Question 1

The output of the world economy is approximately $32 trillion.

Accepted Answer

A) True 
 B)False

Question 2

Why is the discipline of economics similar to medicine?

Accepted Answer

The discipline of economics is similar t

Question 3

International economics is a blend of:

Accepted Answer

A)  microeconomics and sociology. 
B)  macroeconomics and medicine. 
C)  regional economics and macroeconomics. 
D)  microeconomics and macroeconomics. 
E)  trade and GDP. 
A)  microeconomics and sociology. 
B)  macroeconomics and medicine. 
C)  regional economics and macroeconomics. 
D)  microeconomics and macroeconomics. 
E)  trade and GDP.

Question 4

The data on international trade in services is just as accurate as the data for international trade in merchandise.

Accepted Answer

A) True 
 B)False

Question 5

The high-income economies account for approximately 90 percent of total world output.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is the world's largest economy?

Accepted Answer

A)  Japan 
B)  Germany 
C)  U.S. 
D)  China 
E)  the UK 
A)  Japan 
B)  Germany 
C)  U.S. 
D)  China 
E)  the UK

Question 7

Merchandise trade includes international trade in goods and services.

Accepted Answer

A) True 
 B)False

Question 8

There is a strong relationship between the distribution of world production and the distribution of world income.

Accepted Answer

A) True 
 B)False

Question 9

Approximately 63% of the world's economic output is produced by:

Accepted Answer

A)  low-income countries. 
B)  middle-income countries. 
C)  high-income countries. 
D)  low- and middle-income countries. 
E)  Latin America. 
A)  low-income countries. 
B)  middle-income countries. 
C)  high-income countries. 
D)  low- and middle-income countries. 
E)  Latin America.

Question 10

Economists know much more about international trade in services than they know about international trade in merchandise.

Accepted Answer

A) True 
 B)False

Question 11

The U.S. is the world's largest trading nation.

Accepted Answer

A) True 
 B)False

Question 12

As GDP per capita increases, the percentage of total economic activity allocated to services tends to decrease.

Accepted Answer

A) True 
 B)False

Question 13

From 2000 - 2012 which group of countries grew the fastest?

Accepted Answer

A)  Low-income countries 
B)  Middle-income countries 
C)  High-income countries 
D)  Low, middle and high-income countries grew at the same rate 
E)  Some of the high-income countries 
A)  Low-income countries 
B)  Middle-income countries 
C)  High-income countries 
D)  Low, middle and high-income countries grew at the same rate 
E)  Some of the high-income countries

Question 14

Imports are:

Accepted Answer

A)  the part of domestic consumption from foreign producers. 
B)  the part of domestic production sold to foreigners. 
C)  the part of domestic investment that is purchased by foreigners. 
D)  the part of manufactured goods purchased by foreigners. 
E)  none of the above 
A)  the part of domestic consumption from foreign producers. 
B)  the part of domestic production sold to foreigners. 
C)  the part of domestic investment that is purchased by foreigners. 
D)  the part of manufactured goods purchased by foreigners. 
E)  none of the above

Question 15

Most economic activity in the world is domestic economic activity.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is a multilateral institution that makes loans to developing countries?

Accepted Answer

A)  The OECD 
B)  The World Bank 
C)  The WTO 
D)  The INA 
E)  The GATT 
A)  The OECD 
B)  The World Bank 
C)  The WTO 
D)  The INA 
E)  The GATT

Question 17

GDP for a country excludes which of the following?

Accepted Answer

A)  Consumption by the public 
B)  Imports and exports 
C)  Illegal economic activities 
D)  Investment spending by businesses 
E)  none of the above 
A)  Consumption by the public 
B)  Imports and exports 
C)  Illegal economic activities 
D)  Investment spending by businesses 
E)  none of the above

Question 18

GDP is:

Accepted Answer

A)  the sum of the amounts of goods and services in the economy. 
B)  a measure of the amount of capital in an economy. 
C)  a measure of per capita economic growth of the economy. 
D)  a monetary measure of final output produced during a given period of time. 
A)  the sum of the amounts of goods and services in the economy. 
B)  a measure of the amount of capital in an economy. 
C)  a measure of per capita economic growth of the economy. 
D)  a monetary measure of final output produced during a given period of time.

Question 19

International trade in services is more important than international trade in goods.

Accepted Answer

A) True 
 B)False

Question 20

Describe the differences between foreign direct investment (FDI) and movements of portfolio capital.

Accepted Answer

Foreign direct investment (FDI) and move

The output of the world economy is approximately $32 trillion.

Why is the discipline of economics similar to medicine?

International economics is a blend of:

The data on international trade in services is just as accurate as the data for international trade in merchandise.

The high-income economies account for approximately 90 percent of total world output.

Which of the following is the world's largest economy?

Merchandise trade includes international trade in goods and services.

There is a strong relationship between the distribution of world production and the distribution of world income.

Approximately 63% of the world's economic output is produced by:

Economists know much more about international trade in services than they know about international trade in merchandise.

The U.S. is the world's largest trading nation.

As GDP per capita increases, the percentage of total economic activity allocated to services tends to decrease.

From 2000 - 2012 which group of countries grew the fastest?

Imports are:

Most economic activity in the world is domestic economic activity.

Which of the following is a multilateral institution that makes loans to developing countries?

GDP for a country excludes which of the following?

GDP is:

International trade in services is more important than international trade in goods.

Describe the differences between foreign direct investment (FDI) and movements of portfolio capital.

Why Countries Trade

Comparative Advantage and the Production Possibilities Frontier

Factor Endowments and the Commodity Composition of Trade

Intra-Industry Trade

The Firm in the World Economy

International Factor Movements

Tariffs

Nontariff Distortions to Trade

International Trade Policy

Regional Economic Arrangements

International Trade and Economic Growth

National Income Accounting and the Balance of Payments

Exchange Rates and Their Determination: A Basic Model

Money, Interest Rates, and the Exchange Rate

Open Economy Macroeconomics

Macroeconomic Policy and Floating Exchange Rates

Fixed Exchange Rates and Currency Unions

International Monetary Arrangements

Capital Flows and the Developing Countries

Filters

Exam 1: Introduction: An Overview of the World Economy

The output of the world economy is approximately $32 trillion.

Why is the discipline of economics similar to medicine?

International economics is a blend of:

The data on international trade in services is just as accurate as the data for international trade in merchandise.

The high-income economies account for approximately 90 percent of total world output.

Which of the following is the world's largest economy?

Merchandise trade includes international trade in goods and services.

There is a strong relationship between the distribution of world production and the distribution of world income.

Approximately 63% of the world's economic output is produced by:

Economists know much more about international trade in services than they know about international trade in merchandise.

The U.S. is the world's largest trading nation.

As GDP per capita increases, the percentage of total economic activity allocated to services tends to decrease.

From 2000 - 2012 which group of countries grew the fastest?

Imports are:

Most economic activity in the world is domestic economic activity.

Which of the following is a multilateral institution that makes loans to developing countries?

GDP for a country excludes which of the following?

GDP is:

International trade in services is more important than international trade in goods.

Describe the differences between foreign direct investment (FDI) and movements of portfolio capital.

Why Countries Trade

Comparative Advantage and the Production Possibilities Frontier

Factor Endowments and the Commodity Composition of Trade

Intra-Industry Trade

The Firm in the World Economy

International Factor Movements

Tariffs

Nontariff Distortions to Trade

International Trade Policy

Regional Economic Arrangements

International Trade and Economic Growth

National Income Accounting and the Balance of Payments

Exchange Rates and Their Determination: A Basic Model

Money, Interest Rates, and the Exchange Rate

Open Economy Macroeconomics

Macroeconomic Policy and Floating Exchange Rates

Fixed Exchange Rates and Currency Unions

International Monetary Arrangements

Capital Flows and the Developing Countries

Filters