Question 1

Congress has ratified

Accepted Answer

A) both NAFTA and GATT. 
B) neither NAFTA nor GATT. 
C) NAFTA,but not GATT. 
D) GATT,but not NAFTA. 
A) both NAFTA and GATT. 
B) neither NAFTA nor GATT. 
C) NAFTA,but not GATT. 
D) GATT,but not NAFTA.

Question 2

The 500,000 foreign students in our universities and colleges add to our ______ balance of trade in _____.

Accepted Answer

The answer of The 500,000 foreign students in our universities...

Question 3

Net exports became negative in the

Accepted Answer

A) 1930s. 
B) 1950s. 
C) 1970s. 
D) 1990s. 
A) 1930s. 
B) 1950s. 
C) 1970s. 
D) 1990s.

Question 4

Adam Smith believed that

Accepted Answer

A) people should never buy anything if they can make it themselves. 
B) what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. 
C) trading with other nations promotes full employment. 
D) a nation will gain if its citizens trade among themselves,but it will probably lose if it trades with other nations. 
A) people should never buy anything if they can make it themselves. 
B) what makes sense in the conduct of a private family's economic endeavors also makes sense in those of a nation. 
C) trading with other nations promotes full employment. 
D) a nation will gain if its citizens trade among themselves,but it will probably lose if it trades with other nations.

Question 5

Which is the most accurate statement?

Accepted Answer

A) The WTO was set up a few years after World War II. 
B) GATT negotiations addressed intellectual property rights for the first time in the 1990s. 
C) GATT was set up in the 1990s. 
D) GATT negotiations have no affect on the trade of agricultural commodities. 
A) The WTO was set up a few years after World War II. 
B) GATT negotiations addressed intellectual property rights for the first time in the 1990s. 
C) GATT was set up in the 1990s. 
D) GATT negotiations have no affect on the trade of agricultural commodities.

Question 6

The world trade agreement that was drafted in 1947 was known as _____________.

Accepted Answer

The Genera

Question 7

Two characteristics of a modern economy are

Accepted Answer

A) barter and self-sufficiency. 
B) specialization and exchange. 
C) a low standard of living a high poverty rate. 
D) self-sufficient workers and very little international trade. 
A) barter and self-sufficiency. 
B) specialization and exchange. 
C) a low standard of living a high poverty rate. 
D) self-sufficient workers and very little international trade.

Question 8

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

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 equals gross investment. 
D) net exports for the United States equals gross savings. 
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 equals gross investment. 
D) net exports for the United States equals gross savings.

Question 9

Statement I: The most potent argument against globalization is that workers in poorer countries are exploited to produce goods that are shipped to relatively rich countries.
Statement II: Most economists are against globalization.

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

The sum of our imports and exports is equal to about _________% of our GDP.

Accepted Answer

A) 10 
B) 20 
C) 25 
D) 30 
E) 40 
A) 10 
B) 20 
C) 25 
D) 30 
E) 40

Question 11

Statement I: Adam Smith believed the key to wealth for a nation was self-sufficiency.
Statement II: Adam Smith believed what made sense in the conduct of a private family's economic endeavors also made sense for those of a nation.

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

Statement I: The population and GDP of the European Union is greater than that of the United States.
Statement II: The European Union has NOT attained as high of a degree of economic integration as NAFTA.

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 13

Which statement is FALSE about the European Union?

Accepted Answer

A) So-called "quality codes" between members ended. 
B) All 27 nations have given up their own currency and adopted the euro. 
C) Freight is able to move anywhere within the EU without check point delays and paperwork. 
D) Workers from an EU country can work in any other member country. 
A) So-called "quality codes" between members ended. 
B) All 27 nations have given up their own currency and adopted the euro. 
C) Freight is able to move anywhere within the EU without check point delays and paperwork. 
D) Workers from an EU country can work in any other member country.

Question 14

There are _____ nations in the European Union.

Accepted Answer

The answer of There are _____ nations in the European...

Question 15

About ______ percent of the workforce in the United States is employed in the service sector.

Accepted Answer

The answer of About ______ percent of the workforce in...

Question 16

The world's two main free trade areas (or organizations)are ____________ and _______________.

Accepted Answer

NAFTA and

Question 17

Statement I: Our trade deficit is higher than it was five years ago.
Statement II: Until the mid-1970s,our imports and exports were each less than 10 percent of our domestic goods output.

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 18

Which of the following groups would like to see a rise in the value of the dollar vs.the euro?

Accepted Answer

A) Americans planning a European vacation. 
B) Exporters of American made tractors and combines. 
C) Foreign exchange speculators. 
D) Europeans planning an American vacation. 
A) Americans planning a European vacation. 
B) Exporters of American made tractors and combines. 
C) Foreign exchange speculators. 
D) Europeans planning an American vacation.

Question 19

If total exports exceed total imports,other things being constant,then

Accepted Answer

A) net exports are negative. 
B) net exports are positive. 
C) GDP falls. 
D) investment rises. 
A) net exports are negative. 
B) net exports are positive. 
C) GDP falls. 
D) investment rises.

Question 20

In 2004,___________ exceeded the United States in value of exports becoming the world's largest exporter.

Accepted Answer

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

Exam 8: The Export-Import Sector

Congress has ratified

The 500,000 foreign students in our universities and colleges add to our ______ balance of trade in _____.

Net exports became negative in the

Adam Smith believed that

Which is the most accurate statement?

The world trade agreement that was drafted in 1947 was known as _____________.

Two characteristics of a modern economy are

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

Statement I: The most potent argument against globalization is that workers in poorer countries are exploited to produce goods that are shipped to relatively rich countries. Statement II: Most economists are against globalization.

The sum of our imports and exports is equal to about _________% of our GDP.

Statement I: Adam Smith believed the key to wealth for a nation was self-sufficiency. Statement II: Adam Smith believed what made sense in the conduct of a private family's economic endeavors also made sense for those of a nation.

Statement I: The population and GDP of the European Union is greater than that of the United States. Statement II: The European Union has NOT attained as high of a degree of economic integration as NAFTA.

Which statement is FALSE about the European Union?

There are _____ nations in the European Union.

About ______ percent of the workforce in the United States is employed in the service sector.

The world's two main free trade areas (or organizations)are ____________ and _______________.

Statement I: Our trade deficit is higher than it was five years ago. Statement II: Until the mid-1970s,our imports and exports were each less than 10 percent of our domestic goods output.

Which of the following groups would like to see a rise in the value of the dollar vs.the euro?

If total exports exceed total imports,other things being constant,then

In 2004,___________ exceeded the United States in value of exports becoming the world's largest exporter.

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

The 500,000 foreign students in our universities and colleges add to our __ balance of trade in _.

The world's two main free trade areas (or organizations)are and ___.