Question 1

Until the mid-1970s,U.S.imports and exports were a relatively ______ percent of domestic output.

Accepted Answer

The answer of Until the mid-1970s,U.S.imports and exports were a...

Question 2

Our trade balance in merchandise is ________ and our trade balance in services is _________.

Accepted Answer

A) positive,positive 
B) negative,negative 
C) negative,positive 
D) positive,negative 
A) positive,positive 
B) negative,negative 
C) negative,positive 
D) positive,negative

Question 3

Which was NOT an argument of the protesters against the IMF,WTO,and the World Bank?

Accepted Answer

A) We are exploiting factory workers in poor countries. 
B) Our subsidized grain exports sold below cost in poor countries,driving local farmers out of business. 
C) Globalization is hurting the American standard of living. 
D) Globalization is lowering American wages and exporting high paying jobs. 
A) We are exploiting factory workers in poor countries. 
B) Our subsidized grain exports sold below cost in poor countries,driving local farmers out of business. 
C) Globalization is hurting the American standard of living. 
D) Globalization is lowering American wages and exporting high paying jobs.

Question 4

Between 2005 and 2007 our trade averaged ___________ each year.

Accepted Answer

A) 400 billion 
B) -700 billion 
C) 250 billion 
D) -500 billion 
A) 400 billion 
B) -700 billion 
C) 250 billion 
D) -500 billion

Question 5

Our trade deficit in 2009 was _______.

Accepted Answer

The answer of Our trade deficit in 2009 was _______....

Question 6

The name of the currency now being used throughout the European Monetary Union is the _________.

Accepted Answer

The answer of The name of the currency now being...

Question 7

In 2007,Mexico signed a trade pact with

Accepted Answer

A) Japan. 
B) China. 
C) the European Union. 
D) Brazil and Argentina. 
A) Japan. 
B) China. 
C) the European Union. 
D) Brazil and Argentina.

Question 8

Volkswagen's New Beetle is made in

Accepted Answer

A) Germany. 
B) The U.S. 
C) Canada. 
D) Mexico. 
A) Germany. 
B) The U.S. 
C) Canada. 
D) Mexico.

Question 9

Statement I: GATT regulates world trade.
Statement II: The basis for international trade is that a nation stands to gain more if it can sell more to other nations than it buys from them.

Accepted Answer

A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false. 
A) Statement I is true and statement II is false. 
B) Statement II is true and statement I is false. 
C) Both statements are true. 
D) Both statements are false.

Question 10

Specialization and exchange

Accepted Answer

A) creates benefits for both individuals and nations. 
B) does NOT particularly benefit either individuals or nations. 
C) can benefit individuals but not nations. 
D) can benefit nations but not individuals. 
A) creates benefits for both individuals and nations. 
B) does NOT particularly benefit either individuals or nations. 
C) can benefit individuals but not nations. 
D) can benefit nations but not individuals.

Question 11

Statement I: China and South Korea are the world's largest exporters.
Statement II: International trade is more important to the U.S.economy than it is to smaller industrial countries such as the Netherlands.

Accepted Answer

A) Statement I is true and statement II is false 
B) Statement II is true and statement I is false 
C) Both statements are true 
D) Both statements are false 
A) Statement I is true and statement II is false 
B) Statement II is true and statement I is false 
C) Both statements are true 
D) Both statements are false

Question 12

The U.S.negative balance of trade was almost ________ in 2008.

Accepted Answer

A) $200 billion 
B) $400 billion 
C) $600 billion 
D) $800 billion 
A) $200 billion 
B) $400 billion 
C) $600 billion 
D) $800 billion

Question 13

GDP = C + I + G + Xn.From the outbreak of World War I (1914)until the 1970s,if Xn were not included our GDP would be

Accepted Answer

A) higher. 
B) about the same. 
C) lower. 
A) higher. 
B) about the same. 
C) lower.

Question 14

Since the 17th century,the United States has consistently ran a trade surplus in the export of ____________ products.

Accepted Answer

Question 15

When a country is considering the question of whether to produce a product domestically or import the product,the country should make the decision based on __________________.

Accepted Answer

The answer of When a country is considering the question...

Question 16

The major country NOT to adopt the euro in the European Union is ______________.

Accepted Answer

The answer of The major country NOT to adopt the...

Question 17

Modern,highly productive economies

Accepted Answer

A) have virtually no specialization. 
B) have a small degree of specialization. 
C) have a substantial degree of specialization. 
D) have a high degree of specialization. 
A) have virtually no specialization. 
B) have a small degree of specialization. 
C) have a substantial degree of specialization. 
D) have a high degree of specialization.

Question 18

The practice of selling a good abroad below cost is known as ____________.

Accepted Answer

The answer of The practice of selling a good abroad...

Question 19

Since the end of World War II in 1945,the world has experienced an accelerating movement toward

Accepted Answer

A) free trade. 
B) an increase in trade barriers. 
C) self-sufficiency in most industrial nations. 
D) a breakdown of international trade. 
A) free trade. 
B) an increase in trade barriers. 
C) self-sufficiency in most industrial nations. 
D) a breakdown of international trade.

Question 20

We import more goods and services from ___________ than from any other country.

Accepted Answer

The answer of We import more goods and services from...

Exam 8: The Export-Import Sector

Until the mid-1970s,U.S.imports and exports were a relatively ______ percent of domestic output.

Our trade balance in merchandise is ________ and our trade balance in services is _________.

Which was NOT an argument of the protesters against the IMF,WTO,and the World Bank?

Between 2005 and 2007 our trade averaged ___________ each year.

Our trade deficit in 2009 was _______.

The name of the currency now being used throughout the European Monetary Union is the _________.

In 2007,Mexico signed a trade pact with

Volkswagen's New Beetle is made in

Statement I: GATT regulates world trade. Statement II: The basis for international trade is that a nation stands to gain more if it can sell more to other nations than it buys from them.

Specialization and exchange

Statement I: China and South Korea are the world's largest exporters. Statement II: International trade is more important to the U.S.economy than it is to smaller industrial countries such as the Netherlands.

The U.S.negative balance of trade was almost ________ in 2008.

GDP = C + I + G + Xn.From the outbreak of World War I (1914)until the 1970s,if Xn were not included our GDP would be

Since the 17th century,the United States has consistently ran a trade surplus in the export of ____________ products.

When a country is considering the question of whether to produce a product domestically or import the product,the country should make the decision based on __________________.

The major country NOT to adopt the euro in the European Union is ______________.

Modern,highly productive economies

The practice of selling a good abroad below cost is known as ____________.

Since the end of World War II in 1945,the world has experienced an accelerating movement toward

We import more goods and services from ___________ than from any other country.

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Demand,supply,and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Demand in the Factor Market

Labor Unions

Labor Markets and Wage Rates

Rent, interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

Our trade balance in merchandise is and our trade balance in services is _.

Since the 17^th century,the United States has consistently ran a trade surplus in the export of ____________ products.