Exam 1: the International Economy and Globalization

Increased foreign competition tends to:

A closed economy is one in which:

What is the most important factor which contributes to competitiveness?

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

Recent empirical studies indicate that productivity performance in industries is:

The first wave of globalization was brought to an end by

In the United States,automobiles are

A main advantage of specialization results from:

The United States exports a larger percentage of its gross domestic product than Japan,Germany,and Canada.

A primary reason why nations conduct international trade is because:

The movement to free international trade is most likely to generate short-term unemployment in which industries?

International trade is based on the idea that:

How much physical output a worker producers in an hour's work depends on:

The real income of domestic producers and consumers can be increased by:

Foreign ownership of U.S.financial assets

International trade in goods and services is sometimes used as a substitute for all of the following except:

Arguments for free trade are sometimes disregarded by politicians because:

Does exposure to competition with the world leader in a particular industry improve a firm's productivity?

International trade tends to cause welfare losses to at least some groups in a country:

Important trading partners of the United States include Canada,Mexico,Japan,and China.