Exam 8: The Export-Import Sector

Statement I: A society in which everyone is self-sufficient will generally have a higher standard of living than one in which everyone specializes in a particular type of work. Statement II: People can specialize only if there is a well-developed system of exchange.

The C + I + G + Xn curve lies ____________ the C + I + G curve.

In 2009,X_n was about

Statement I: The U.S.trade deficit has gone up with Mexico since the passage of NAFTA,but we are running a trade surplus with Canada. Statement II: There is little evidence that the NAFTA agreement has cost American's more than 200,000 jobs.

The NAFTA agreement affects our trade with

Statement I: The European Monetary Union has fewer members than the European Union. Statement II: Mexico has become a manufacturing export platform.

All of the following are an example of "off-shoring" EXCEPT

According to Nobel Prize winning economist Joseph Stiglitz

Were it not for our trade surplus of ___________ the U.S.balance of trade would be even larger.

The world's largest exporter is

Statement I: The European Monetary Union has the same number of members as the European Union. Statement II: Twelve nations of the European Union have adopted the euro as a common currency.

Which statement is true?

Statement I: We could not have a modern,highly productive economy without specialization and trade. Statement II: In modern economies,virtually everyone is a jack-of-all-trades.

Which is the most accurate statement?

Hourly wages and fringe benefits average about _______ an hour in Mexico.

Adam Smith said to never attempt to make at home what it will cost more to make than to ___________.

Statement I: There are growing reservations about the consequences of globalization,even among "free traders." Statement II: Most economists support the concept of free trade.

Which component of GDP is most likely to be negative?

In deciding whether to build your own deck or hire it done,you should consider the economic concept of ___________________.

The most important economic concept to consider when deciding whether to build your own deck or hire it done is