Question 1

Between 1990 and 2007 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.

Question 2

A characteristic of a modern economy is

Accepted Answer

A) self-sufficiency. 
B) specialization and exchange. 
C) a high percentage of people who make their living as jacks-of-all-trades. 
D) a high proportion of people employed in agriculture. 
A) self-sufficiency. 
B) specialization and exchange. 
C) a high percentage of people who make their living as jacks-of-all-trades. 
D) a high proportion of people employed in agriculture.

Question 3

The World Trade Organization has about ________ members.

Accepted Answer

The answer of The World Trade Organization has about ________...

Question 4

Net exports is a negative number whenever

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) the nation's gross investment is on the decline. 
D) the nation's gross savings rate is on the decline. 
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) the nation's gross investment is on the decline. 
D) the nation's gross savings rate is on the decline.

Question 5

Which statement is true?

Accepted Answer

A) Since the early 1990s the U.S.trade deficit has risen every year. 
B) Net exports has always been positive. 
C) The U.S.exports more services than merchandise (in terms of dollars). 
D) The U.S.balance of trade was positive for most of the 20th century. 
A) Since the early 1990s the U.S.trade deficit has risen every year. 
B) Net exports has always been positive. 
C) The U.S.exports more services than merchandise (in terms of dollars). 
D) The U.S.balance of trade was positive for most of the 20th century.

Question 6

All modern economies depend on

Accepted Answer

A) the exploitation of workers 
B) government ownership of the means of production 
C) free-enterprise 
D) specialization 
A) the exploitation of workers 
B) government ownership of the means of production 
C) free-enterprise 
D) specialization

Question 7

Which of the following were prominent among the protesters at the WTO meeting in Seattle in late 1999?

Accepted Answer

A) International bankers that free trade undermined underdeveloped nation's ability to pay back loans. 
B) Environmentalists concerned that corporations would locate in countries that had very lax environmental standards. 
C) Multinational corporations concerned that free trade condoned sweatshop working conditions. 
D) All of the choices were prominent in the Seattle protest. 
A) International bankers that free trade undermined underdeveloped nation's ability to pay back loans. 
B) Environmentalists concerned that corporations would locate in countries that had very lax environmental standards. 
C) Multinational corporations concerned that free trade condoned sweatshop working conditions. 
D) All of the choices were prominent in the Seattle protest.

Question 8

Statement I: Until the mid-1970s,our imports and exports was a relatively small percentage of our domestic goods output.
Statement II: Our negative merchandise trade balance is about as large as our positive services trade balance.

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 9

Which statement is TRUE,according to economist Joseph Stiglitz?

Accepted Answer

A) IMF policies are sensitive to the human suffering its policies could create. 
B) The IMF takes a "hands off" approach as to how a country uses the money it is lent. 
C) The IMF was founded on the belief that there was a need for international pressure for countries to have expansionary economic policies. 
D) The IMF was founded on the belief that there was a need for international pressure for countries to cut deficits,raise taxes and interest rates. 
A) IMF policies are sensitive to the human suffering its policies could create. 
B) The IMF takes a "hands off" approach as to how a country uses the money it is lent. 
C) The IMF was founded on the belief that there was a need for international pressure for countries to have expansionary economic policies. 
D) The IMF was founded on the belief that there was a need for international pressure for countries to cut deficits,raise taxes and interest rates.

Question 10

Statement I: U.S.self-sufficiency in food production and its huge manufacturing base were important factors in winning World War I and II.
Statement II: The relatively small U.S.export-import sector of its economy began to grow significantly in the 1970s.

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 11

Statement I: The International Monetary Fund (IMF)was set up as a lender of last resort to discourage member nations from devaluating their currency.
Statement II: The World Bank was created in the same year as the IMF 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 12

Statement I: College sweatshirts are usually made in sweatshop factories in low-wage countries.
Statement II: Critics of the IMF argue that it champions market supremacy with ideological fervor.

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

The most important economic concept to consider when deciding whether to produce a product domestically or import the product is

Accepted Answer

A) law of supply 
B) law of demand 
C) opportunity cost 
D) law of increasing cost 
A) law of supply 
B) law of demand 
C) opportunity cost 
D) law of increasing cost

Question 14

The NAFTA treaty includes side agreements on _______________,_____________,and ________________.

Accepted Answer

labor adjustment pro

Question 15

The ______________________ which was set up in 1995,was the successor to GATT.

Accepted Answer

World Trad

Question 16

The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as ______________.

Accepted Answer

The answer of The free trade zone that includes Argentina,Brazil,Paraguay...

Question 17

A negative balance of trade is when _______________________________________.

Accepted Answer

imports ar

Question 18

From 1970 to 2000,relative to other sectors of GDP,net exports were

Accepted Answer

A) negative and large. 
B) negative and small. 
C) positive and large. 
D) positive and small. 
A) negative and large. 
B) negative and small. 
C) positive and large. 
D) positive and small.

Question 19

The most potent argument against globalization is that ___________________________.

Accepted Answer

workers in poorer co

Question 20

Statement I: Canada is our most important trading partner.
Statement II: In 1999,11 EU countries formed the European Monetary Union.

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.

Exam 8: The Export-Import Sector

Between 1990 and 2007 our trade deficit

A characteristic of a modern economy is

The World Trade Organization has about ________ members.

Net exports is a negative number whenever

Which statement is true?

All modern economies depend on

Which of the following were prominent among the protesters at the WTO meeting in Seattle in late 1999?

Statement I: Until the mid-1970s,our imports and exports was a relatively small percentage of our domestic goods output. Statement II: Our negative merchandise trade balance is about as large as our positive services trade balance.

Which statement is TRUE,according to economist Joseph Stiglitz?

Statement I: U.S.self-sufficiency in food production and its huge manufacturing base were important factors in winning World War I and II. Statement II: The relatively small U.S.export-import sector of its economy began to grow significantly in the 1970s.

Statement I: College sweatshirts are usually made in sweatshop factories in low-wage countries. Statement II: Critics of the IMF argue that it champions market supremacy with ideological fervor.

The most important economic concept to consider when deciding whether to produce a product domestically or import the product is

The NAFTA treaty includes side agreements on _______________,_____________,and ________________.

The ______________________ which was set up in 1995,was the successor to GATT.

The free trade zone that includes Argentina,Brazil,Paraguay and Uruguay is known as ______________.

A negative balance of trade is when _______________________________________.

From 1970 to 2000,relative to other sectors of GDP,net exports were

The most potent argument against globalization is that ___________________________.

Statement I: Canada is our most important trading partner. Statement II: In 1999,11 EU countries formed the European Monetary Union.

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 NAFTA treaty includes side agreements on _________,_,and __________.