Question 1

Hourly wages in Mexico are ____________ those paid in the United States for comparable work.

Accepted Answer

A) equal to 
B) one half 
C) one quarter 
D) one eighth 
A) equal to 
B) one half 
C) one quarter 
D) one eighth

Question 2

After World World II,the United States produced about ______ percent of the world's oil,much of which we exported.

Accepted Answer

A) 40 
B) 50 
C) 60 
D) 70 
A) 40 
B) 50 
C) 60 
D) 70

Question 3

Which statement is true?

Accepted Answer

A) Since 2007,the U.S.trade deficit has fallen significantly. 
B) Net exports has always been negative. 
C) The U.S.exports more services than merchandise (in terms of dollars). 
D) The U.S.balance of trade was negative for most of the 20th century. 
A) Since 2007,the U.S.trade deficit has fallen significantly. 
B) Net exports has always been negative. 
C) The U.S.exports more services than merchandise (in terms of dollars). 
D) The U.S.balance of trade was negative for most of the 20th century.

Question 4

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

Question 5

Net exports are positive when

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) a nation's exports of goods exceeds its imports. 
D) a nation's exports of services exceeds its imports. 
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) a nation's exports of goods exceeds its imports. 
D) a nation's exports of services exceeds its imports.

Question 6

Statement I: We pay for a large part of our trade deficit with U.S.dollars.
Statement II: The United States is much more dependent on foreign trade than it was 30 years ago.

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 7

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 8

In 2009,___________ exceeded Germany 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

Question 9

Which of the following were prominent among the protesters at the WTO meetings since 1999?

Accepted Answer

A) Labor union members concerned that free trade undermined worker rights to organize. 
B) Environmentalists concerned that corporations would locate in countries that had very lax environmental standards. 
C) Human rights advocates concerned that free trade condoned sweatshop working conditions. 
D) All of the answers are true. 
A) Labor union members concerned that free trade undermined worker rights to organize. 
B) Environmentalists concerned that corporations would locate in countries that had very lax environmental standards. 
C) Human rights advocates concerned that free trade condoned sweatshop working conditions. 
D) All of the answers are true.

Question 10

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 11

Net exports

Accepted Answer

A) are the smallest component of GDP. 
B) equal exports minus imports. 
C) have been negative in the United States since the mid-1970s. 
D) All of the choices are true of net exports. 
A) are the smallest component of GDP. 
B) equal exports minus imports. 
C) have been negative in the United States since the mid-1970s. 
D) All of the choices are true of net exports.

Question 12

Which of the following European Union (EU)nations has not adopted the euro?

Accepted Answer

A) France 
B) Great Britain 
C) Germany 
D) Italy 
A) France 
B) Great Britain 
C) Germany 
D) Italy

Question 13

Which component of GDP is most likely to be negative?

Accepted Answer

A) Net exports 
B) Gross private domestic investment 
C) Government purchases 
D) Imports 
E) Consumption 
A) Net exports 
B) Gross private domestic investment 
C) Government purchases 
D) Imports 
E) Consumption

Question 14

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) Included among the protesters at WTO meetings are environmentalists,organized labor,and human rights advocates. 
C) Since the passage of NAFTA our trade deficits with Mexico and Canada have significantly decreased. 
D) Even the protestors at WTO meetings are in favor of globalization. 
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) Included among the protesters at WTO meetings are environmentalists,organized labor,and human rights advocates. 
C) Since the passage of NAFTA our trade deficits with Mexico and Canada have significantly decreased. 
D) Even the protestors at WTO meetings are in favor of globalization.

Question 15

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

Accepted Answer

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

Question 16

Modern,highly productive economies

Accepted Answer

A) have virtually no specialization. 
B) have a small degree of specialization. 
C) have a substantial degree of specialization. 
D) have a high degree of specialization. 
A) have virtually no specialization. 
B) have a small degree of specialization. 
C) have a substantial degree of specialization. 
D) have a high degree of specialization.

Question 17

When a country is considering the question of whether to produce a product domestically or import the product,the country should make the decision based on __________________.

Accepted Answer

The answer of When a country is considering the question...

Hourly wages in Mexico are ____________ those paid in the United States for comparable work.

After World World II,the United States produced about ______ percent of the world's oil,much of which we exported.

Which statement is true?

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

Net exports are positive when

Statement I: We pay for a large part of our trade deficit with U.S.dollars. Statement II: The United States is much more dependent on foreign trade than it was 30 years ago.

Adam Smith believed that

In 2009,___________ exceeded Germany in value of exports becoming the world's largest exporter.

Which of the following were prominent among the protesters at the WTO meetings since 1999?

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.

Net exports

Which of the following European Union (EU)nations has not adopted the euro?

Which component of GDP is most likely to be negative?

Which is the most accurate statement?

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

Modern,highly productive economies

When a country is considering the question of whether to produce a product domestically or import the product,the country should make the decision based on __________________.

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

Hourly wages in Mexico are ____________ those paid in the United States for comparable work.

After World World II,the United States produced about ______ percent of the world's oil,much of which we exported.

Which statement is true?

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

Net exports are positive when

Statement I: We pay for a large part of our trade deficit with U.S.dollars. Statement II: The United States is much more dependent on foreign trade than it was 30 years ago.

Adam Smith believed that

In 2009,___________ exceeded Germany in value of exports becoming the world's largest exporter.

Which of the following were prominent among the protesters at the WTO meetings since 1999?

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.

Net exports

Which of the following European Union (EU)nations has not adopted the euro?

Which component of GDP is most likely to be negative?

Which is the most accurate statement?

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

Modern,highly productive economies

When a country is considering the question of whether to produce a product domestically or import the product,the country should make the decision based on __________________.

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