Write your name above, and complete your name, student number, and version number (A) on the machine-graded form. Answer each question below, by marking the circle (on your machine-graded form) for the single, best answer. Your score (out of 43) will be multiplied by 0.349 to yield your points (out of 15) toward the quarter's total (of 100). You have 50 minutes.
 

1. The amount of a given natural resource that is used or removed during a specific time period:

1. maximum sustainable yield
2. production
3. projected reserves
4. proven reserves
5. resources

1. maximum sustainable yield
2. production
3. projected reserves
4. proven reserves
5. resources

1. resources that national (or sub-national) governments purchase from foreign producers
2. resources that result from investment, training, or other human actions
3. the primary sectors of the economy
4. production inputs that corporations import from foreign locations
5. resources that national (or sub-national) governments purchase from domestic producers

1. location decisions by large companies
2. those products that a country can produce with the lowest opportunity costs
3. those sectors in which companies based in a given country have profitable worldwide markets
4. the degree of vertical integration in a national economy
5. those products for which a country has lower production costs than its potential trading partners

1. Countries’ scarce factors of production will be exported.
2. Each country focuses on production in sectors in which it is more efficient than other countries.
3. Factors in each country will be used at their lowest opportunity costs.
4. Low-wage labor faces greater demand (and higher wages) in every country, than without trade.
5. Specialized products sell for higher prices (and, usually, profits) than generic, "one-size-fits-all" products.

1. polarization
2. intensive economic growth
3. extensive economic growth
4. economic development
5. development

1. A country has a comparative advantage in the production of any desired good, by adopting a technology that emphasizes its abundant resources.
2. A country has a comparative advantage in the production of goods that use relatively large amounts of its abundant factors of production.
3. A country has a comparative advantage in the production of goods that use relatively large amounts of its scarce factors of production.
4. A country has a comparative advantage in the production of goods that it produces more efficiently than potential trading partners.
5. A country has a comparative advantage in the production of goods that require high proportions of acquired resources.

8. What’s the opportunity cost of a ton of steel in Piore?

1. 3/9 = 1/3 ton of steel
2. 3 resource units
3. 5 resource units
4. 3/5 ton of clothing
5. 5/3 ton of clothing

1. 9/10 ton of clothing
2. 9/3 = 3 tons of steel
3. 10 resource units
4. 10/9 ton of clothing
5. 10/5 = 2 tons of clothing

1. increased demand for and prices of the country’s abundant factors, and reduced demand for and prices of the country’s scarce factors
2. increased income to the country’s landowners
3. increased income to the country’s highly skilled labor
4. increased demand for and prices of the country’s scarce factors, and reduced demand for and prices of the country’s abundant factors
5. increased income to the country’s large corporations

1. By restricting imports in a particular economic sector, a country can develop the infrastructure and economies of scale and agglomeration that will yield a domestic comparative advantage in that sector.
2. By restricting imports in most sectors, a country can increase its real income (over the long term) by developing its own industries.
3. Allocating resources to those economic sectors in which the country has a comparative advantage should allow the country to export more.
4. By restricting imports in a particular economic sector, a country can produce high-profit products domestically.

1. The NIDL includes flows of manufactured goods from poorer to wealthy countries.
2. The NIDL includes flows of unprocessed raw materials from poorer to wealthy countries.
3. The NIDL includes large-scale, international, human migrations.
4. The NIDL requires vertical disintegration among major companies.

1. wealthy countries’ importing of manufactured goods from low-wage settings.
2. the sequential focus of a national economy on agriculture, manufacturing, and services.
3. mass production, breaking the work process into simple steps that unskilled workers can perform for minimum or subsistence wages.
4. mass production of standardized products for large, stable markets that include the moderate-income mass-production workers.
5. placing high tariffs on imported raw materials, to conserve domestic supplies.

1. lower prices for energy, lower taxes on energy, higher consumption of energy per capita, but roughly equal consumption of energy per unit of GDP
2. lower prices for energy, roughly equivalent taxes on energy, higher consumption of energy per capita, higher consumption of energy per unit of GDP
3. lower prices for energy despite higher taxes on energy, higher consumption of energy per capita, higher consumption of energy per unit of GDP
4. lower prices for energy, lower taxes on energy, higher consumption of energy per capita, higher consumption of energy per unit of GDP

1. have access to large foreign markets.
2. have few domestic natural resources.
3. have large domestic markets.

1. Labor-intensive sectors may lose jobs in high-wage countries.
2. Some low-wage countries have a huge supply of potential workers, coming into the wage labor force for the first time. It may take decades for their supply to be exhausted, and for wages to begin to rise.
3. Some countries have no absolute advantage.
4. Labor is exploited in low-wage countries.

1. Exporting more than a country imports.
2. Reliance on raw-material exports, which make it difficult to increase export earnings by lowering or by increasing price.
3. Exporting scarce natural resources.
4. International trade among parts of the same company.
5. Development of acquired resources.

1. sectoral change through increased processing of natural resources to develop manufacturing sectors
2. demographic transition
3. declining shares of labor employment in agriculture, then in manufacturing
4. cumulative causation

1. economies of agglomeration
2. economies of scale
3. factor mobility
4. new-product invention in wealthy settings

1. public-health improvements
2. cultural and economic change
3. outmigration
4. the passage of time

1. the passage of time
2. public-health improvements
3. outmigration
4. cultural and economic change

1. A mutually reinforcing system of big business, big government, and big labor.
2. A governmentally imposed limit to the amount of a product allowed to be imported, per year.
3. Regular increases in a country's per capita income, based on more intensive use of factors.
4. A governmental tax levied on a good shipped internationally, typically by the government of the importing country.
5. Financial support by governments to assist domestic producers identify and sell to foreign markets

1. maximum sustainable yield
2. reserve
3. stock resource
4. mineral resource
5. projected reserve

1. maximum sustainable yield
2. production
3. projected reserves
4. proven reserves
5. resources

1. have access to large foreign markets.
2. have small domestic markets.
3. restrict most imports of manufactured goods.

1. Scarcity should result in higher prices, which should reduce consumption and lead to a search for substitutes.
2. Sovereign countries must agree voluntarily to policies to reduce the rate of resource depletion.
3. The distribution of resource locations should be equitable with respect to the locations of concentrations of various ethnic and income groups.
4. Depletion of fixed or renewable stocks of a resource may occur too quickly for new resources to be found or for the damage to be repaired.
5. The physical environment contains an inexhaustible supply of resources, if we could only find them.

1. Exporting more, to earn more income.
2. Exporting less, thereby raising world prices for its exports
3. Import-substitution policies to develop new export sectors, perhaps that use its primary export.
4. Not exporting; becoming autarkic.
5. Trading only according to absolute advantage.

1. Depletion of fixed or renewable stocks of a resource may occur too quickly for new resources to be found or for the damage to be repaired.
2. The physical environment contains an inexhaustible supply of resources, if we could only find them.
3. Scarcity should result in higher prices, which should reduce consumption and lead to a search for substitutes.
4. Sovereign countries must agree voluntarily to policies to reduce the rate of resource depletion.
5. The distribution of resource locations should be equitable with respect to the locations of concentrations of various ethnic and income groups.

1. A governmental tax levied on a good shipped internationally, typically by the government of the importing country.
2. A governmentally imposed limit to the amount of a product allowed to be imported, per year.
3. The increase in demand for a country's abundant factors and decrease in demand for its scarce factors.
4. Financial support by governments to assist domestic producers identify and sell to foreign markets.
5. Regular increases in a country's per capita income, based on more intensive use of factors.

1. Scarcity should result in higher prices, which should reduce consumption and lead to a search for substitutes.
2. Depletion of fixed or renewable stocks of a resource may occur too quickly for new resources to be found or for the damage to be repaired.
3. The physical environment contains an inexhaustible supply of resources, if we could only find them.
4. The distribution of resource locations should be equitable with respect to the locations of concentrations of various ethnic and income groups.
5. Sovereign countries must agree voluntarily to policies to reduce the rate of resource depletion.

1. demographic transition
2. economic development
3. extensive economic growth
4. intensive economic growth
5. polarization

1. capacity building
2. demographic transition
3. development stages
4. export promotion
5. import substitution

1. falling birth rates and fairly low, falling death rates
2. high birth rates and falling death rates
3. high birth rates and high death rates
4. low birth rates and low death rates
5. rising birth rates and high death rates

1. high birth rates and high death rates
2. low birth rates and low death rates
3. rising birth rates and high death rates
4. falling birth rates and fairly low, falling death rates
5. high birth rates and falling death rates

1. low birth rates and low death rates
2. rising birth rates and high death rates
3. falling birth rates and fairly low, falling death rates
4. high birth rates and falling death rates
5. high birth rates and high death rates

1. high birth rates and high death rates
2. low birth rates and low death rates
3. falling birth rates and fairly low, falling death rates
4. high birth rates and falling death rates
5. rising birth rates and high death rates

1. intensive economic growth
2. polarization
3. development
4. economic development
5. extensive economic growth

1. Nature and rules of competition
2. Availability and quality of factors
3. Presence and quality of supplier and supporting industries
4. Size and nature of demand
5. Access to large foreign markets

1. Access to large foreign markets
2. Availability and quality of factors
3. Nature and rules of competition
4. Presence and quality of supplier and supporting industries
5. Size and nature of demand