ECO 372 / ECO 372 FINAL EXAM NEW (LATEST)

May 25th, 2016
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1. The depreciation of currency will: Improve a country’s comparative advantage. Balance a trade surplus. Worsen a country’s comparative advantage. Have no impact on a country’s comparative advantage. 2. US imports involve an: Inflow of dollars from foreigners to the United States economy Outflow of dollars from the United States to foreigners Outflow of foreign currency from the United States to foreigners Inflow of foreign currency from foreigners to the U.S. economy 3. Suppose farmers can use their land to grown either wheat or corn The law of supply predicts that an increase in the market price of wheat will cause: Farmers to raise the production of corn and wheat. Farmers to lower the production of corn and wheat. Farmers to substitute corn for the production of wheat. Farmers to substitute wheat for the production of corn. 4. In which of the following situations is a budget surplus most likely to occur? When fiscal policy is contractionary and the economy is expanding When the eco

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ECO 372 FINAL EXAM1. The depreciation of currency will:Improve a countrys comparative advantage.Balance a trade surplus.Worsen a countrys comparative advantage.Have no impact on a countrys comparative advantage.2. US imports involve an:Inflow of dollars from foreigners to the United States economyOutflow of dollars from the United States to foreignersOutflow of foreign currency from the United States to foreignersInflow of foreign currency from foreigners to the U.S. economy3. Suppose farmers can use their land to grown either wheat or corn The law of supply predictsthat an increase in the market price of wheat will cause:Farmers to raise the production of corn and wheat.Farmers to lower the production of corn and wheat.Farmers to substitute corn for the production of wheat.Farmers to substitute wheat for the production of corn.4. In which of the following situations is a budget surplus most likely to occur?When fiscal policy is contractionary and the economy is expandingWhen the economy is contractingWhen fiscal policy is expansionaryWhen fiscal policy is expansionary and the economy is contracting5. According to the Classical growth model an economy that increases its saving will grow:Quickly since the increase in saving will permit more rapid technological progress.Quickly since the increase in saving will permit greater investment.Slowly because consumption and aggregate demand will be reduced.Slowly because interest rates will fall, cau

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