Question 1

The U.S. is currently the world's second largest economy after Japan.

Accepted Answer

A) True 
 B)False

Question 2

The middle-income economies account for about:

Accepted Answer

A)  5% of world imports. 
B)  10% of world exports. 
C)  12% of world imports. 
D)  27% of world exports. 
E)  30% of world imports. 
A)  5% of world imports. 
B)  10% of world exports. 
C)  12% of world imports. 
D)  27% of world exports. 
E)  30% of world imports.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Describe the differences in GDP per capita among low-, middle-, and high-income economies. Give an example of each type of country.

Accepted Answer

GDP per capita is a measure of a country

Question 5

GDP per capita in the high-income economies is approximately $45,000.

Accepted Answer

A) True 
 B)False

Question 6

Describe the two different parts of international economics.

Accepted Answer

The two different parts of international

Question 7

A British firm building a facility in Tokyo to produce cars is engaging in:

Accepted Answer

A)  portfolio capital. 
B)  foreign direct investment. 
C)  indirect foreign investment. 
D)  autarky. 
E)  none of the above 
A)  portfolio capital. 
B)  foreign direct investment. 
C)  indirect foreign investment. 
D)  autarky. 
E)  none of the above

Question 8

The economic output of the world is evenly distributed among the different countries of the world.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  16% 
B)  40% 
C)  50% 
D)  63% 
E)  78% 
A)  16% 
B)  40% 
C)  50% 
D)  63% 
E)  78%

Question 10

International trade is growing much more slowly than the world economy so it is becoming a smaller and smaller percentage of world economic activity.

Accepted Answer

A) True 
 B)False

Question 11

Imports and exports are much more important than purely domestic economic activity.

Accepted Answer

A) True 
 B)False

Question 12

There are no institutional differences between domestic trade and international trade.

Accepted Answer

A) True 
 B)False

Question 13

The economies in which country group are growing the fastest?

Accepted Answer

A)  Low-income 
B)  High-income 
C)  Middle-income 
D)  Latin America 
E)  none of the above 
A)  Low-income 
B)  High-income 
C)  Middle-income 
D)  Latin America 
E)  none of the above

Question 14

International trade has grown faster than world production during the last decade.

Accepted Answer

A) True 
 B)False

Question 15

Average GDP per capita in low-income economies is approximately $812.

Accepted Answer

A) True 
 B)False

Question 16

World economic growth is a constant that does not change much from year to year.

Accepted Answer

A) True 
 B)False

Question 17

Microeconomics deals with operation of the overall economy such as consumption, investment, and government spending.

Accepted Answer

A) True 
 B)False

Question 18

Total imports of services in the world economy are approximately:

Accepted Answer

A)  $500 million. 
B)  $1 billion. 
C)  $500 billion. 
D)  $2.3 trillion. 
E)  $5 trillion. 
A)  $500 million. 
B)  $1 billion. 
C)  $500 billion. 
D)  $2.3 trillion. 
E)  $5 trillion.

Question 19

The total value of exports in the world economy usually is larger than the total value of imports because the former is counted more carefully than the latter.

Accepted Answer

A) True 
 B)False

Question 20

Imports and exports of services in the world economy are approximately $7 trillion and $7.2 trillion, respectively.

Accepted Answer

A) True 
 B)False

The U.S. is currently the world's second largest economy after Japan.

The middle-income economies account for about:

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

Describe the differences in GDP per capita among low-, middle-, and high-income economies. Give an example of each type of country.

GDP per capita in the high-income economies is approximately $45,000.

Describe the two different parts of international economics.

A British firm building a facility in Tokyo to produce cars is engaging in:

The economic output of the world is evenly distributed among the different countries of the world.

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

International trade is growing much more slowly than the world economy so it is becoming a smaller and smaller percentage of world economic activity.

Imports and exports are much more important than purely domestic economic activity.

There are no institutional differences between domestic trade and international trade.

The economies in which country group are growing the fastest?

International trade has grown faster than world production during the last decade.

Average GDP per capita in low-income economies is approximately $812.

World economic growth is a constant that does not change much from year to year.

Microeconomics deals with operation of the overall economy such as consumption, investment, and government spending.

Total imports of services in the world economy are approximately:

The total value of exports in the world economy usually is larger than the total value of imports because the former is counted more carefully than the latter.

Imports and exports of services in the world economy are approximately $7 trillion and $7.2 trillion, respectively.

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 U.S. is currently the world's second largest economy after Japan.

The middle-income economies account for about:

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

Describe the differences in GDP per capita among low-, middle-, and high-income economies. Give an example of each type of country.

GDP per capita in the high-income economies is approximately $45,000.

Describe the two different parts of international economics.

A British firm building a facility in Tokyo to produce cars is engaging in:

The economic output of the world is evenly distributed among the different countries of the world.

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

International trade is growing much more slowly than the world economy so it is becoming a smaller and smaller percentage of world economic activity.

Imports and exports are much more important than purely domestic economic activity.

There are no institutional differences between domestic trade and international trade.

The economies in which country group are growing the fastest?

International trade has grown faster than world production during the last decade.

Average GDP per capita in low-income economies is approximately $812.

World economic growth is a constant that does not change much from year to year.

Microeconomics deals with operation of the overall economy such as consumption, investment, and government spending.

Total imports of services in the world economy are approximately:

The total value of exports in the world economy usually is larger than the total value of imports because the former is counted more carefully than the latter.

Imports and exports of services in the world economy are approximately $7 trillion and $7.2 trillion, respectively.

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