Question 1

Our trade deficit in 2009 was _______.

Accepted Answer

The answer of Our trade deficit in 2009 was _______....

Question 2

American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.

Accepted Answer

The answer of American and European farmers can sell their...

Question 3

Volkswagen's New Beetle is made in

Accepted Answer

A) Germany. 
B) The U.S. 
C) Canada. 
D) Mexico. 
A) Germany. 
B) The U.S. 
C) Canada. 
D) Mexico.

Question 4

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly.
Statement II: The United States ran a trade surplus in merchandise for most of the 20th century.

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 5

There are _____ nations in the European Union.

Accepted Answer

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

Question 6

The NAFTA agreement affects our trade with

Accepted Answer

A) AsiA. 
B) North America. 
C) Africa. 
D) The OPEC nations. 
E) The European Common Market. 
A) AsiA. 
B) North America. 
C) Africa. 
D) The OPEC nations. 
E) The European Common Market.

Question 7

The NAFTA agreement

Accepted Answer

A) was supported by most economists and people in the business community. 
B) has NOT led to the loss of millions of U.S.jobs to Mexico. 
C) has less economic integration than the European Union. 
D) did not eliminate all internal tariffs among its three members. 
E) All of the answers are truE. 
A) was supported by most economists and people in the business community. 
B) has NOT led to the loss of millions of U.S.jobs to Mexico. 
C) has less economic integration than the European Union. 
D) did not eliminate all internal tariffs among its three members. 
E) All of the answers are truE.

Question 8

Net exports are

Accepted Answer

A) the smallest component of GDP. 
B) income after taxes. 
C) the largest component of GDP. 
D) included in government spending. 
A) the smallest component of GDP. 
B) income after taxes. 
C) the largest component of GDP. 
D) included in government spending.

Question 9

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.

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

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 11

The basis for international trade is

Accepted Answer

A) that a nation can import a particular good or service at a lower cost than if it were produced domestically. 
B) Specialization. 
C) both countries can gain from trade. 
D) All of the choices are true. 
A) that a nation can import a particular good or service at a lower cost than if it were produced domestically. 
B) Specialization. 
C) both countries can gain from trade. 
D) All of the choices are true.

Question 12

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 13

According to Nobel Prize winning economist Joseph Stiglitz

Accepted Answer

A) over the years the IMF has markedly changed. 
B) the IMF was founded on the belief that markets often worked badly. 
C) the IMF now champions the free market as the best way to run an economy. 
D) All of the choices are true. 
A) over the years the IMF has markedly changed. 
B) the IMF was founded on the belief that markets often worked badly. 
C) the IMF now champions the free market as the best way to run an economy. 
D) All of the choices are true.

Question 14

Exports minus imports equal _____________.

Accepted Answer

The answer of Exports minus imports equal _____________....

Question 15

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 16

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

Accepted Answer

The answer of The C + I + G +...

Question 17

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.

Question 18

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 19

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

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

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...

Our trade deficit in 2009 was _______.

American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.

Volkswagen's New Beetle is made in

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly. Statement II: The United States ran a trade surplus in merchandise for most of the 20^th century.

There are _____ nations in the European Union.

The NAFTA agreement affects our trade with

The NAFTA agreement

Net exports are

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.

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

The basis for international trade is

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

According to Nobel Prize winning economist Joseph Stiglitz

Exports minus imports equal _____________.

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.

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

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.

Which is the most accurate statement?

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

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

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

Income Distribution and Poverty

International Trade

International Finance

Filters

Exam 8: The Export-Import Sector

Our trade deficit in 2009 was _______.

American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.

Volkswagen's New Beetle is made in

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly. Statement II: The United States ran a trade surplus in merchandise for most of the 20th century.

There are _____ nations in the European Union.

The NAFTA agreement affects our trade with

The NAFTA agreement

Net exports are

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.

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

The basis for international trade is

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

According to Nobel Prize winning economist Joseph Stiglitz

Exports minus imports equal _____________.

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.

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

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.

Which is the most accurate statement?

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

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

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

Income Distribution and Poverty

International Trade

International Finance

Filters

Statement I: Since the end of World War II in 1945,the world has seen trade barriers fall significantly. Statement II: The United States ran a trade surplus in merchandise for most of the 20^th century.

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

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