International Economics Questions

Why does customs exist Protect indigenous plant life Protect indeigenous animal life.Prevent major economic fluctuations All the above

Pharmaceuticals are legal monoplies because we want to reward those that create drugs that prevent/eradicate disease

The substitution effect is the idea that as price increases or income decreases consumers will replace more expensive products with less costly ones:

When the price of this good increases we will see an increase in the demand

Which of the following provides an example of complementary goods? Pepsi and Coca-ColaFrench fries and Ketchup Milk and Orange Juice Beef and Pork

Why was the EU started? To battle the USSR To fight the NazisPrevent European countries from going to warIncrease resources of UK

Most people that voted to leave the European Union were from cosmopolitan cities with ties to international markets

Why do a lot of immigrants look to migrate to the UK. Public health service Quality of life Economic strengthAll the above

What are the two theories that drive international trade?

Price of product A goes up demand for product B goes up

We trade for several reasons, which of the following is true?To obtain goods and services we can’t produce ourselves To buy things at a lower cost To raise our standard of living All the above

International trade is the buying and selling of goods and services within a nation’s borders?

Demand for product A goes up when demand for product B goes up

19 countries using a single currency EFTA Euro zone EEA EU

Who was the Prime Minister for the Brexit referendum

What is Shortage? Quantity demanded is greater than quantity suppliedQuantity demanded is less than quantity supplied Quantity supplied is equal to demandQuantity demanded is equal to supply

Which of the following countries is not part of Great Britain

Globalization can be descried as: The shrinking of our planetThe creation of a global villageThe ease of travel and communication across national bordersAll the above

A Veblen good is another name for what type of good?

Perfect competition is just a theoretical concept