Exam 19: International Economic Relations

Global corporations can avoid import quotas.

The U.S. dollar serves as an international reserve currency.

The crisis and shortages in the U.S. economy as a result of the Arab oil embargo in the 1970s demonstrated the importance of international trade.

For many years before World War I, the principal trading countries maintained monetary systems based on:

When one country institutes tariffs, it is likely that other countries will follow resulting in:

Why do countries place restrictions on international trade? What are tariffs and import quotas? What are the arguments for and against protective tariffs?

When tariffs are levied as a percentage of a value of a commodity, they are said to be ad hominen.

What are the advantages and disadvantages of international trade? Why and how are the advantages linked to the disadvantages?

A limit on the quantity or the value of a commodity that can be brought into a country is called a(n):

Trade is the lifeblood of a modern economy.

Economists who favor free trade view free trade areas created by associations of countries with:

Invisible items of trade consist of services of all sorts for which people of one country pay those of another.

When countries meet under GATT in order to reduce trade barriers, these meetings are called:

International trade has only advantages.

In the 1930s, the United States followed an isolationist policy toward trade.

Interest Americans receive from foreign investments are unimportant in the U.S. economy.

Invisible items of trade include:

In most cases, nations would derive the greatest economic advantage from international trade if they:

In the 1960s, 1970s, and 1980s, international trade expanded in the developing countries, mainly in the area of:

International trade raises standards of living by increasing consumer purchasing power.