Exam 2: The Dynamic Environment of International Trade

Which of the following would be the balance-of-payments account that is a record of all merchandise exports, imports, and services plus unilateral transfers of funds?

The system of accounts that records a nation's international financial transactions is called its:

In the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as ___.

As part of the worldwide economic growth and rebuilding after World War II, countries once classified as less developed were reclassified as underdeveloped countries.

According to the text, which were the two major challenges U.S. multinational corporations were facing at the close of the 1960s?

As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the GATT platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the ___.

Quotas are more flexible than import licenses.

In general, tariffs decrease inflationary pressures.

A case might be made for long-term protection of markets with excess productive capacity or excess labor when such protection could facilitate an orderly transition.

Which of the following trading partners has become the number one "trade problem" for the United States at the beginning of the 21st century?

The issue of the openness of markets for U.S. goods is addressed as market expansion section of the Omnibus Trade and Competitiveness Act of 1988.

To overcome the particular market barriers of inadequate monetary reserves and unstable currencies that plagued international trading before World War II, the _____ was formed.

All of the following would be considered to be reasons for adopting an attitude of protectionism with respect to world trade EXCEPT:

What are the arguments in favor of protectionism? Which of them are recognized by economists?

Which of the following trade policy tools requires the importers who want to buy a foreign good to apply for an exchange permit?

With respect to the nationality of the world's 100 largest industrial corporations, the United States is home to the largest number of the top 100 firms. Which of the following countries is home to the second largest number of these firms?

The complaints against the WTO, IMF, and others include all of the following EXCEPT:

List the major agreements reached during the Uruguay Round of GATT negotiations. Which was the most notable achievement of the Uruguay Round?

The United States and other countries require some products (automobiles in particular) to contain a percentage of "local content" to gain admission to their markets. This is an example of the usage of _____ to restrict trade.

Several nations are frustrated with the slow progress of the most recent round of WTO trade negotiations. To vent this frustration, several countries are: