Question 1

Which is the most accurate statement?

Accepted Answer

A) Because the American economy is much larger than any other country,we can continue running larger and larger trade deficits for as long as we like. 
B) Most of the protesters at WTO meetings oppose strict environmental standards. 
C) Since the passage of NAFTA our trade deficits with Mexico and Canada have increased. 
D) Most economists would describe themselves as being against free trade. 
A) Because the American economy is much larger than any other country,we can continue running larger and larger trade deficits for as long as we like. 
B) Most of the protesters at WTO meetings oppose strict environmental standards. 
C) Since the passage of NAFTA our trade deficits with Mexico and Canada have increased. 
D) Most economists would describe themselves as being against free trade.

Question 2

Statement I: The euro has largely replaced the dollar in international trade.
Statement II: Every European nation except Russia and Yugoslavia are members of the European 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.

Question 3

The population and GDP of the European Union is ___________ that of the United States.

Accepted Answer

A) much less than 
B) comparable to 
C) much greater than 
A) much less than 
B) comparable to 
C) much greater than

Question 4

Net exports are negative when

Accepted Answer

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

Question 5

Net exports is a negative figure when

Accepted Answer

A) a nation's exports of goods and services exceed its imports 
B) depreciation exceeds gross private domestic investment 
C) the economy's stock of capital is declining 
D) a nation's imports of goods and services exceed its exports 
A) a nation's exports of goods and services exceed its imports 
B) depreciation exceeds gross private domestic investment 
C) the economy's stock of capital is declining 
D) a nation's imports of goods and services exceed its exports

Question 6

The European Common Market was renamed the _____________________.

Accepted Answer

The answer of The European Common Market was renamed the...

Question 7

The relatively small export-import sector in the United States began to grow significantly

Accepted Answer

A) after 1900. 
B) in the 1920s. 
C) in the 1950s. 
D) in the 1970s. 
E) in the 1980s. 
A) after 1900. 
B) in the 1920s. 
C) in the 1950s. 
D) in the 1970s. 
E) in the 1980s.

Question 8

Until 2004,the largest exporter in the world was?

Accepted Answer

A) Japan 
B) Germany 
C) United States 
D) China 
A) Japan 
B) Germany 
C) United States 
D) China

Question 9

Net exports is a positive 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 positive. 
D) the nation's gross savings rate is positive. 
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 positive. 
D) the nation's gross savings rate is positive.

Question 10

The 2009 our imports and exports added together are __________ percent of GDP.

Accepted Answer

The answer of The 2009 our imports and exports added...

Question 11

In the last 30 years,the U.S.has become much more __________ on international trade.

Accepted Answer

The answer of In the last 30 years,the U.S.has become...

Question 12

Between 1993 and 2009,the trade deficit with Mexico has increased by $___________ billion,while the trade deficit with Canada has increased by $_________ billion.

Accepted Answer

The answer of Between 1993 and 2009,the trade deficit with...

Question 13

With regard to dependence on international trade,for most of its history the United States has been ____________.

Accepted Answer

The answer of With regard to dependence on international trade,for...

Question 14

Statement I: In 2009 the United States had a negative merchandise balance of trade over $708 billion.
Statement II: In 2009 the United States had a positive services balance of trade over $118 billion.

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 15

Because of the ________________________,the United States and Europe are guilty of selling agricultural products at below cost or dumping the products on the market.

Accepted Answer

agricultur

Question 16

Before the ________ the American export-import sector was relatively small.

Accepted Answer

A) 1920s 
B) 1960s 
C) 1970s 
D) 1990s 
A) 1920s 
B) 1960s 
C) 1970s 
D) 1990s

Question 17

The world's leading exporting nation is ______________;the nation with the largest trade deficit is ______________.

Accepted Answer

China,the

Question 18

Statement I: Until the mid-1970s,U.S.exports and imports were less than 1 percent of our domestic output.
Statement II: America was called the "arsenal of democracy" because of the vast quantity of armaments we sent to our allies during World War II.

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

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

Accepted Answer

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

Question 20

Statement I: The United States has a much more self-sufficient economy than those of Western Europe.
Statement II: The European Union,as a free trade association,can trace its origins back to the 1950s.

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

Which is the most accurate statement?

Statement I: The euro has largely replaced the dollar in international trade. Statement II: Every European nation except Russia and Yugoslavia are members of the European Union.

The population and GDP of the European Union is ___________ that of the United States.

Net exports are negative when

Net exports is a negative figure when

The European Common Market was renamed the _____________________.

The relatively small export-import sector in the United States began to grow significantly

Until 2004,the largest exporter in the world was?

Net exports is a positive number whenever

The 2009 our imports and exports added together are __________ percent of GDP.

In the last 30 years,the U.S.has become much more __________ on international trade.

Between 1993 and 2009,the trade deficit with Mexico has increased by $___________ billion,while the trade deficit with Canada has increased by $_________ billion.

With regard to dependence on international trade,for most of its history the United States has been ____________.

Statement I: In 2009 the United States had a negative merchandise balance of trade over $708 billion. Statement II: In 2009 the United States had a positive services balance of trade over $118 billion.

Because of the ________________________,the United States and Europe are guilty of selling agricultural products at below cost or dumping the products on the market.

Before the ________ the American export-import sector was relatively small.

The world's leading exporting nation is ______________;the nation with the largest trade deficit is ______________.

Statement I: Until the mid-1970s,U.S.exports and imports were less than 1 percent of our domestic output. Statement II: America was called the "arsenal of democracy" because of the vast quantity of armaments we sent to our allies during World War II.

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

Statement I: The United States has a much more self-sufficient economy than those of Western Europe. Statement II: The European Union,as a free trade association,can trace its origins back to the 1950s.

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

Between 1993 and 2009,the trade deficit with Mexico has increased by $___ billion,while the trade deficit with Canada has increased by $_ billion.

The world's leading exporting nation is ;the nation with the largest trade deficit is .