Question 1

If exports exceeded imports it would be called a trade _________.

Accepted Answer

The answer of If exports exceeded imports it would be...

Question 2

If more foreign tourists visited the United States,this would

Accepted Answer

A) lower our merchandise trade imbalance. 
B) lower our overall trade imbalance. 
C) raise our merchandise trade imbalance. 
D) raise our overall trade imbalance. 
A) lower our merchandise trade imbalance. 
B) lower our overall trade imbalance. 
C) raise our merchandise trade imbalance. 
D) raise our overall trade imbalance.

Question 3

The trading bloc that has eliminated all internal tariffs is

Accepted Answer

A) the European Union. 
B) NAFTA. 
C) Mercosur. 
D) the World Trade Organization. 
A) the European Union. 
B) NAFTA. 
C) Mercosur. 
D) the World Trade Organization.

Question 4

The big increase in the U.S.trade deficit in the mid-1970s was mainly due to __________.

Accepted Answer

much highe

Question 5

Nobel Prize winning economist Joseph Stiglitz has argued that since its inception,the _______ has changed its philosophy from an organization that believed markets sometimes behaved badly to an organization that virtually worships free markets.

Accepted Answer

The answer of Nobel Prize winning economist Joseph Stiglitz has...

Question 6

Statement I: Since the mid 1970s our balance of trade has been negative.
Statement II: The United States foreign trade sector has more than doubled over the last 30 years.

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 7

Which of the following European Union (EU)nations has not adopted the euro?

Accepted Answer

A) France 
B) Great Britain 
C) Germany 
D) Italy 
A) France 
B) Great Britain 
C) Germany 
D) Italy

Question 8

Hourly wages in Mexico are ____________ those paid in the United States for comparable work.

Accepted Answer

A) equal to 
B) one half 
C) one quarter 
D) one eighth 
A) equal to 
B) one half 
C) one quarter 
D) one eighth

Question 9

In 2009,________ became the world's largest exporter.

Accepted Answer

A) Germany 
B) China 
C) Japan 
D) Russia 
A) Germany 
B) China 
C) Japan 
D) Russia

Question 10

The members of NAFTA include

Accepted Answer

A) only the United States and Mexico. 
B) only the United States and Canada. 
C) only Mexico and Canada. 
D) the United States,Canada,and Mexico. 
A) only the United States and Mexico. 
B) only the United States and Canada. 
C) only Mexico and Canada. 
D) the United States,Canada,and Mexico.

Question 11

Economist _____________ is the author of Globalization and Its Discontents.

Accepted Answer

The answer of Economist _____________ is the author of Globalization...

Question 12

If U.S.imports of goods and services exceed exports

Accepted Answer

A) GDP in the United States will be less than the sum of consumption,investment,and government purchases. 
B) GDP in the United States will exceed the sum of consumption,investment and government purchases. 
C) net exports for the United States are positive. 
D) None of the choices are true. 
A) GDP in the United States will be less than the sum of consumption,investment,and government purchases. 
B) GDP in the United States will exceed the sum of consumption,investment and government purchases. 
C) net exports for the United States are positive. 
D) None of the choices are true.

Question 13

Statement I: In modern economies,virtually everyone specializes.
Statement II: A family that tries to be self-sufficient will have a relatively low standard of living.

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 14

Net exports are positive when

Accepted Answer

A) a nation's exports of goods and services exceed its imports. 
B) a nation's imports of goods and services exceed its exports. 
C) a nation's exports of goods exceeds its imports. 
D) a nation's exports of services exceeds its imports. 
A) a nation's exports of goods and services exceed its imports. 
B) a nation's imports of goods and services exceed its exports. 
C) a nation's exports of goods exceeds its imports. 
D) a nation's exports of services exceeds its imports.

Question 15

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly.
Statement II: The United States ran a trade surplus in merchandise for most of the 20th century.

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 16

American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.

Accepted Answer

The answer of American and European farmers can sell their...

Question 17

The WTO has a ________________ to handle trade disagreements among member nations.

Accepted Answer

Dispute Se

Question 18

Between 1995 and 2000 our trade deficit more than _______________.

Accepted Answer

The answer of Between 1995 and 2000 our trade deficit...

Question 19

Statement I: There have been a series of demonstrations,beginning in Seattle in 1999,in favor of the policies of the WTO and the IMF.
Statement II: Globalization has helped almost everyone and hurt almost no one.

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 20

The largest merchandise exporting country is _____________.

Accepted Answer

The answer of The largest merchandise exporting country is _____________....

Exam 8: The Export-Import Sector

If exports exceeded imports it would be called a trade _________.

If more foreign tourists visited the United States,this would

The trading bloc that has eliminated all internal tariffs is

The big increase in the U.S.trade deficit in the mid-1970s was mainly due to __________.

Nobel Prize winning economist Joseph Stiglitz has argued that since its inception,the _______ has changed its philosophy from an organization that believed markets sometimes behaved badly to an organization that virtually worships free markets.

Statement I: Since the mid 1970s our balance of trade has been negative. Statement II: The United States foreign trade sector has more than doubled over the last 30 years.

Which of the following European Union (EU)nations has not adopted the euro?

Hourly wages in Mexico are ____________ those paid in the United States for comparable work.

In 2009,________ became the world's largest exporter.

The members of NAFTA include

Economist _____________ is the author of Globalization and Its Discontents.

If U.S.imports of goods and services exceed exports

Statement I: In modern economies,virtually everyone specializes. Statement II: A family that tries to be self-sufficient will have a relatively low standard of living.

Net exports are positive when

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly. Statement II: The United States ran a trade surplus in merchandise for most of the 20th century.

American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.

The WTO has a ________________ to handle trade disagreements among member nations.

Between 1995 and 2000 our trade deficit more than _______________.

Statement I: There have been a series of demonstrations,beginning in Seattle in 1999,in favor of the policies of the WTO and the IMF. Statement II: Globalization has helped almost everyone and hurt almost no one.

The largest merchandise exporting country is _____________.

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

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly. Statement II: The United States ran a trade surplus in merchandise for most of the 20^th century.