Exam 19: International Economic Relations

In 2012, the U.S. balance of payments was:

Trade imbalances can be offset by foreign capital investment.

Most economists oppose the levying of:

The United States is the largest debtor nation in the world.

The home-market argument in favor of protective tariffs results in:

A tax or duty on an imported commodity is called a(n):

One commodity that is desirable in the United States that we cannot produce ourselves is coffee.

The U.S. exchange rate system is called a(n):

Recently the American dollar has been very stable.

Although the value of the dollar has recently been on a roller-coaster ride, fluctuating, the general trend of the dollar has been:

In 1947, most Western nations agreed to a mutual effort to reduce trade barriers through the:

The U.S. changed from a fixed exchange rate to a generally flexible exchange rate in:

In the 1980s, the balance of trade deficits become so large that the U.S. became:

When two or more countries are on the gold standard, only very large fluctuations can take place in the exchange rate between their currencies.

Which of the following is NOT an argument against protective tariffs?

Between 2000 and 2005, the Bureau of Economic Analysis reported that the U.S. trade balance:

The relation of our total exports to our total imports is called the balance of:

Which of the following is NOT an advantage of international trade?

After World War II, the Western world went on a modified gold standard.

If countries decide to stop accepting U.S. dollars and promissory notes and instead want goods and services, the value of the dollar will likely: