Question 1

From 1960 to 2012

Accepted Answer

A)  the U.S. economy roughly tripled in size. 
B)  U.S. imports roughly tripled in size. 
C)  the share of US Trade in the global economy roughly tripled in size. 
D)  U.S. Imports roughly tripled as compared to U.S. exports. 
E)  U.S. exports roughly tripled in size. 
A)  the U.S. economy roughly tripled in size. 
B)  U.S. imports roughly tripled in size. 
C)  the share of US Trade in the global economy roughly tripled in size. 
D)  U.S. Imports roughly tripled as compared to U.S. exports. 
E)  U.S. exports roughly tripled in size.

Question 2

The international capital market is

Accepted Answer

A)  the place where you can rent earth moving equipment anywhere in the world. 
B)  a set of arrangements by which individuals and firms exchange money now for promises to pay in the future. 
C)  the arrangement where banks build up their capital by borrowing from the Central Bank. 
D)  the place where emerging economies accept capital invested by banks. 
E)  exclusively concerned with the debt crisis that ended in the 1990s. 
A)  the place where you can rent earth moving equipment anywhere in the world. 
B)  a set of arrangements by which individuals and firms exchange money now for promises to pay in the future. 
C)  the arrangement where banks build up their capital by borrowing from the Central Bank. 
D)  the place where emerging economies accept capital invested by banks. 
E)  exclusively concerned with the debt crisis that ended in the 1990s.

Question 3

The GATT is

Accepted Answer

A)  an international treaty. 
B)  an international U.N. agency. 
C)  an international IMF agency. 
D)  a U.S. government agency. 
E)  a collection of tariffs. 
A)  an international treaty. 
B)  an international U.N. agency. 
C)  an international IMF agency. 
D)  a U.S. government agency. 
E)  a collection of tariffs.

Question 4

In September 2010,the finance minister of ________ declared that the world was "in the midst of an international currency war" because of rapid appreciation in the value of the country's currency,the ________.

Accepted Answer

A)  England; pound sterling 
B)  Germany; euro 
C)  Japan; yen 
D)  China; renminbi 
E)  Brazil; Real 
A)  England; pound sterling 
B)  Germany; euro 
C)  Japan; yen 
D)  China; renminbi 
E)  Brazil; Real

Question 5

International economics ________ use the same fundamental methods of analysis as other branches of economics,because ________.

Accepted Answer

A)  does not, the level of complexity of international issues is unique 
B)  does not, the interactions associated with international economic relations is highly mathematical 
C)  does not, international economics takes a different perspective on economic issues 
D)  does not, international economic policy requires cooperation with other countries 
E)  does, the motives and behavior of individuals are the same in international trade as they are in domestic transactions 
A)  does not, the level of complexity of international issues is unique 
B)  does not, the interactions associated with international economic relations is highly mathematical 
C)  does not, international economics takes a different perspective on economic issues 
D)  does not, international economic policy requires cooperation with other countries 
E)  does, the motives and behavior of individuals are the same in international trade as they are in domestic transactions

Question 6

The United States is less dependent on trade than most other countries because

Accepted Answer

A)  the United States is a relatively large country with diverse resources. 
B)  the United States is a "Superpower." 
C)  the military power of the United States makes it less dependent on anything. 
D)  the United States invests in many other countries. 
E)  many countries invest in the United States. 
A)  the United States is a relatively large country with diverse resources. 
B)  the United States is a "Superpower." 
C)  the military power of the United States makes it less dependent on anything. 
D)  the United States invests in many other countries. 
E)  many countries invest in the United States.

Question 7

The distinction between international trade and international money is not entirely clear because

Accepted Answer

A)  real developments in the trade accounts do not have monetary implications. 
B)  the balance of payments includes only real measures. 
C)  developments caused by purely monetary changes have no real effects. 
D)  trade models focus on real, or barter relationships. 
E)  most international trade involves monetary transactions. 
A)  real developments in the trade accounts do not have monetary implications. 
B)  the balance of payments includes only real measures. 
C)  developments caused by purely monetary changes have no real effects. 
D)  trade models focus on real, or barter relationships. 
E)  most international trade involves monetary transactions.

Question 8

Cost-benefit analysis of international trade

Accepted Answer

A)  is basically useless. 
B)  is empirically intractable. 
C)  focuses attention primarily on conflicts of interest within countries. 
D)  focuses attention on conflicts of interest between countries. 
E)  never leads to government intervention in international trade. 
A)  is basically useless. 
B)  is empirically intractable. 
C)  focuses attention primarily on conflicts of interest within countries. 
D)  focuses attention on conflicts of interest between countries. 
E)  never leads to government intervention in international trade.

Question 9

An improvement in a country's balance of payments means a decrease in its balance of payments deficit,or an increase in its surplus.In fact we know that a surplus in a balance of payments

Accepted Answer

A)  is always beneficial. 
B)  is usually beneficial. 
C)  is never harmful. 
D)  is sometimes harmful. 
E)  is always harmful. 
A)  is always beneficial. 
B)  is usually beneficial. 
C)  is never harmful. 
D)  is sometimes harmful. 
E)  is always harmful.

Question 10

After World War II,the United States has pursued a broad policy of

Accepted Answer

A)  strengthening "Fortress America" protectionism. 
B)  removing barriers to international trade. 
C)  isolating Iran and other members of the "axis of evil." 
D)  protecting the U.S. from the economic impact of oil producers. 
E)  restricting trade of manufactured goods. 
A)  strengthening "Fortress America" protectionism. 
B)  removing barriers to international trade. 
C)  isolating Iran and other members of the "axis of evil." 
D)  protecting the U.S. from the economic impact of oil producers. 
E)  restricting trade of manufactured goods.

Question 11

International trade theory implies that international trade is beneficial to all trading countries.However,casual observation leads to the conclusion that official obstruction of international trade flows is widespread.How might you reconcile these two facts?

Accepted Answer

This question is meant to allo

Question 12

The benefits of international trade are derived from trade in

Accepted Answer

A)  tangible goods only. 
B)  intangible goods only. 
C)  goods but not services. 
D)  services but not goods. 
E)  anything of value. 
A)  tangible goods only. 
B)  intangible goods only. 
C)  goods but not services. 
D)  services but not goods. 
E)  anything of value.

Question 13

International economics can be divided into two broad sub-fields

Accepted Answer

A)  macro and micro. 
B)  developed and less developed. 
C)  monetary and barter. 
D)  international trade and international money. 
E)  static and dynamic. 
A)  macro and micro. 
B)  developed and less developed. 
C)  monetary and barter. 
D)  international trade and international money. 
E)  static and dynamic.

Question 14

How are the patterns of international trade,that is the pattern of what different countries export and import,explained?

Accepted Answer

Climate explains why Brazil exports coff

Question 15

The international debt crisis of early 1982 was precipitated when ________ could not pay its international debts.

Accepted Answer

A)  Russia 
B)  Mexico 
C)  Brazil 
D)  Malaysia 
E)  China 
A)  Russia 
B)  Mexico 
C)  Brazil 
D)  Malaysia 
E)  China

Question 16

Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model.

Accepted Answer

A)  "Of the Balance of Trade," David Hume, 1776 
B)  "Wealth of Nations," David Hume, 1758 
C)  "Wealth of Nations," Adam Smith, 1758 
D)  "Wealth of Nations," Adam Smith, 1776 
E)  "Of the Balance of Trade," David Hume, 1758 
A)  "Of the Balance of Trade," David Hume, 1776 
B)  "Wealth of Nations," David Hume, 1758 
C)  "Wealth of Nations," Adam Smith, 1758 
D)  "Wealth of Nations," Adam Smith, 1776 
E)  "Of the Balance of Trade," David Hume, 1758

Question 17

Which of the following is NOT a major concern of international economic theory?

Accepted Answer

A)  protectionism 
B)  the balance of payments 
C)  exchange rate determination 
D)  bilateral trade relations with China 
E)  the international capital market 
A)  protectionism 
B)  the balance of payments 
C)  exchange rate determination 
D)  bilateral trade relations with China 
E)  the international capital market

Question 18

Who sells what to whom

Accepted Answer

A)  has been a major preoccupation of international economics. 
B)  is not a valid concern of international economics. 
C)  is not considered important for government foreign trade policy since such decisions are made in the private competitive market. 
D)  is determined by political rather than economic factors. 
E)  is less important than international economic theory. 
A)  has been a major preoccupation of international economics. 
B)  is not a valid concern of international economics. 
C)  is not considered important for government foreign trade policy since such decisions are made in the private competitive market. 
D)  is determined by political rather than economic factors. 
E)  is less important than international economic theory.

Question 19

International monetary analysis focuses on

Accepted Answer

A)  the real side of the international economy. 
B)  the international trade side of the international economy. 
C)  the international investment side of the international economy. 
D)  the issues of international cooperation between Central Banks. 
E)  the monetary side of the international economy, such as currency exchange. 
A)  the real side of the international economy. 
B)  the international trade side of the international economy. 
C)  the international investment side of the international economy. 
D)  the issues of international cooperation between Central Banks. 
E)  the monetary side of the international economy, such as currency exchange.

Question 20

In 1999,demonstrators representing a mix of traditional and new ideologies disrupted a major international trade meeting in Seattle of

Accepted Answer

A)  the OECD. 
B)  NAFTA. 
C)  the WTO. 
D)  GATT. 
E)  the G8. 
A)  the OECD. 
B)  NAFTA. 
C)  the WTO. 
D)  GATT. 
E)  the G8.

From 1960 to 2012

The international capital market is

The GATT is

In September 2010,the finance minister of declared that the world was "in the midst of an international currency war" because of rapid appreciation in the value of the country's currency,the .

International economics use the same fundamental methods of analysis as other branches of economics,because .

The United States is less dependent on trade than most other countries because

The distinction between international trade and international money is not entirely clear because

Cost-benefit analysis of international trade

An improvement in a country's balance of payments means a decrease in its balance of payments deficit,or an increase in its surplus.In fact we know that a surplus in a balance of payments

After World War II,the United States has pursued a broad policy of

International trade theory implies that international trade is beneficial to all trading countries.However,casual observation leads to the conclusion that official obstruction of international trade flows is widespread.How might you reconcile these two facts?

The benefits of international trade are derived from trade in

International economics can be divided into two broad sub-fields

How are the patterns of international trade,that is the pattern of what different countries export and import,explained?

The international debt crisis of early 1982 was precipitated when ________ could not pay its international debts.

Historians of economic thought often describe written by and published in as the first real exposition of an economic model.

Which of the following is NOT a major concern of international economic theory?

Who sells what to whom

International monetary analysis focuses on

In 1999,demonstrators representing a mix of traditional and new ideologies disrupted a major international trade meeting in Seattle of

National Income Accounting and the Balance of Payments

Labor Productivity and Comparative Advantage: The Ricardian Model

Specific Factors and Income Distribution

Resources and Trade: The Heckscher-Ohlin Model

The Standard Trade Model

External Economies of Scale and the International Location of Production

Firms in the Global Economy: Export Decisions,Outsourcing,and Multinational Enterprises

The Instruments of Trade Policy

The Political Economy of Trade Policy

Trade Policy in Developing Countries

Controversies in Trade Policy

Filters

Exam 1: Introduction

From 1960 to 2012

The international capital market is

The GATT is

In September 2010,the finance minister of ________ declared that the world was "in the midst of an international currency war" because of rapid appreciation in the value of the country's currency,the ________.

International economics ________ use the same fundamental methods of analysis as other branches of economics,because ________.

The United States is less dependent on trade than most other countries because

The distinction between international trade and international money is not entirely clear because

Cost-benefit analysis of international trade

An improvement in a country's balance of payments means a decrease in its balance of payments deficit,or an increase in its surplus.In fact we know that a surplus in a balance of payments

After World War II,the United States has pursued a broad policy of

International trade theory implies that international trade is beneficial to all trading countries.However,casual observation leads to the conclusion that official obstruction of international trade flows is widespread.How might you reconcile these two facts?

The benefits of international trade are derived from trade in

International economics can be divided into two broad sub-fields

How are the patterns of international trade,that is the pattern of what different countries export and import,explained?

The international debt crisis of early 1982 was precipitated when ________ could not pay its international debts.

Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model.

Which of the following is NOT a major concern of international economic theory?

Who sells what to whom

International monetary analysis focuses on

In 1999,demonstrators representing a mix of traditional and new ideologies disrupted a major international trade meeting in Seattle of

National Income Accounting and the Balance of Payments

Labor Productivity and Comparative Advantage: The Ricardian Model

Specific Factors and Income Distribution

Resources and Trade: The Heckscher-Ohlin Model

The Standard Trade Model

External Economies of Scale and the International Location of Production

Firms in the Global Economy: Export Decisions,Outsourcing,and Multinational Enterprises

The Instruments of Trade Policy

The Political Economy of Trade Policy

Trade Policy in Developing Countries

Controversies in Trade Policy

Filters

In September 2010,the finance minister of declared that the world was "in the midst of an international currency war" because of rapid appreciation in the value of the country's currency,the .

International economics use the same fundamental methods of analysis as other branches of economics,because .

Historians of economic thought often describe written by and published in as the first real exposition of an economic model.