Question 1

International trade is most important to the standard of living of:

Accepted Answer

A)  the United States
B)  Switzerland
C)  Germany
D)  EnglandE) All of the above
F) C) and D)

Question 2

The 2008 and 2009 financial and economic crisis began in

Accepted Answer

A)  U.S.subprime housing mortgage markets
B)  Chinese export markets
C)  The Japanese stock market
D)  Russian foreign exchange marketsE) C) and D)
F) A) and D)

Question 3

Over time,the economic interdependence of nations has:

Accepted Answer

A)  grown
B)  diminished
C)  remained unchanged
D)  cannot sayE) B) and D)
F) B) and C) A

Question 4

Today the largest net exporter of capital in terms of the total world percentage is

Accepted Answer

A)  Japan
B)  The United States
C)  Russia
D)  ChinaE) B) and C)
F) A) and B)

Question 5

What does the gravity model suggest?

Accepted Answer

That bilateral trade is positi...

Question 6

Today,how many people live on less that $1 a day across the globe.

Accepted Answer

A)  Roughly 1 billion
B)  Roughly 1 million
C)  Roughly 1 trillion
D)  Roughly 100 millionE) All of the above
F) C) and D)

Question 7

The opening or expansion of international trade usually affects all members of society:

Accepted Answer

A)  positively
B)  negatively
C)  most positively but some negatively
D)  most negatively but some positivelyE) None of the above
F) A) and D)

Question 8

In the study of international economics:

Accepted Answer

A)  international trade policies are examined before the bases for trade
B)  adjustment policies are discussed before the balance of payments
C)  the case of many nations is discussed before the two-nations case
D)  none of the aboveE) All of the above
F) A) and C)

Question 9

Economic interdependence is greater for:

Accepted Answer

A)  small nations
B)  large nations
C)  developed nations
D)  developing nationsE) B) and D)
F) All of the above

Question 10

The gravity model of international trade predicts that trade between two nations is larger

Accepted Answer

A)  the larger the two nations
B)  the closer the nations
C)  the more open are the two nations
D)  all of the aboveE) A) and D)
F) C) and D)

Question 11

Identify some of the criticisms of the anti-globalization movement.

Accepted Answer

Increased world inco...

Question 12

A rough measure of the degree of economic interdependence of a nation is given by:

Accepted Answer

A)  the size of the nations' population
B)  the percentage of its population to its GDP
C)  the percentage of a nation's imports and exports to its GDP
D)  all of the aboveE) B) and C)
F) A) and D)

Question 13

Economic theory:

Accepted Answer

A)  seeks to explain economic events
B)  seeks to predict economic events
C)  abstracts from the many detail that surrounds an economic event
D)  all of the aboveE) A) and B)
F) C) and D)

Question 14

International trade theory refers to:

Accepted Answer

A)  the microeconomic aspects of international trade
B)  the macroeconomic aspects of international trade
C)  open economy macroeconomics or international finance
D)  all of the aboveE) A) and B)
F) None of the above

Question 15

An increase in the dollar price of a foreign currency usually:

Accepted Answer

A)  benefit U.S.importers
B)  benefits U.S.exporters
C)  benefit both U.S.importers and U.S.exporters
D)  harms both U.S.importers and U.S.exportersE) A) and D)
F) B) and C) B

Question 16

Which of the following products are not produced at all in the United States?

Accepted Answer

A)  Coffee,tea,cocoa
B)  steel,copper,aluminum
C)  petroleum,coal,natural gas
D)  typewriters,computers,airplanesE) A) and B)
F) A) and C)

Question 17

Today roughly _____ million people live in countries other than the one in which they were born.

Accepted Answer

A)  500
B)  100
C)  50
D)  200E) A) and D)
F) B) and D)

Question 18

International economics deals with:

Accepted Answer

A)  the flow of goods,services,and payments among nations
B)  policies directed at regulating the flow of goods,services,and payments
C)  the effects of policies on the welfare of the nation
D)  all of the aboveE) C) and D)
F) None of the above D

Question 19

Which of the following is not an assumption generally made in the study of international economics?

Accepted Answer

A)  two nations
B)  two commodities
C)  perfect international mobility of factors
D)  two factors of productionE) A) and D)
F) B) and D)

Question 20

International trade is similar to interregional trade in that both must overcome:

Accepted Answer

A)  distance and space
B)  trade restrictions
C)  differences in currencies
D)  differences in monetary systemsE) B) and D)
F) B) and C)

Exam 1: Introduction

International trade is most important to the standard of living of:

Correct AnswerverifiedShow Answer

The 2008 and 2009 financial and economic crisis began in

Correct AnswerverifiedShow Answer

Over time,the economic interdependence of nations has:

Correct AnswerverifiedA

Today the largest net exporter of capital in terms of the total world percentage is

Correct AnswerverifiedShow Answer

What does the gravity model suggest?

Correct AnswerverifiedThat bilateral trade is positi...View AnswerShow Answer

Today,how many people live on less that $1 a day across the globe.

Correct AnswerverifiedShow Answer

The opening or expansion of international trade usually affects all members of society:

Correct AnswerverifiedShow Answer

In the study of international economics:

Correct AnswerverifiedShow Answer

Economic interdependence is greater for:

Correct AnswerverifiedShow Answer

The gravity model of international trade predicts that trade between two nations is larger

Correct AnswerverifiedShow Answer

Identify some of the criticisms of the anti-globalization movement.

Correct AnswerverifiedIncreased world inco...View AnswerShow Answer

A rough measure of the degree of economic interdependence of a nation is given by:

Correct AnswerverifiedShow Answer

Economic theory:

Correct AnswerverifiedShow Answer

International trade theory refers to:

Correct AnswerverifiedShow Answer

An increase in the dollar price of a foreign currency usually:

Correct AnswerverifiedB

Which of the following products are not produced at all in the United States?

Correct AnswerverifiedShow Answer

Today roughly _____ million people live in countries other than the one in which they were born.

Correct AnswerverifiedShow Answer

International economics deals with:

Correct AnswerverifiedD

Which of the following is not an assumption generally made in the study of international economics?

Correct AnswerverifiedShow Answer

International trade is similar to interregional trade in that both must overcome:

Correct AnswerverifiedShow Answer

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A

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That bilateral trade is positi...
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Increased world inco...
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B

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D

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