Question 1

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_________________; (2)__________________; (3)___________________.

Accepted Answer

environmentalists;or

Question 2

Which statement is true?

Accepted Answer

A) C + I + G + Xn has always been higher than C + I + 
B) C + I + G has always been higher than C + I + G + Xn. 
C) C + I + G has always been equal to C + I + G + Xn. 
D) None of these statements are true. 
A) C + I + G + Xn has always been higher than C + I + 
B) C + I + G has always been higher than C + I + G + Xn. 
C) C + I + G has always been equal to C + I + G + Xn. 
D) None of these statements are true.

Question 3

The world's leading trading nation is ____________.

Accepted Answer

The answer of The world's leading trading nation is ____________....

Question 4

Which best describes the American economy?

Accepted Answer

A) It is a highly specialized economy. 
B) There is a small amount of specialization. 
C) There is a great deal of self-sufficiency. 
D) Half of the economy is highly specialized and the other half is self-sufficient. 
A) It is a highly specialized economy. 
B) There is a small amount of specialization. 
C) There is a great deal of self-sufficiency. 
D) Half of the economy is highly specialized and the other half is self-sufficient.

Question 5

Which of the following working conditions are common at sweatshops?

Accepted Answer

A) No information about hazardous chemicals workers are using. 
B) A lack of guards on sewing and cutting machines. 
C) Restricted bathroom break times. 
D) Blocked aisles and fire exits. 
E) All of the answers are correct. 
A) No information about hazardous chemicals workers are using. 
B) A lack of guards on sewing and cutting machines. 
C) Restricted bathroom break times. 
D) Blocked aisles and fire exits. 
E) All of the answers are correct.

Question 6

Which is the most accurate statement?

Accepted Answer

A) Our trade deficit has narrowed since 1995. 
B) We export more merchandise than services (in terms of dollars). 
C) The largest service purchase that foreigners make from the U.S.is educational services. 
D) In recent years foreigners have generally refused to accept U.S.dollars in payment for their goods and services. 
A) Our trade deficit has narrowed since 1995. 
B) We export more merchandise than services (in terms of dollars). 
C) The largest service purchase that foreigners make from the U.S.is educational services. 
D) In recent years foreigners have generally refused to accept U.S.dollars in payment for their goods and services.

Question 7

We run a trade ________ on goods and a trade _________ on services.

Accepted Answer

A) deficit,deficit 
B) surplus,surplus 
C) surplus,deficit 
D) deficit,surplus 
A) deficit,deficit 
B) surplus,surplus 
C) surplus,deficit 
D) deficit,surplus

Question 8

In 1970 our imports and exports added together were __________ percent of GDP.

Accepted Answer

The answer of In 1970 our imports and exports added...

Question 9

Adam Smith believed all of the following EXCEPT

Accepted Answer

A) never attempt to make at home what it will cost more to make than to buy. 
B) what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. 
C) a nation will gain if its citizens trade among themselves,but it will probably lose if it trades with other nations. 
D) specialization and exchange benefited both individuals and nations. 
A) never attempt to make at home what it will cost more to make than to buy. 
B) what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. 
C) a nation will gain if its citizens trade among themselves,but it will probably lose if it trades with other nations. 
D) specialization and exchange benefited both individuals and nations.

Question 10

Relative to the trade deficit in 1990 our current is

Accepted Answer

A) substantially less. 
B) slightly less. 
C) slightly higher. 
D) substantially higher . 
A) substantially less. 
B) slightly less. 
C) slightly higher. 
D) substantially higher .

Question 11

Which statement is false?

Accepted Answer

A) If net exports were not included in GDP,that figure would be higher. 
B) Between the early 1990s and 2007 our trade deficit increased substantially. 
C) During the last ten years,our trade balance in services was negative. 
D) After the 1970s,our trade balance has been negative. 
A) If net exports were not included in GDP,that figure would be higher. 
B) Between the early 1990s and 2007 our trade deficit increased substantially. 
C) During the last ten years,our trade balance in services was negative. 
D) After the 1970s,our trade balance has been negative.

Question 12

A positive balance of trade is when ________________________________________.

Accepted Answer

exports ar

Question 13

Statement I: The International Monetary Fund (IMF)was set up to promote free trade,free market style economies around the world.
Statement II: The World Bank was created in 1944 for the purpose of making long-term,low-interest loans to developing countries,mainly to build highways,bridges,dams,power generators,and water supply systems.

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

Our most important trading partner is ____________.

Accepted Answer

The answer of Our most important trading partner is ____________....

Question 15

Recently we have run a _________ balance of trade on goods and a ___________ balance of trade on services.

Accepted Answer

The answer of Recently we have run a _________ balance...

Question 16

The establishment of the NAFTA agreement

Accepted Answer

A) was supported by most economists and people in the business community. 
B) has led to the loss of millions of U.S.jobs to Mexico. 
C) has more economic integration than the European Union. 
D) eliminated all internal tariffs among its three members. 
A) was supported by most economists and people in the business community. 
B) has led to the loss of millions of U.S.jobs to Mexico. 
C) has more economic integration than the European Union. 
D) eliminated all internal tariffs among its three members.

Question 17

Mexico sends the United States over ______ percent of its exports.

Accepted Answer

A) 20 
B) 40 
C) 60 
D) 80 
A) 20 
B) 40 
C) 60 
D) 80

Question 18

Statement I: Mexico sends over 80 percent of its exports to the United States.
Statement II: Hourly wages in Mexico are one-eighth of those paid in the United States for comparable work.

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 19

Statement I: Most economists support the concept of free trade.
Statement II: The NAFTA and GATT agreements placed substantial barriers in the way of free trade.

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

Between 2007 and 2009 our trade deficit

Accepted Answer

A) fell substantially. 
B) remained about the same. 
C) rose about 40 percent. 
D) almost doubleD. 
E) more than quadrupled. 
A) fell substantially. 
B) remained about the same. 
C) rose about 40 percent. 
D) almost doubleD. 
E) more than quadrupled.

Exam 8: The Export-Import Sector

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_________________; (2)__________________; (3)___________________.

Which statement is true?

The world's leading trading nation is ____________.

Which best describes the American economy?

Which of the following working conditions are common at sweatshops?

Which is the most accurate statement?

We run a trade ________ on goods and a trade _________ on services.

In 1970 our imports and exports added together were __________ percent of GDP.

Adam Smith believed all of the following EXCEPT

Relative to the trade deficit in 1990 our current is

Which statement is false?

A positive balance of trade is when ________________________________________.

Our most important trading partner is ____________.

Recently we have run a _________ balance of trade on goods and a ___________ balance of trade on services.

The establishment of the NAFTA agreement

Mexico sends the United States over ______ percent of its exports.

Statement I: Mexico sends over 80 percent of its exports to the United States. Statement II: Hourly wages in Mexico are one-eighth of those paid in the United States for comparable work.

Statement I: Most economists support the concept of free trade. Statement II: The NAFTA and GATT agreements placed substantial barriers in the way of free trade.

Between 2007 and 2009 our trade deficit

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

Prominent among the protesters at the WTO meeting in Seattle in late 1999 were these three groups: (1)_; (2); (3)_____.

We run a trade on goods and a trade _ on services.

Recently we have run a _ balance of trade on goods and a ___ balance of trade on services.