Question 1

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.

Question 2

The agreement between the U.S. ,the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called

Accepted Answer

A)  NAFTA.
B)  CAFTA.
C)  Mercosur.
D)  GATT.

Question 3

The major country NOT to adopt the euro in the European Union is ______________.

Accepted Answer

The answer of The major country NOT to adopt the...

Question 4

The basis for international trade is ______________ and _____________.

Accepted Answer

specializa...

Question 5

What was the most important advantage to the EU countries that adopted the EURO as their official currency?

Accepted Answer

A)  Introduction of the euro increased exports to outside countries.
B)  Introduction of the euro has eased trade and commerce among the nations that adopted the euro.
C)  Introduction of the euro increased the disposal income of member countries population.
D)  The euro immediately replaced the dollar in international trade.

Question 6

The world's leading trading nation is ____________.

Accepted Answer

The answer of The world's leading trading nation is ____________....

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.

Question 8

Until 2004,the largest exporter in the world was?

Accepted Answer

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

Question 9

In 2009,Xn was about

Accepted Answer

A)  $700 billion.
B)  $400 billion.
C)  $100 billion
D)  -$200 billion.
E)  -$400 billion.

Question 10

If more foreign tourists visited the United States,this would

Accepted Answer

A)  lower our merchandise trade imbalance.
B)  lower our overall trade imbalance.
C)  raise our merchandise trade imbalance.
D)  raise our overall trade imbalance.

Question 11

Which best describes the American economy?

Accepted Answer

A)  It is a highly specialized economy.
B)  There is a small amount of specialization.
C)  There is a great deal of self-sufficiency.
D)  Half of the economy is highly specialized and the other half is self-sufficient.

Question 12

Were it not for our trade surplus of ___________ the U.S.balance of trade would be even larger.

Accepted Answer

The answer of Were it not for our trade surplus...

Question 13

Our merchandise balance of trade has been negative since the

Accepted Answer

A)  1960s
B)  1970s
C)  1980s
D)  1990s

Question 14

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.

Question 15

The basis for international trade is

Accepted Answer

A)  self-sufficiency.
B)  that we stand to gain if we can sell more to other nations than they buy from us.
C)  maximizing your exports and minimizing your imports.
D)  None of the choices are true.

Question 16

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.

Question 17

Statement I: The European Monetary Union has the same number of members as the European Union.
Statement II: Twelve nations of the European Union have adopted the euro as a common currency.

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.

Question 18

In deciding whether to build your own deck or hire it done,you should consider the economic concept of ___________________.

Accepted Answer

The answer of In deciding whether to build your own...

Question 19

A negative balance of trade is when _______________________________________.

Accepted Answer

imports ar...

Question 20

Net exports became negative in the

Accepted Answer

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

Exam 8: The Export-Import Sector

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

Correct Answer
verified

Net exports became negative in the

Correct Answer
verified

The world's leading trading nation is ____________.

Correct Answer
verified

Until 2004,the largest exporter in the world was?

Correct Answer
verified

Statement I: The European Monetary Union has the same number of members as the European Union. Statement II: Twelve nations of the European Union have adopted the euro as a common currency.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

A negative balance of trade is when _______________________________________.

Correct Answer
verified
imports ar...
View Answer

The agreement between the U.S. ,the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called

Correct Answer
verified

In 2009,X_n was about

Correct Answer
verified

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.

Correct Answer
verified

The major country NOT to adopt the euro in the European Union is ______________.

Correct Answer
verified

The basis for international trade is __ and _.

Correct Answer
verified
specializa...
View Answer

The basis for international trade is

Correct Answer
verified

Were it not for our trade surplus of ___________ the U.S.balance of trade would be even larger.

Correct Answer
verified

In deciding whether to build your own deck or hire it done,you should consider the economic concept of ___________________.

Correct Answer
verified

Which best describes the American economy?

Correct Answer
verified

Our merchandise balance of trade has been negative since the

Correct Answer
verified

If more foreign tourists visited the United States,this would

Correct Answer
verified

What was the most important advantage to the EU countries that adopted the EURO as their official currency?

Correct Answer
verified

Exam 8: The Export-Import Sector

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

Correct AnswerverifiedShow Answer

Net exports became negative in the

Correct AnswerverifiedShow Answer

The world's leading trading nation is ____________.

Correct AnswerverifiedShow Answer

Until 2004,the largest exporter in the world was?

Correct AnswerverifiedShow Answer

Statement I: The European Monetary Union has the same number of members as the European Union. Statement II: Twelve nations of the European Union have adopted the euro as a common currency.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A negative balance of trade is when _______________________________________.

Correct Answerverifiedimports ar...View AnswerShow Answer

The agreement between the U.S. ,the Dominican Republic and five small Central American countries that will eventually eliminate tariffs among all seven nations is called

Correct AnswerverifiedShow Answer

In 2009,Xn was about

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The major country NOT to adopt the euro in the European Union is ______________.

Correct AnswerverifiedShow Answer

The basis for international trade is ______________ and _____________.

Correct Answerverifiedspecializa...View AnswerShow Answer

The basis for international trade is

Correct AnswerverifiedShow Answer

Were it not for our trade surplus of ___________ the U.S.balance of trade would be even larger.

Correct AnswerverifiedShow Answer

In deciding whether to build your own deck or hire it done,you should consider the economic concept of ___________________.

Correct AnswerverifiedShow Answer

Which best describes the American economy?

Correct AnswerverifiedShow Answer

Our merchandise balance of trade has been negative since the

Correct AnswerverifiedShow Answer

If more foreign tourists visited the United States,this would

Correct AnswerverifiedShow Answer

What was the most important advantage to the EU countries that adopted the EURO as their official currency?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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imports ar...
View Answer

Correct Answer
verified

In 2009,X_n was about

Correct Answer
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Correct Answer
verified

Correct Answer
verified

The basis for international trade is __ and _.

Correct Answer
verified
specializa...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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