1. Which of the following trading partners of the United States became its number one "trade problem" at the beginning of the 21st century?
United Kingdom
Japan
Germany
Canada
China
2. Which of the following presents the correct picture of the outcome of increased world trade after the 1950s, contrary to Servan-Schreiber's prediction?
Third World countries have been excluded from this economic growth leading to stark imbalances in wealth.
The European Union has become the center of world trade, taking the position away from the United States.
The United States has continuously maintained the positive balance of trade it attained during the 1950s.
Economic power and potential has become more evenly distributed among the countries of the world.
SDRs and gold have lost their utility as the basic medium of financial exchange and most monetary statistics have started relating to the U.S. dollar.
3. The _____ of the balance-of-payments statement is most likely to record all merchandise exports, imports, and services plus unilateral transfers of funds.
current account
capital account
credit account
receivables account
reserves account
4. The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the _____ section of the Omnibus Trade and Competitiveness act.
market access
export expansion
import relief
foreign exchange regulation
trade deficit
1. Which of the following trading partners of the United States became its number one "trade problem" at the beginning of the 21st century?
United Kingdom
Japan
Germany
Canada
China
2. Which of the following presents the correct picture of the outcome of increased world trade after the 1950s, contrary to Servan-Schreiber's prediction?
Third World countries have been excluded from this economic growth leading to stark imbalances in wealth.
The European Union has become the center of world trade, taking the position away from the United States.
The United States has continuously maintained the positive balance of trade it attained during the 1950s.
Economic power and potential has become more evenly distributed among the countries of the world.
SDRs and gold have lost their utility as the basic medium of financial exchange and most monetary statistics have started relating to the U.S. dollar.
3. The _____ of the balance-of-payments statement is most likely to record all merchandise exports, imports, and services plus unilateral transfers of funds.
current account
capital account
credit account
receivables account
reserves account
4. The Foreign Corrupt Practices Act (FCPA) was specifically addressed in the _____ section of the Omnibus Trade and Competitiveness act.
market access
export expansion
import relief
foreign exchange regulation
trade deficit
Related textbook solutions
Related questions
Today, in the UnitedĆ¢ĀĀ States, exports are about
A.
28 percent of GDP.
B.
90 percent of GDP.
C.
14 percent of GDP.
D.
4 percent of GDP.
Which of the following statements isĆ¢ĀĀ FALSE?
A.
Sophisticated financial systems have given U.S. productive efficiency a boost.
B.
When it comes to overall productiveĆ¢ĀĀ efficiency, compared toĆ¢ĀĀ Japan, Germany and the rest of the EuropeanĆ¢ĀĀ Union, the United States lags far behind.
C.
Economic restructuring and investments in information technology have added to productive efficiency in the United States.
D.
The UnitedĆ¢ĀĀ States' international competitive position has been helped by its long history of widespread entrepreneurship.
One problem with the infant industry argument is that
A.
it fails to protect domestic industries from foreign competition.
B.
it must be approved by the Federal Reserve Board.
C.
it must be approved by the IMF and the World Bank.
D.
the protection is typically neverĆ¢ĀĀ removed, creating a domestic monopoly.
When a tariff isĆ¢ĀĀ imposed, the supply curve for the imported good
A.
shifts upward and to the left.
B.
shifts downward and to the right.
C.
becomes perfectly inelastic.
D.
does not change.
The WTO replaced the GATT in
A.
1900.
B.
1995.
C.
1960.
D.
1945.
The World Trade Organization
A.
increases world trade by providing interest rate subsidies to foreign borrowers who buy U.S. exports on credit.
B.
was established to settle trade disputes within the European Union.
C.
was established to resolve disputes arising under world trade rules.
D.
is another name for the IMF.
Trade deflection is an act that
A.
has no impact on the amount of international trade in the world.
B.
is illegal among all countries in the world.
C.
decreases the amount of international trade in the world.
D.
increases the amount of international trade in the world.
| The Number of Worker Days to Produce One Cuckoo Clock or Movie Using All Available Resources | ||
| Product | United States Ć¢ĀĀ (WorkerminusĆ¢ĀĀĆ¢ĀĀDays) | Switzerland Ć¢ĀĀ (WorkerminusĆ¢ĀĀĆ¢ĀĀDays) |
| Cuckoo Clocks | 8 | 6 |
| Movies | 12 | 4 |
Refer to the above table. Assuming constant opportunityĆ¢ĀĀ costs, which of the of the following statements is correct if the rate of exchange is 1 movie for 1 cuckoo clock.
A.
U.S. residents will gain from exporting movies and Swiss residents will gain from exporting cuckoo clocks at a rate of exchange.
B.
U.S. residents would be willing to export cuckooĆ¢ĀĀ clocks, but Swiss residents would not gain from exporting movies at this rate of exchange.
C.
Swiss residents would be willing to exportĆ¢ĀĀ movies, but U.S. residents would not gain from exporting cuckoo clocks at this rate of exchange.
D.
U.S. residents will gain from exporting cuckoo clocks and Swiss residents will gain from exporting movies at a rate of exchange.
The balance of payments is
A.
a summary record of aĆ¢ĀĀ country's purchases and sales of goods and services in the world market.
B.
a summary record of aĆ¢ĀĀ country's economic transactions with foreign residents and governments.
C.
the value of goods and services bought and sold in the world market.
D.
the value of merchandise goods bought and sold in the world market.
