951. The European Union has achieved all of the following except ?
A. adopted a common fiscal policy for member nations
B. established a common system of agricultural price supports
C. disbanded all tariffs between its member countries
D. levied common tariffs on products imported from nonmembers

952. The European Union is an example of a/an ?
A. customs union
B. economic union
C. common market
D. free trade area

953. The implementation of the European Union has ?
A. made it harder for Americans of compete against the Germans in the British market
B. made it easier for Americans to compete against the Germans in the British market
C. made it harder for Americans to compete against the Japanese in the British market
D. made it easier for Americans to compete against the Japanese in the British

954. As of 2002, the ________ became the official currency union of the European Monetary System ?
A. dollar
B. mark
C. franc
D. euro

955. The implementation of a common market involves all of the following except ?
A. elimination of trade restrictions among member countries
B. a common tax system and monetary union
C. prohibition to restriction on factor movements
D. a common tariff levied in imports from nonmembers

956. In his empirical tests, Wassily Leontief used an input-output table to ?
A. calculate the capital and labor required to produce $1 million of U.S exports and imports
B. calculate the labor productivity of America workers relative to foreign workers
C. calculate the capital productivity of American capital relative to foreign capital
D. All of the above

957. Leontief’s result were considered paradoxical because the United Stated was believed to be ?
A. technologically efficient relative to the rest of the world
B. capital abundant relative to the rest of the world
C. labor abundant relative to the rest of the world
D. All of the above

958. Wassily Leontief’s results can be interpreted as ?
A. evidence against the Ricardi an model
B. evidence against the Heckscher-Ohl in model
C. support for the Ricardian model
D. support for the Heckcher Ohlin model

959. The factor endowment theory was pioneered by ?
A. Adam smith
B. David Ricardo
C. Wassily Leontief
D. Eli Heckscher and Bertil Ohlin

960. A product will be traded only if the pre-trade price difference between the two countries ?
A. is less than the cost of transporting it between them
B. is greater than the cost of transporting it between them equals the cost of transporting it between them
C. equals the cost of transporting it between them
D. more information in needed to answer this

 

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