Question 1

The low-income economies account for approximately what percentage of world output?

Accepted Answer

A)  1% 
B)  3% 
C)  10% 
D)  15% 
E)  25% 
A)  1% 
B)  3% 
C)  10% 
D)  15% 
E)  25%

Question 2

The total amount of world exports of services is approximately:

Accepted Answer

A)  $300 million. 
B)  $500 million. 
C)  $3 billion. 
D)  $1.5 trillion. 
E)  $6 trillion. 
A)  $300 million. 
B)  $500 million. 
C)  $3 billion. 
D)  $1.5 trillion. 
E)  $6 trillion.

Question 3

The average GDP per capita in the high-income economies is approximately:

Accepted Answer

A)  $5,642. 
B)  $10,000. 
C)  $15,000. 
D)  $34,316. 
E)  $44,717. 
A)  $5,642. 
B)  $10,000. 
C)  $15,000. 
D)  $34,316. 
E)  $44,717.

Question 4

Total imports of merchandise in the world economy are approximately:

Accepted Answer

A)  $700 billion. 
B)  $1 trillion. 
C)  $2.2 trillion. 
D)  $10 trillion. 
E)  $19 trillion. 
A)  $700 billion. 
B)  $1 trillion. 
C)  $2.2 trillion. 
D)  $10 trillion. 
E)  $19 trillion.

Question 5

International trade in services is a little less than half of the size of international trade in merchandise.

Accepted Answer

A) True 
 B)False

Question 6

International trade in services is becoming less important in the world economy over time.

Accepted Answer

A) True 
 B)False

Question 7

The daily volume of trading in the foreign exchange market is:

Accepted Answer

A)  $75 million. 
B)  $100 million. 
C)  $500 billion. 
D)  $2 trillion. 
E)  $5 trillion 
A)  $75 million. 
B)  $100 million. 
C)  $500 billion. 
D)  $2 trillion. 
E)  $5 trillion

Question 8

The high-income economies account for approximately what percentage of world exports?

Accepted Answer

A)  15% 
B)  20% 
C)  40% 
D)  71% 
A)  15% 
B)  20% 
C)  40% 
D)  71%

Question 9

Foreign Direct Investment (FDI):

Accepted Answer

A)  is the same as a movement of portfolio capital. 
B)  usually does not involve the participation of MNCs. 
C)  usually involves a MNC investing in plant and equipment in a foreign country. 
D)  is illegal in high-income countries. 
E)  is illegal in middle-income countries. 
A)  is the same as a movement of portfolio capital. 
B)  usually does not involve the participation of MNCs. 
C)  usually involves a MNC investing in plant and equipment in a foreign country. 
D)  is illegal in high-income countries. 
E)  is illegal in middle-income countries.

Question 10

GDP growth in the high-income economies is usually higher than it is in low-income economies.

Accepted Answer

A) True 
 B)False

Question 11

The value of the world economy's output as measured by GDP is approximately $70 trillion.

Accepted Answer

A) True 
 B)False

Question 12

The middle-income economies account for most of world imports and exports because they have most of the world's income and production.

Accepted Answer

A) True 
 B)False

Question 13

What is the term used to describe the economic output of a state? Which country in the world economy is most similar to your state in terms of economic output?

Accepted Answer

The term used to describe the economic o

Question 14

GDP per capita levels provide one possible measure of a country's standard of living.

Accepted Answer

A) True 
 B)False

Question 15

The Japanese economy is roughly half the size of the U.S. economy.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following terms refers to the increasing importance of international trade and investment either for a country or the world economy?

Accepted Answer

A)  Comparative advantage 
B)  FDI 
C)  Globalization 
D)  Commercial policy 
E)  international collaboration. 
A)  Comparative advantage 
B)  FDI 
C)  Globalization 
D)  Commercial policy 
E)  international collaboration.

Question 17

The average GDP per capita in the middle-income economies is approximately:

Accepted Answer

A)  $360. 
B)  $1,123. 
C)  $2,782. 
D)  $5,483. 
E)  $8,672. 
A)  $360. 
B)  $1,123. 
C)  $2,782. 
D)  $5,483. 
E)  $8,672.

Question 18

The high-income economies account for approximately what percentage of world imports and exports of merchandise?

Accepted Answer

A)  10% 
B)  25% 
C)  30% 
D)  67% 
E)  74% 
A)  10% 
B)  25% 
C)  30% 
D)  67% 
E)  74%

Question 19

The total amount of merchandise exports in the world economy is approximately:

Accepted Answer

A)  $220 billion. 
B)  $890 billion. 
C)  $1 trillion. 
D)  $20 trillion. 
E)  $18 trillion. 
A)  $220 billion. 
B)  $890 billion. 
C)  $1 trillion. 
D)  $20 trillion. 
E)  $18 trillion.

Question 20

The largest economy in the EU is France.

Accepted Answer

A) True 
 B)False

The low-income economies account for approximately what percentage of world output?

The total amount of world exports of services is approximately:

The average GDP per capita in the high-income economies is approximately:

Total imports of merchandise in the world economy are approximately:

International trade in services is a little less than half of the size of international trade in merchandise.

International trade in services is becoming less important in the world economy over time.

The daily volume of trading in the foreign exchange market is:

The high-income economies account for approximately what percentage of world exports?

Foreign Direct Investment (FDI):

GDP growth in the high-income economies is usually higher than it is in low-income economies.

The value of the world economy's output as measured by GDP is approximately $70 trillion.

The middle-income economies account for most of world imports and exports because they have most of the world's income and production.

What is the term used to describe the economic output of a state? Which country in the world economy is most similar to your state in terms of economic output?

GDP per capita levels provide one possible measure of a country's standard of living.

The Japanese economy is roughly half the size of the U.S. economy.

Which of the following terms refers to the increasing importance of international trade and investment either for a country or the world economy?

The average GDP per capita in the middle-income economies is approximately:

The high-income economies account for approximately what percentage of world imports and exports of merchandise?

The total amount of merchandise exports in the world economy is approximately:

The largest economy in the EU is France.

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 low-income economies account for approximately what percentage of world output?

The total amount of world exports of services is approximately:

The average GDP per capita in the high-income economies is approximately:

Total imports of merchandise in the world economy are approximately:

International trade in services is a little less than half of the size of international trade in merchandise.

International trade in services is becoming less important in the world economy over time.

The daily volume of trading in the foreign exchange market is:

The high-income economies account for approximately what percentage of world exports?

Foreign Direct Investment (FDI):

GDP growth in the high-income economies is usually higher than it is in low-income economies.

The value of the world economy's output as measured by GDP is approximately $70 trillion.

The middle-income economies account for most of world imports and exports because they have most of the world's income and production.

What is the term used to describe the economic output of a state? Which country in the world economy is most similar to your state in terms of economic output?

GDP per capita levels provide one possible measure of a country's standard of living.

The Japanese economy is roughly half the size of the U.S. economy.

Which of the following terms refers to the increasing importance of international trade and investment either for a country or the world economy?

The average GDP per capita in the middle-income economies is approximately:

The high-income economies account for approximately what percentage of world imports and exports of merchandise?

The total amount of merchandise exports in the world economy is approximately:

The largest economy in the EU is France.

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