Question 1

U.S.trade with the rest of the world is a larger share of GDP than is typical for developed countries.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is a free trade agreement?

Accepted Answer

A) the Trans-Pacific Partnership (TPP) 
B) the Transatlantic Trade and Investment Partnership (TTIP) 
C) the Caribbean Basin Initiative (CBI) 
D) the African Growth and Opportunity Act (AGO
A)  
A) the Trans-Pacific Partnership (TPP) 
B) the Transatlantic Trade and Investment Partnership (TTIP) 
C) the Caribbean Basin Initiative (CBI) 
D) the African Growth and Opportunity Act (AGO
A)

Question 3

Which of the following is a true statement about U.S.job gains and losses under free trade agreements?

Accepted Answer

A) Whether jobs have been gained or lost, the size of these gains or losses is small relative to total U.S. job creation. 
B) Free trade agreements have resulted in a significant loss of jobs in the U.S. 
C) Free trade agreements have resulted in a significant gain in jobs in the U.S. 
D) Free trade agreements have resulted in no change in jobs in the U.S. 
A) Whether jobs have been gained or lost, the size of these gains or losses is small relative to total U.S. job creation. 
B) Free trade agreements have resulted in a significant loss of jobs in the U.S. 
C) Free trade agreements have resulted in a significant gain in jobs in the U.S. 
D) Free trade agreements have resulted in no change in jobs in the U.S.

Question 4

When did NAFTA go into effect?

Accepted Answer

The answer of When did NAFTA go into effect?...

Question 5

Explain the key principles of the labor and environmental side agreements to the NAFTA.

Accepted Answer

The key principles of the labor and envi

Question 6

One problem with NAFTA that is NOT shared by some other trade blocs is that

Accepted Answer

A) national environmental laws differ greatly. 
B) the countries are at very different stages of economic development. 
C) the countries speak different languages. 
D) the countries are not natural trading partners. 
A) national environmental laws differ greatly. 
B) the countries are at very different stages of economic development. 
C) the countries speak different languages. 
D) the countries are not natural trading partners.

Question 7

The TPP incorporates labor standards directly rather than as a side agreement.

Accepted Answer

A) True 
 B)False

Question 8

The Trans-Pacific Partnership (TPP)is a preferential agreement.

Accepted Answer

A) True 
 B)False

Question 9

One reason why most economists forecast that the effects of NAFTA on the U.S.economy would be small is because

Accepted Answer

A) NAFTA does not bring down tariffs far enough. 
B) the Mexican economy is small relative to the U.S. economy. 
C) NAFTA trade opening provisions only cover a handful of sectors. 
D) Mexico was not expected to live up to its obligations under the agreement. 
A) NAFTA does not bring down tariffs far enough. 
B) the Mexican economy is small relative to the U.S. economy. 
C) NAFTA trade opening provisions only cover a handful of sectors. 
D) Mexico was not expected to live up to its obligations under the agreement.

Question 10

Describe the trends in U.S.manufacturing employment and U.S.manufacturing output over the last 40 years.What factors have contributed to these?

Accepted Answer

Manufacturing employment is down while o

Question 11

The ratio of trade to GDP for the U.S.has roughly tripled since the 1960s.

Accepted Answer

A) True 
 B)False

Question 12

Twenty-four years before CUSTA,another agreement between the same countries covered trade in

Accepted Answer

A) textiles. 
B) steel. 
C) autos. 
D) agriculture. 
A) textiles. 
B) steel. 
C) autos. 
D) agriculture.

Question 13

The single most important reason for Canada's seeking a free trade agreement with the United States was to

Accepted Answer

A) ensure its access to the U.S. market. 
B) ensure its ability to join NAFTA. 
C) harmonize its environmental laws with the United States. 
D) avoid international outsourcing in low wage countries. 
A) ensure its access to the U.S. market. 
B) ensure its ability to join NAFTA. 
C) harmonize its environmental laws with the United States. 
D) avoid international outsourcing in low wage countries.

Question 14

Estimates of U.S.job gains and losses due to free trade agreements

Accepted Answer

A) show no change in jobs. 
B) show clear gains in the number of jobs. 
C) show clear losses in the number of jobs. 
D) show mixed results, leading to no clear conclusion. 
A) show no change in jobs. 
B) show clear gains in the number of jobs. 
C) show clear losses in the number of jobs. 
D) show mixed results, leading to no clear conclusion.

Question 15

Purchasing power parity (PPP)measurements of income are a way to make international comparisons by correcting for national differences in

Accepted Answer

A) unemployment. 
B) inflation. 
C) prices of goods and services. 
D) economic growth. 
A) unemployment. 
B) inflation. 
C) prices of goods and services. 
D) economic growth.

Question 16

Why is it difficult to estimate job gains or losses due to free trade agreements?

Accepted Answer

It is possible to estimate the number of

Question 17

Even though Mexico is a developing country,the NAFTA market is very rich.

Accepted Answer

A) True 
 B)False

Question 18

A preferential agreement requires that the other country also provide market access.

Accepted Answer

A) True 
 B)False

Question 19

U)S.opponents of NAFTA argued that the agreement will hurt the United States.In their view,NAFTA's greatest harm is in its

Accepted Answer

A) harmonization of labor policies. 
B) harmonization of environmental policies. 
C) harmonization of the use of pesticides and herbicides. 
D) job destruction and downward pressure on U.S. wages. 
A) harmonization of labor policies. 
B) harmonization of environmental policies. 
C) harmonization of the use of pesticides and herbicides. 
D) job destruction and downward pressure on U.S. wages.

Question 20

Which of the following is NOT a reason Mexico and Canada wanted a free trade agreement with the United States?

Accepted Answer

A) Mexico wanted increased direct foreign investment. 
B) Canada wanted to guarantee access to the U.S. market. 
C) Mexico wanted the United States to lower its high barriers to Mexican products. 
D) Mexico wanted to institutionalize its economic reforms. 
A) Mexico wanted increased direct foreign investment. 
B) Canada wanted to guarantee access to the U.S. market. 
C) Mexico wanted the United States to lower its high barriers to Mexican products. 
D) Mexico wanted to institutionalize its economic reforms.

U.S.trade with the rest of the world is a larger share of GDP than is typical for developed countries.

Which of the following is a free trade agreement?

Which of the following is a true statement about U.S.job gains and losses under free trade agreements?

When did NAFTA go into effect?

Explain the key principles of the labor and environmental side agreements to the NAFTA.

One problem with NAFTA that is NOT shared by some other trade blocs is that

The TPP incorporates labor standards directly rather than as a side agreement.

The Trans-Pacific Partnership (TPP)is a preferential agreement.

One reason why most economists forecast that the effects of NAFTA on the U.S.economy would be small is because

Describe the trends in U.S.manufacturing employment and U.S.manufacturing output over the last 40 years.What factors have contributed to these?

The ratio of trade to GDP for the U.S.has roughly tripled since the 1960s.

Twenty-four years before CUSTA,another agreement between the same countries covered trade in

The single most important reason for Canada's seeking a free trade agreement with the United States was to

Estimates of U.S.job gains and losses due to free trade agreements

Purchasing power parity (PPP)measurements of income are a way to make international comparisons by correcting for national differences in

Why is it difficult to estimate job gains or losses due to free trade agreements?

Even though Mexico is a developing country,the NAFTA market is very rich.

A preferential agreement requires that the other country also provide market access.

U)S.opponents of NAFTA argued that the agreement will hurt the United States.In their view,NAFTA's greatest harm is in its

Which of the following is NOT a reason Mexico and Canada wanted a free trade agreement with the United States?

The United States in a Global Economy

International Economic Institutions Since World War II

Comparative Advantage and the Gains From Trade

Comparative Advantage and Factor Endowments

Beyond Comparative Advantage

The Theory of Tariffs and Quotas

Commercial Policy

International Trade and Labor and Environmental Standards

Trade and the Balance of Payments

Exchange Rates and Exchange Rate Systems

An Introduction to Open Economy Macroeconomics

International Financial Crises

The European Union: Many Markets Into One

Trade and Policy Reform in Latin America

Export-Oriented Growth in East Asia

China and India in the World Economy

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Exam 13: The United States in the World Economy

U.S.trade with the rest of the world is a larger share of GDP than is typical for developed countries.

Which of the following is a free trade agreement?

Which of the following is a true statement about U.S.job gains and losses under free trade agreements?

When did NAFTA go into effect?

Explain the key principles of the labor and environmental side agreements to the NAFTA.

One problem with NAFTA that is NOT shared by some other trade blocs is that

The TPP incorporates labor standards directly rather than as a side agreement.

The Trans-Pacific Partnership (TPP)is a preferential agreement.

One reason why most economists forecast that the effects of NAFTA on the U.S.economy would be small is because

Describe the trends in U.S.manufacturing employment and U.S.manufacturing output over the last 40 years.What factors have contributed to these?

The ratio of trade to GDP for the U.S.has roughly tripled since the 1960s.

Twenty-four years before CUSTA,another agreement between the same countries covered trade in

The single most important reason for Canada's seeking a free trade agreement with the United States was to

Estimates of U.S.job gains and losses due to free trade agreements

Purchasing power parity (PPP)measurements of income are a way to make international comparisons by correcting for national differences in

Why is it difficult to estimate job gains or losses due to free trade agreements?

Even though Mexico is a developing country,the NAFTA market is very rich.

A preferential agreement requires that the other country also provide market access.

U)S.opponents of NAFTA argued that the agreement will hurt the United States.In their view,NAFTA's greatest harm is in its

Which of the following is NOT a reason Mexico and Canada wanted a free trade agreement with the United States?

The United States in a Global Economy

International Economic Institutions Since World War II

Comparative Advantage and the Gains From Trade

Comparative Advantage and Factor Endowments

Beyond Comparative Advantage

The Theory of Tariffs and Quotas

Commercial Policy

International Trade and Labor and Environmental Standards

Trade and the Balance of Payments

Exchange Rates and Exchange Rate Systems

An Introduction to Open Economy Macroeconomics

International Financial Crises

The European Union: Many Markets Into One

Trade and Policy Reform in Latin America

Export-Oriented Growth in East Asia

China and India in the World Economy

Filters