Exam 2: The Dynamic Environment of International Trade

The issue of the openness of markets for U.S. goods is addressed as ___.

Which of the following is the correct picture of the outcome of increased world trade after the 1950s, contrary to Servan-Schreiber's prediction?

Blocked currency is used by refusing to allow an exporter to exchange its national currency for the buyers' currency.

The decisions of the World Trade Organization in trade dispute among members are binding decisions.

The United States has many successful trade relationships. Four of these relationships account for a tremendous volume of trade. All of the following countries are among the top trade partners for the U.S. EXCEPT:

Which of the following is the most popular way to circumvent WTO guidelines?

_____ is accomplished by refusing to allow importers to exchange its national currency for the seller's currency.

The fact that the credit and debit side in a balance-of-payments record balance means that a nation is in particularly good financial condition.

All of the following would be considered to be nontariff barriers that could be erected to restrict trade EXCEPT:

Antidumping laws were designed to prevent foreign producers from "predatory pricing."

An agreement between the importing country and the exporting country for a restriction on the volume of exports is called a(n):

Which of the following types of nontariff barriers would be considered to be "specific limitations on trade" by international marketers?

Section 301 of the Omnibus Trade and Competitiveness Act authorizes the U.S. government to _____ and _____ against specific foreign trade barriers judged to be unfair.

Tall Pine Plywood Company has just received notice that a shipment of plywood (2 metric tons) has been rejected by Japanese customs because the knotholes commonly found on a plywood sheet are too large. This would be an illustration of which of the following nontariff barriers to trade?

After 1888, the United States had unparalleled growth and a favorable balance of trade until ___. After this date, the United States has a negative balance of trade.

_____ and the World Bank Group are two global institutions created to assist nations in becoming and remaining economically viable.

The United States and other countries require some products to contain a percentage of "local content" to gain admission to their markets. This is an example of how countries use antidumping rules to protect their own industries.

Which of the following, in addition to U.S. economic assistance, was a significant move toward international cooperation among trading nations?

Importers who want to buy a foreign good must apply for a business permit, that is, permission to exchange an amount of local currency for foreign currency.

Briefly describe the elements of a balance-of-payments statement.