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Ap microeconomics exchange rates

Quiz by Cecelia Murray

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11 questions
Show answers
  • Q1
    What is the impact of a stronger domestic currency on imports?
    There is no impact on imports.
    Imports become unavailable.
    Imports become more expensive.
    Imports become cheaper.
    30s
  • Q2
    What is the relationship between exchange rates and international trade?
    International trade has no impact on exchange rates.
    Exchange rates have no impact on international trade.
    Exchange rates can only affect domestic trade.
    Exchange rates can affect the competitiveness and volume of international trade.
    30s
  • Q3
    What is a fixed exchange rate?
    A monetary system where the value of a currency is fixed to another currency, gold, or a basket of currencies.
    The process of converting one currency to another.
    A system where the value of currency is determined by supply and demand.
    An exchange rate that constantly fluctuates.
    A tax levied on currency exchanges.
    30s
  • Q4
    What is the impact of a depreciation of domestic currency on exports?
    Exports become unavailable.
    Exports become more expensive.
    Exports become cheaper.
    There is no impact on exports.
    30s
  • Q5
    What is an exchange rate?
    The value of one currency in relation to another.
    The amount of money a person has.
    The price of gold in the market.
    A tax on imports and exports.
    30s
  • Q6
    What is comparative advantage?
    The ability of a country to produce a good with absolute advantage over another country.
    The ability of a country to produce a good at a lower opportunity cost than another country.
    The ability of a country to produce a good solely for domestic consumption.
    The ability of a country to produce a good at a higher opportunity cost than another country.
    30s
  • Q7
    What is the law of comparative advantage?
    Trade between two countries will be mutually beneficial if each country specializes in producing the good for which it has a lower opportunity cost.
    Trade between two countries will be mutually beneficial if each country specializes in producing the good with absolute advantage.
    Trade between two countries will be mutually beneficial if each country specializes in producing the good for which it has a higher opportunity cost.
    Trade between two countries will only be beneficial if they have exactly the same opportunity costs for producing goods.
    30s
  • Q8
    What is the concept of absolute advantage?
    The ability of a country to consume more of a good than another country.
    The ability of a country to produce a good with comparative advantage over another country.
    The ability of a country to produce more of a good using the same amount of resources as another country.
    The ability of a country to produce a good at a lower opportunity cost than another country.
    30s
  • Q9
    What is opportunity cost?
    The value of the next best alternative that must be given up in order to obtain something else.
    The total cost of producing a good or service.
    The monetary cost of a good or service.
    The cost of producing a good without considering alternatives.
    30s
  • Q10
    Which of the following best represents the concept of comparative advantage?
    Country A can produce 10 shirts and 5 pairs of shoes, while Country B can produce 12 shirts and 6 pairs of shoes.
    Country A can produce 5 shirts and 10 pairs of shoes, while Country B can produce 4 shirts and 8 pairs of shoes.
    Country A can produce 10 shirts or 5 pairs of shoes, while Country B can produce 8 shirts or 4 pairs of shoes.
    Country A can produce 10 shirts and 5 pairs of shoes, while Country B can produce 8 shirts and 4 pairs of shoes.
    30s
  • Q11
    Which of the following is an example of comparative advantage?
    Country A can produce 100 cars or 50 computers, while Country B can produce 80 cars or 40 computers.
    Country A can produce 100 cars and 50 computers, while Country B can produce 120 cars and 60 computers.
    Country A can produce 50 cars and 100 computers, while Country B can produce 40 cars and 80 computers.
    Country A can produce 100 cars and 50 computers, while Country B can produce 80 cars and 40 computers.
    30s

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