have happened in a Heckscher- Ohlin model because of
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= 2𝐵𝑃 = 1𝐵𝑃 2𝐴𝑃 1𝐴𝑃

24/09/2021 Quiz: ECOS3006 In-Semester Test
inflow of FDI
decrease in the capital stock immigration to the country migration from the country
Question 34 1 pts
Consider the case of an inflow of French FDI to Algeria. On the diagram below, identify the gains for Algerian and French economies.
B represents gains for French economy, C represents gains for Algerian economy
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24/09/2021 Quiz: ECOS3006 In-Semester Test
This is a bonus question, great job! There is no need to answer it, everyone gets full credit for this question.
C represents gains for French economy, B represents gains for Algerian economy
B represents gains for French economy, A represents gains for the Algerian economy C represents gains for French economy, A represents gains for Algerian economy
A represents gains for French economy, B represents gains for Algerian economy
A represents gains for French economy, C represents gains for Algerian economy
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