Question 1

A country's index of openness can never exceed 100 in value.

Accepted Answer

A) True 
 B)False

Question 2

Between 1980 and 2006,virtually all countries have become more open.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements is false?

Accepted Answer

A) Richer countries tend to be found in North America, Western Europe, and Japan. 
B) Countries with large populations tend to be rich. 
C) Growth of per capita GNP tends to be quite stable about 1.5-3 percent per year in industrialized countries. 
D) Over the past several decades, growth of per capita GNP tends to be higher on average in industrialized countries than in low or middle-income countries. 
A) Richer countries tend to be found in North America, Western Europe, and Japan. 
B) Countries with large populations tend to be rich. 
C) Growth of per capita GNP tends to be quite stable about 1.5-3 percent per year in industrialized countries. 
D) Over the past several decades, growth of per capita GNP tends to be higher on average in industrialized countries than in low or middle-income countries.

Question 4

Which of the following is true?

Accepted Answer

A) Much of the trade of the European Union (EU)countries is with EU countries. 
B) Industrialized countries tend to trade relatively little and largely with developing countries. 
C) Developing countries in Africa and South America tend to trade the most and largely with themselves. 
D) All of the above are true. 
A) Much of the trade of the European Union (EU)countries is with EU countries. 
B) Industrialized countries tend to trade relatively little and largely with developing countries. 
C) Developing countries in Africa and South America tend to trade the most and largely with themselves. 
D) All of the above are true.

Question 5

Most of world trade is in the form of manufactured consumer goods such as TVs,stereos,VCRs,and running shoes.

Accepted Answer

A) True 
 B)False

Question 6

The United States tends to export

Accepted Answer

A) only a narrow range of products such as wheat. 
B) a wide set of products, primarily manufactured goods. 
C) very little. 
D) None of the above. 
A) only a narrow range of products such as wheat. 
B) a wide set of products, primarily manufactured goods. 
C) very little. 
D) None of the above.

Question 7

International trade

Accepted Answer

A) accounts for more than 90 percent of world economic activity. 
B) is a relatively small (about 30 percent of world output)but growing part of world economic activity. 
C) has been growing at about the same rate as the world economy. 
D) Both A and C. 
A) accounts for more than 90 percent of world economic activity. 
B) is a relatively small (about 30 percent of world output)but growing part of world economic activity. 
C) has been growing at about the same rate as the world economy. 
D) Both A and C.

Question 8

The leading trading partner of the United States is

Accepted Answer

A) Canada. 
B) Japan. 
C) Germany. 
D) Mexico. 
A) Canada. 
B) Japan. 
C) Germany. 
D) Mexico.

Question 9

Japanese exports are heavily concentrated in

Accepted Answer

A) agricultural products such as rice. 
B) natural resource products such as coal. 
C) manufactured products including motor vehicles. 
D) Both A and C. 
A) agricultural products such as rice. 
B) natural resource products such as coal. 
C) manufactured products including motor vehicles. 
D) Both A and C.

Question 10

Has world trade increased continually over the 60 years?

Accepted Answer

World trade has grown virtually every ye

Question 11

Countries have trade surpluses when they export more than they import.

Accepted Answer

A) True 
 B)False

Question 12

The most commonly traded product (by value)in recent years has been

Accepted Answer

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

Question 13

Demand for oil around the world tends to be very inelastic.

Accepted Answer

A) True 
 B)False

Question 14

Travel services include purchases of items by residents of one country when they travel to another country.

Accepted Answer

A) True 
 B)False

Question 15

Per capita GNP is defined as a country's GNP divided by its

Accepted Answer

A) population. 
B) labor force. 
C) capitalists. 
D) None of the above. 
A) population. 
B) labor force. 
C) capitalists. 
D) None of the above.

Question 16

Growth in per capita GNP in developing countries has tended to be much more variable in recent years than per capita GNP growth rates in industrialized countries.

Accepted Answer

A) True 
 B)False

A country's index of openness can never exceed 100 in value.

Between 1980 and 2006,virtually all countries have become more open.

Which of the following statements is false?

Which of the following is true?

Most of world trade is in the form of manufactured consumer goods such as TVs,stereos,VCRs,and running shoes.

The United States tends to export

International trade

The leading trading partner of the United States is

Japanese exports are heavily concentrated in

Has world trade increased continually over the 60 years?

Countries have trade surpluses when they export more than they import.

The most commonly traded product (by value)in recent years has been

Demand for oil around the world tends to be very inelastic.

Travel services include purchases of items by residents of one country when they travel to another country.

Per capita GNP is defined as a country's GNP divided by its

Growth in per capita GNP in developing countries has tended to be much more variable in recent years than per capita GNP growth rates in industrialized 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

A country's index of openness can never exceed 100 in value.

Between 1980 and 2006,virtually all countries have become more open.

Which of the following statements is false?

Which of the following is true?

Most of world trade is in the form of manufactured consumer goods such as TVs,stereos,VCRs,and running shoes.

The United States tends to export

International trade

The leading trading partner of the United States is

Japanese exports are heavily concentrated in

Has world trade increased continually over the 60 years?

Countries have trade surpluses when they export more than they import.

The most commonly traded product (by value)in recent years has been

Demand for oil around the world tends to be very inelastic.

Travel services include purchases of items by residents of one country when they travel to another country.

Per capita GNP is defined as a country's GNP divided by its

Growth in per capita GNP in developing countries has tended to be much more variable in recent years than per capita GNP growth rates in industrialized 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