09/04/2021 Quiz: Midterm
This is a preview of the published version of the quiz. Started: Apr 9 at 15:13
Quiz Instructions
Midway upon the journey of our life, I found myself within a forest dark, for the straightforward pathway had been lost.
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The midterm will take 70 minutes, so, please, be sure to submit it before the time is over.
Some questions have multiple correct answers (it is pretty obvious which ones), be sure you choose all correct answers and do not choose any incorrect answers, you will not get any credit for that question otherwise.
For open questions type in a number if you see something like x=[blank space], (just type 1/2 or 0.5 if it’s the answer). If you’re asked about an interval and see something like x[blank space], then type in “<2", ">-3″ etc.
Question 1 1 pts
Last year the value of Australian export of insurance and financial services was $3.6 billion and the value of imports was $2.74 billion. Compute the index of intra- industry trade for this industry
86.4% 21.6% 43.2% 76.1%
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09/04/2021 Quiz: Midterm
Question 2 1 pts
The diagram below describes the situation on a cereal market, characterized by monopolistic competition. D refers to industry-wide demand, d to the demand of a representative firm, mr to its marginal revenue. Do you think this market is in equilibrium? If not, what do you expect will happen on this market after a while?
The market is not in equilibrium. More firms will enter the market and prices will increase The market is not in equilibrium. Some firms will exit the market and prices will increase The market is not in equilibrium. More firms will enter the market and prices will decrease The market is not in equilibrium. Some firms will exit the market and prices will decrease The market is in equilibrium
Question 3 1 pts
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09/04/2021 Quiz: Midterm
The distance between Japan and Germany is 9043 kilometers and between Germany and China, it is 7219 kilometers. DP is approximately equal to $4 trillion, Japanese $5 trillion, and Chinese 14 trillion. Use the gravity equation and compute by how much the expected volume of trade between Germany and China will exceed the volume of trade between Germany and Japan. Assume that the distance elasticity is equal to 1.25.
2.64 0.42 1.66 3.71
Question 4 1 pts
Consider the scenario when the costs of migration between Mexico and the US decreased. On the diagram below find gains for Mexican immigrants and for the American economy.
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09/04/2021 Quiz: Midterm
Question 5 1 pts
For questions 5-7 consider an inflow of labor force to a country producing wine, which is labor-intensive and computers, which is capital-intensive. In the long run it will
decrease output of wine and increase output of computers decrease output of both industries
increase output of both industries
increase output of wine and decrease output of computers
A represents gains for Mexican immigrants, C represents gains for the American economy
B represents gains for Mexican immigrants, A represents gains for the American economy
B represents gains for Mexican immigrants, C represents gains for the American economy
C represents gains for Mexican immigrants, B represents gains for the American economy
A represents gains for Mexican immigrants, B represents gains for the American economy
C represents gains for Mexican immigrant, A represents gains for the American economy
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 decrease in both sectors
K/L will increase in the wine sector and will not change in the computers sector
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09/04/2021 Quiz: Midterm
Question 7 1 pts
What long-run effect will the shock from Question 5 have on wage and rent?
Wage and rent will not change
Both wage and rent will decrease
Wage will not change, rent will decrease Wage will decrease, rent will not change Wage will decrease, rent will increase Wage will increase, rent will decrease Wage will increase, rent will not change Wage will not change, rent will increase Both wage and rent will increase
K/L will increase in the computer sector and will not change in the wine sector K/L will not change in both industries
K/L will increase in both sectors
K/L will decrease in the computer sector and will not change in the wine sector K/L will decrease in the wine sector and will increase in the computers sector K/L will decrease in the wine sector and will not change in the computers sector K/L will increase in the wine sector and will decrease in the computers sector
Question 8 1 pts
According to the diagram of relative demand/supply for shoes,
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09/04/2021 Quiz: Midterm
both countries export and import computers and shoes at the same time country A exports shoes
country B exports shoes
Question 9 1 pts
Computer industry is capital intensive and shoes industry is labor intensive. PPF’s below suggest that
country A is labor abundant, country B is capital abundant
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09/04/2021 Quiz: Midterm
Question 10 1 pts
For questions 10 and 11 use the specific factors model with manufacturing and agricultural sectors. COVID-19 had a strong negative impact on productivity in the manufacturing sector, what effect will it have on nominal and real wages?
Nominal wage will decrease, the effect of the coronavirus on real wage is ambiguous Nominal and real wage will decrease
Nominal wage will decrease, real wage will decrease
Nominal and real wage will increase
Question 11 1 pts
What effect will the coronavirus from Question 10 have on rent on capital and land?
Rent on capital will decrease, rent on land will increase Rent on capital will increase, rent on land will decrease Rent on capital will decrease, rent on land will decrease Rent on capital will increase, rent on land will increase
both countries have the same amount of capital and labor
country B is larger than country A, but they have the same K/L ratio country A is capital abundant, country B is labor abundant
Question 12 1 pts
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09/04/2021 Quiz: Midterm
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 manufacturing goods and the relative price of manufacturing goods will decrease
This country will export agricultural goods and the relative price of agricultural 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 increase
Question 13 1 pts
According to the diagram from Question 12
Even though the country transitioned to free trade from autarky, it will not have an effect
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09/04/2021 Quiz: Midterm
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 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
Real wages will decrease
on the labor market
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 manufacturing goods, so all the workers will move to this sector
The country will completely specialize in the production of agricultural goods, so all the workers will move to this sector
Question 15 1 pts
What will happen with the real earnings of capital and land owners from Question 12?
Real rent on capital will decrease, real rent on land will increase Real rent in both sectors will decrease
Real rent on capital will increase, real rent on land will decrease Real rent in both sectors will increase
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09/04/2021 Quiz: Midterm
Question 16 1 pts
For questions 16-17 consider the Heckscher-Ohlin model with two sectors: capital-intensive heavy machinery production and labor-intensive sector of shoe production. A country is involved in international trade, what effect would an increase in the world price of shoes have on the output of both industries?
Output of shoe sector will increase, output of the heavy machinery sector will decrease Output of shoe sector will decrease, output of the heavy machinery sector will increase Output of both industries will increase
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 decrease, real rent will increase Both real wages and real rent will decrease Both real wages and real rent will increase
Real wages will increase, real rent will decrease
Question 18 1 pts
For Questions 18-20 consider a large scale outflow of Cuban migrants to Miami 1980. What effect in the short run it would have on the Cuban economy in the short run (assume there are two sectors – manufacturing and agricultural)?
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09/04/2021 Quiz: Midterm
Question 19 1 pts
What short-run effect will migration from Question 18 have on wages on Cuba?
Nominal wages will increase, real wages will decrease
Nominal wages will decrease, real wages will increase
Nominal wages will increase, the effect on real wages is ambiguous
Wages will decrease
According to the factor price insensitivity theorem, wages will not be affected Nominal wages will increase, the effect on real wages is ambiguous
Wages will increase
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 migration from Question 18 have on Cuban rental rates?
Rent will increase in both manufacturing and agricultural sectors
Rent will increase in the agricultural sector and decrease in the manufacturing sector Rent will decrease in the agricultural sector and increase in the manufacturing sector Rent will decrease in both manufacturing and agricultural sectors
According to the factor price insensitivity theorem, rental rates in both sectors will not be affected
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09/04/2021 Quiz: Midterm
Question 21 1 pts
In questions 21-23 consider Netherlands, which produces agricultural and manufacturing products; besides labor, mobile between two sectors, each sector uses specific factor – land for agriculture and capital for manufacturing goods. Imagine that a destruction of a dam led to a flood, which decreased the amount of land available for agricultural production. What effect would it have in the short run on the output of both sectors?
Manufacturing output will decrease, agricultural output will not change Manufacturing output will increase and agricultural output will decrease Manufacturing output will decrease and agricultural output will increase Output of both industries will increase
Manufacturing output will increase, agricultural output will not change Output of both industries will decrease
Question 22 1 pts
What effect will an outflow of capital from Question 21 have on capital (land) to labor ratio (K/L) in both industries?
K/L will increase in both sectors
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 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 K/L will decrease in both sectors
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09/04/2021 Quiz: Midterm
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 the manufacturing sector and will not change in the agricultural sector
Rent will decrease in the agricultural sector and increase in the manufacturing sector Rent will decrease in both sectors
Rent will decrease in the manufacturing sector and will not change in the agricultural sector
Rent will increase in both sectors
Rent will increase in the agricultural sector and decrease in the manufacturing sector
Question 24 1 pts
In the Heckscher-Ohlin model, the labor-intensive industry
uses less workers per unit of capital compared to capital-intensive industry for any given ratio of wages to the rental rate
never uses more labor than the capital-intensive industry
uses more workers per unit of capital compared to capital-intensive industry for any given ratio of wages to the rental rate
always uses more labor than the capital-intensive industry
Question 25 1 pts
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09/04/2021 Quiz: Midterm
Wakanda produces turnip and vibranium; production of turnip requires land and labor, production of vibranium requires mining machinery and labor, and workers are mobile between these two sectors. After the events of the infinity war, prices of both turnip and vibranium increased by 30%. What effect will it have on the economy of Wakanda?
Output of both industries will increase
Output of turnip will decrease, output of vibranium will increase Output of turnip will increase, output of vibranium will decrease Output of both industries will decrease
Output of both industries will not change
Question 26 1 pts
How will changes illustrated on the box diagram below affect output of airspace and apparel industries?
Output of airspace industry will decrease, output of apparel will increase Output of both industries will increase
Output of airspace industry will increase, output of apparel will decrease Output of both industries will decrease
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09/04/2021 Quiz: Midterm
Question 27 1 pts
Switzerland and the USA are engaged in trade in chocolate and cars. According to the diagram of demand for imports and supply of exports of chocolate in a Ricardian model, what countries are enjoying gains from trade?
Both countries lose from trade
Both countries gain from trade
Switzerland gains from trade, the US loses
Switzerland loses from trade, the US experiences gains from trade Switzerland gains from trade, the US neither gains nor loses
Both countries neither lose nor gain from trade
Question 28 1 pts
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09/04/2021 Quiz: Midterm
England and Portugal are engaged in trade in clothes and wine. According to the diagram below the world relative price of wine is not lower than
and not higher than
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.
Which country has a comparative advantage?
Product A Product B
Country 1 6 2
Country 2 3 4
According to the table,
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09/04/2021 Quiz: Midterm
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 A is 6 units of good 1 and between
and units of good 2.
Both countries have a comparative advantage in product B Both countries have a comparative advantage in product A Country 1 has a comparative advantage in product A Country 2 has a comparative advantage in product A
Question 33 1 pts
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= 2BP = 1BP 2AP 1AP
09/04/2021 Quiz: Midterm
Computer industry is capital-intensive and shoe industry is labor-intensive. Changes in the PPF on the diagram below could have happened in Heckscher and Ohlin model because of
decrease in the capital stock inflow of FDI
immigration to the country migration from the country
Question 34 1 pts
Consider the case of an inflow of Chinese FDI to Africa. On the diagram below find gains for Chinese and African economies.
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09/04/2021 Quiz: Midterm
A represents gains for the Chinese economy, C represents gains for the African economy B represents gains for the Chinese economy, C represents gains for the African economy C represents gains for the Chinese economy, B represents gains for the African economy B represents gains for the Chinese economy, A represents gains for the African economy A represents gains for the Chinese economy, B represents gains for the African economy C represents gains for the Chinese economy, A represents gains for the African economy
Question 35 1 pts
This is a bonus question, all answers are correct!
I want MORE! I’m glad it’s over I expected worse Rybczynski
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09/04/2021 Quiz: Midterm
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