Question 1

Which of the following statements about the United States was true as of 2007?

Accepted Answer

A) It was the world's largest exporter. 
B) It had the world's largest deficit in its current account. 
C) It had the world's largest surplus in its current account. 
D) None of the above are true. 
A) It was the world's largest exporter. 
B) It had the world's largest deficit in its current account. 
C) It had the world's largest surplus in its current account. 
D) None of the above are true. B

Question 2

In the last 20 years,all of the countries in Africa have experienced positive economic growth.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following statements is true?

Accepted Answer

A) Countries tend to trade extensively with their neighbors. 
B) The United States is an important trading partner for many countries. 
C) The largest amount of international trade occurs between industrialized countries. 
D) All of the above are true. 
A) Countries tend to trade extensively with their neighbors. 
B) The United States is an important trading partner for many countries. 
C) The largest amount of international trade occurs between industrialized countries. 
D) All of the above are true. D

Question 4

In the last 20 years,which of the following countries has experienced positive economic growth?

Accepted Answer

A) Russia. 
B) Zimbabwe. 
C) Haiti. 
D) All of the above have seen their economies decline during this period. 
A) Russia. 
B) Zimbabwe. 
C) Haiti. 
D) All of the above have seen their economies decline during this period.

Question 5

How would you characterize the types of goods that are traded internationally?

Accepted Answer

While automobiles rank third,p

Question 6

Can a country have a trade deficit forever?

Accepted Answer

Countries whose imports exceed exports a

Question 7

Countries of the world differ in terms of their

Accepted Answer

A) geographic size. 
B) population size. 
C) standards of living. 
D) All of the above. 
A) geographic size. 
B) population size. 
C) standards of living. 
D) All of the above.

Question 8

As measured by the index of openness,the United States is relatively closed,and yet,it was the world's largest exporter in 2007.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following countries has experienced negative economic growth in the last 20 years?

Accepted Answer

A) Zimbabwe. 
B) Chad. 
C) The United States. 
D) China. 
A) Zimbabwe. 
B) Chad. 
C) The United States. 
D) China.

Question 10

The types of goods Japan exports and imports appear to be well explained by

Accepted Answer

A) Japanese endowments of factors of production (e.g. land, labor, capital, natural resources). 
B) high and rising Japanese tariffs. 
C) advertising and other sales promotion efforts. 
D) All of the above. 
A) Japanese endowments of factors of production (e.g. land, labor, capital, natural resources). 
B) high and rising Japanese tariffs. 
C) advertising and other sales promotion efforts. 
D) All of the above.

Question 11

If a country is industrialized then prolonged periods of negative growth in GNP per capita should not be a cause for concern.

Accepted Answer

A) True 
 B)False

Question 12

Barriers to trade

Accepted Answer

A) include government policies such as tariffs and quotas. 
B) have been falling with technological improvements in transportation and communication. 
C) have risen since World War II as many countries have imposed higher tariffs. 
D) Two of the above are true. 
A) include government policies such as tariffs and quotas. 
B) have been falling with technological improvements in transportation and communication. 
C) have risen since World War II as many countries have imposed higher tariffs. 
D) Two of the above are true.

Question 13

Most international trade takes place between countries that are far away from each other.

Accepted Answer

A) True 
 B)False

Question 14

The ratio of a country's exports to its total output (GNP or GDP)

Accepted Answer

A) is known as the index of openness. 
B) provides a rough measure of the importance of international trade to that economy. 
C) if calculated for the United States would be quite low. 
D) All of the above. 
A) is known as the index of openness. 
B) provides a rough measure of the importance of international trade to that economy. 
C) if calculated for the United States would be quite low. 
D) All of the above.

Question 15

As of 2007,the United States is the world's largest importer.

Accepted Answer

A) True 
 B)False

Question 16

A country's GNP is always larger than its GDP.

Accepted Answer

A) True 
 B)False

Question 17

The difference between a country's Gross National Product (GNP)and its Gross Domestic product (GDP)is that

Accepted Answer

A) GNP refers to production within the nation while GDP refers to production by domestic factors no matter where they are located. 
B) GNP is always bigger than GDP. 
C) GDP refers to production within the nation while GNP refers to production by domestic factors no matter where they are located. 
D) Two of the above are true. 
A) GNP refers to production within the nation while GDP refers to production by domestic factors no matter where they are located. 
B) GNP is always bigger than GDP. 
C) GDP refers to production within the nation while GNP refers to production by domestic factors no matter where they are located. 
D) Two of the above are true.

Question 18

Which of the following statements is false?

Accepted Answer

A) Between 1980 and 2006, the index of openness has risen for most countries. 
B) Since 1950, international trade has been growing faster than the growth of world output. 
C) A country cannot be a leading world exporter without a high index of openness. 
D) Two of the above are true. 
A) Between 1980 and 2006, the index of openness has risen for most countries. 
B) Since 1950, international trade has been growing faster than the growth of world output. 
C) A country cannot be a leading world exporter without a high index of openness. 
D) Two of the above are true.

Question 19

The largest single traded good (by value)in recent years has been

Accepted Answer

A) automobiles. 
B) wheat. 
C) televisions, stereos, and VCRs. 
D) steel. 
A) automobiles. 
B) wheat. 
C) televisions, stereos, and VCRs. 
D) steel.

Question 20

Large countries tend to be more open than small countries.

Accepted Answer

A) True 
 B)False

Which of the following statements about the United States was true as of 2007?

In the last 20 years,all of the countries in Africa have experienced positive economic growth.

Which of the following statements is true?

In the last 20 years,which of the following countries has experienced positive economic growth?

How would you characterize the types of goods that are traded internationally?

Can a country have a trade deficit forever?

Countries of the world differ in terms of their

As measured by the index of openness,the United States is relatively closed,and yet,it was the world's largest exporter in 2007.

Which of the following countries has experienced negative economic growth in the last 20 years?

The types of goods Japan exports and imports appear to be well explained by

If a country is industrialized then prolonged periods of negative growth in GNP per capita should not be a cause for concern.

Barriers to trade

Most international trade takes place between countries that are far away from each other.

The ratio of a country's exports to its total output (GNP or GDP)

As of 2007,the United States is the world's largest importer.

A country's GNP is always larger than its GDP.

The difference between a country's Gross National Product (GNP)and its Gross Domestic product (GDP)is that

Which of the following statements is false?

The largest single traded good (by value)in recent years has been

Large countries tend to be more open than small countries.

Tools of Analysis for International Trade Models

The Classical Model of International Trade

The Heckscher-Ohlin Model

Tests of Trade Models: the Leontief Paradox and Its Aftermath

Tariffs

Nontariff Barriers and Arguments for Protection

Commercial Policy: History and Practice

Preferential Trade Agreements

International Trade and Economic Growth

The Balance of Payments

The Foreign Exchange Market

International Monetary Systems

Exchange Rates in the Short Run

Exchange Rates in the Long Run

Theories of the Current Account Balance

Open Economy Macroeconomics

International Banking, debt and Risk

Filters

Exam 1: An Introduction to International Trade

Which of the following statements about the United States was true as of 2007?

In the last 20 years,all of the countries in Africa have experienced positive economic growth.

Which of the following statements is true?

In the last 20 years,which of the following countries has experienced positive economic growth?

How would you characterize the types of goods that are traded internationally?

Can a country have a trade deficit forever?

Countries of the world differ in terms of their

As measured by the index of openness,the United States is relatively closed,and yet,it was the world's largest exporter in 2007.

Which of the following countries has experienced negative economic growth in the last 20 years?

The types of goods Japan exports and imports appear to be well explained by

If a country is industrialized then prolonged periods of negative growth in GNP per capita should not be a cause for concern.

Barriers to trade

Most international trade takes place between countries that are far away from each other.

The ratio of a country's exports to its total output (GNP or GDP)

As of 2007,the United States is the world's largest importer.

A country's GNP is always larger than its GDP.

The difference between a country's Gross National Product (GNP)and its Gross Domestic product (GDP)is that

Which of the following statements is false?

The largest single traded good (by value)in recent years has been

Large countries tend to be more open than small countries.

Tools of Analysis for International Trade Models

The Classical Model of International Trade

The Heckscher-Ohlin Model

Tests of Trade Models: the Leontief Paradox and Its Aftermath

Tariffs

Nontariff Barriers and Arguments for Protection

Commercial Policy: History and Practice

Preferential Trade Agreements

International Trade and Economic Growth

The Balance of Payments

The Foreign Exchange Market

International Monetary Systems

Exchange Rates in the Short Run

Exchange Rates in the Long Run

Theories of the Current Account Balance

Open Economy Macroeconomics

International Banking, debt and Risk

Filters