Exam 1: The International Economy and Globalization

Concerning the value of trade (exports and imports),the top three countries which the United States trades includes

Workers sometimes face demands for wage reductions from their employers,which threaten to export jobs abroad if wage reductions are not accepted.

The first wave of globalization was brought to an end by

The benefits of international trade accrue in the forms of lower domestic prices,development of more efficient methods and new products,and a greater range of consumption choices.

Increased foreign competition tends to increase profits of domestic import-competing companies.

Economic interdependence occurs through

During the last century,the relative importance of international trade for the U.S.has:

For the United States,jobs in exporting industries typically pay about 15 percent less than jobs in import-competing industries.

In an open trading system,a country will import those commodities that it produces at relatively low cost while exporting commodities that can be produced at relatively high cost.

A primary reason why nations conduct international trade is because:

Comparing the 1800s to the 2000s,the "openness ratio" of the United States has

If a nation has an open economy,it means that the nation:

With globalization and import competition,U.S.prices have generally:

As a percentage of GDP,U.S.exports plus imports currently equal about

The largest amount of trade with the United States in recent years has been conducted by:

If a nation has an open economy,it means that the nation allows private ownership of capital.

Multilateral trade negotiations have led to

Current trade rules permit countries to enact measures to protect the health and safety of their citizens as long as all goods are treated equally,the tobacco companies argue.

Increased foreign competition tends to:

In terms of the value of trade,the most important trading partner of the United States is