ECO 302 Week 11 Quiz - Strayer



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Chapter 17 and 18

TRUE/FALSE

            1.         With an international sector real GNP is consumption plus gross investment plus government purchases plus net real asset income from abroad.

                                   

            2.         The balance of trade is net exports or imports less exports.

                                   

            3.         A higher current account deficit is caused by a declining domestic economy.

                                   

            4.         The real current account balance is real national saving less net domestic investment.

                                   

            5.         Tariffs and quotas lead to a higher real GDP growth rate in the country imposing them.

                                   

            6.         The law of one price says that there must be a unique price for a good in each location where it is sold.

                                   

            7.         If the home country has a real GNP which is greater than real domestic expenditure, then the home country has a current-account deficit.

                                   

            8.         Foreign direct investment occurs when the home country acquires additional ownership of capital located in the rest of the world.

                                   

            9.         If the home country has negative trade balance, then its real GDP is less than real domestic expenditure.

                                   

            10.       The equilibrium business-cycle model predicts that the real current-account balance will be countercyclical.

                                   


MULTIPLE CHOICE

            1.         The law of one price:
a.         prohibits price discrimination. c.         is a tax on imports.
b.         is that markets work to ensure that the same good has the same price in all locations.          d.         prohibits price increases unless firms can show their are unusual circumstances.


                                   

            2.         The difference between real GDP in a closed economy and real GNP  in a open economy is:
a.         net real asset income from abroad.     c.         net international investment position.
b.         net imports.     d.         the trade balance.


                                   

            3.         Real GNP in an open economy is:
a.         the closed economy real output less net real asset income from abroad.        c.         the closed economy real output less gross real asset income from abroad. 
b.         the closed economy real output plus gross real asset income from abroad.    d.         the closed economy real output plus net real asset income from abroad. 


                                   

            4.         Net real asset income from abroad is:
a.         rt-1•Bft-1/P.    c.         (Bft - Bft-1)/P.
b.         Yt  - (Ct +It +Gt ).      d.         ((Bft - Bft-1)/P) - (rt-1•Bft-1/P).


                                   

            5.         Net real foreign investment is:
a.         rt-1•Bft-1/P.    c.         (Bft - Bft-1)/P.
b.         Yt  - (Ct +It +Gt ).      d.         ((Bft - Bft-1)/P) - (rt-1•Bft-1/P).


                                   

            6.         The trade balance is:
a.         rt-1•Bft-1/P.    c.         (Bft - Bft-1)/P.
b.         Yt  - (Ct +It +Gt ).      d.         ((Bft - Bft-1)/P) - (rt-1•Bft-1/P).


                                   

            7.         The balance on the current account:
a.         rt-1•Bft-1/P.    c.         (rt-1•Bft-1/P) + ((Bft - Bft-1)/P).
b.         Yt  + (rt-1•Bft-1/P) - (Ct +It +Gt ).    d.         ((Bft - Bft-1)/P) - (rt-1•Bft-1/P).


                                   

            8.         The balance on the current account is:
a.         real GNP less net foreign investment income.            c.         real GNP less the net international investment position.
b.         real GNP less net foreign investment.            d.         real GNP less real domestic expenditure.


                                   

            9.         The real current-account balance is:
a.         net real asset income from abroad less trade balance             c.         trade balance times the net real asset income from abroad.
b.         trade balance plus the net real asset income from abroad.      d.         trade balance less the net real income from abroad.


                                   

            10.       The real current account balance equals:
a.         net foreign investments.          c.         the trade balance plus net real asset income from abroad.
b.         real GNP less real domestic expenditure.       d.         all of the above.


                                   


            11.       The real current account balance equals:

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