03 Jun Question Quiz Question 1. 1. (TCO 8) Countries engaged in international trade specialize in production based on (Points : 1)
Question
Quiz
Question 1. 1. (TCO 8) Countries engaged in international trade specialize in production based on (Points : 1)
relative levels of GDP.
comparative advantage.
relative exchange rates.
relative inflation rates.
Question 2. 2. (TCO 8) The World Trade Organization (Points : 1)
is also known as the International Monetary Fund (IMF).
is also known as NAFTA.
was established to resolve disputes arising under world trade rules.
enhances world trade by providing interest rate subsidies to foreign borrowers who buy exports on credit.
Question 3. 3. (TCO 9) The current account in a nation’s balance of payments includes (Points : 1)
its goods exports and imports, and its services exports and imports.
foreign purchases of domestic assets.
purchases of foreign assets.
All of these
Question 4. 4. (TCO 9) If the exchange rate between the U.S. dollar and the Japanese yen is $1 = 200 yen, then the dollar price of the yen is (Points : 1)
$.005.
$.05.
$.50.
$5.
Question 5. 5. (TCO 9) In recent years, the United States has had large (Points : 1)
current account surpluses.
capital and financial account deficits.
balance-of-trade deficits.
balance-of-payments surpluses.
Question 6. 6. (TCO 9) When the U.S. dollar decreases in value relative to foreign currencies the: (Points : 1)
Demand for U.S. exports will decrease
Supply of U.S. exports will decrease
Demand for U.S. exports will increase
Supply of U.S. exports will remain constant
Question 7. 7. (TCO 8) If a nation has a comparative advantage in the production of X, this means the nation (Points : 1)
cannot benefit by producing and trading this product.
must give up less of other goods than other nations in producing a unit of X.
has a production possibilities curve identical to those of other nations.
is not subject to increasing opportunity costs.
Question 8. 8. (TCO 8) Refer to the graphs below. These production-possibilities curves
Graph Description
(Points : 1)
demonstrate that there can be gains from specialization and trade between the two nations.
reflect the law-of-increasing-opportunity costs.
reflect the law-of-diminishing-marginal utility.
imply that specialization will be incomplete.
Question 9. 9. (TCO 9) The Group of Eight (G8) Nations which periodically have jointly intervened to influence the value of the dollar include (Points : 1)
Canada, U.S., France, Britain, Russia, Mexico, Germany, and Brazil.
Canada, U.S., France, Japan, Italy, Germany, Russia, and Great Britain.
Canada, U.S., Mexico, Brazil, Argentina, Peru, Uruguay, and Chile.
Italy, France, Britain, Germany, Netherlands, Norway, Russia, and Sweden.
Question 10. 10. (TCO 8) In recent years the United States has (Points : 1)
exported more services abroad than it has imported.
had a small goods trade surplus with Japan.
had a large goods trade surplus with the rest of the world.
maintained an overall trade surplus (goods and services combined) with the rest of the world.
Question 11. 11. (TCO 8 and 10) Evaluate the statement: “Restricting imports from other nations will save U.S. jobs.” Include both advantages and disadvantages in you argument. (Points : 5)
Question 12. 12. (TCO 9) How would a substantial appreciation in the European euro in the foreign exchange market affect the quantity of imports of European products by the U.S.? How would such an appreciation of the European euro affect travel by Americans to Europe? (Points : 5)
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