Exam 1: the International Economy and Globalization

The dominant trading nation in the world market following World War II was:

Relative to countries with low ratios of exports to gross domestic product,countries having high export to gross domestic product ratios are ____ vulnerable to changes in the world market.

The largest amount of trade with the United States in recent years has been conducted by:

Technological improvements are similar to international trade since they both:

In an open trading system,a country will import those commodities that it produces at relatively low cost while exporting commodities that can be produced at relatively high cost.

International trade in goods and services tends to:

For a nation to maximize its productivity in a global economy:

Increased foreign competition tends to increase profits of domestic import-competing companies.