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International Economics Essay

1580 words - 7 pages

Chapter 1: Introduction

1. Historians of economic thought often describe ___________ written by _______
and published in __________ as the first real exposition of an economic model.
A. "Of the Balance of Trade,” David Hume, 1776
B. "Wealth of Nations," David Hume, 1758
C. "Wealth of Nations," Adam Smith, 1758
D. "Wealth of Nations," Adam Smith, 1776
E. "Of the Balance of Trade," David Hume, 1758
Answer: E
2. From 1959 to 2000,
A. the U.S. economy roughly tripled in size.
B. U.S. imports roughly tripled in size.
C. the share of US Trade in the economy roughly tripled in size.
D. U.S. Imports roughly tripled as compared to U.S. exports.
E. U.S. exports roughly tripled in ...view middle of the document...

Answer: B
6. If there are large disparities in wage levels between countries, then
A. trade is likely to be harmful to both countries.
B. trade is likely to be harmful to the country with the high wages.
C. trade is likely to be harmful to the country with the low wages.
D. trade is likely to be harmful to neither country.
E. trade is likely to have no effect on either country.
Answer: D
7. Benefits of international trade are limited to
A. tangible goods.
B. intangible goods.
C. all goods but not services.
D. services.
E. None of the above.
Answer: E
8. Attempts to explain the pattern of international trade
A. have been a major focus of international economists.
B. have proven to be hopeless.
C. have proven to be a trivial exercise.
D. have been the preoccupation of economic development theorists.
E. None of the above.
Answer: A
9. Which of the following does not belong?
B. Uruguay Round
C. World Trade Organization
D. None Tariff Barriers3
E. None of the above.
Answer: D
10. Cost-benefit analysis of international trade
A. is basically useless.
B. is empirically intractable.
C. focuses attention on conflicts of interest within countries.
D. focuses attention on conflicts of interests between countries.
E. None of the above.
Answer: C
11. An improvement in a country's balance of payments means a decrease in its
balance of payments deficit, or an increase in its surplus. In fact we know that a
surplus in a balance of payments
A. is good.
B. is usually good.
C. is probably good.
D. may be considered bad.
E. is always bad.
Answer: D
12. The study of exchange rate determination is relatively
A. difficult.
B. new and mathematical.
C. old.
D. obtuse.
E. None of the above.
Answer: B
13. The GATT was
A. an international treaty.
B. an international U.N. agency.
C. an international IMF agency.
D. a U.S. government agency.
E. a collection of tariffs.
Answer: A4
14. The international debt crisis of early 1982 was precipitated when _____ could not
pay its international debts.
A. Russia
B. Mexico
C. Brazil
D. Malaysia
E. China
Answer: B
15. International economics can be divided into two broad sub-fields:
A. macro and micro.
B. developed and less developed.
C. monetary and barter.
D. international trade and international money.
E. static and dynamic.
Answer: C
16. A primary reason why nations conduct international trade is because of
differences in
A. historical perspective.
B. location.
C. resource availabilities.
D. tastes.
E. incomes.
Answer: C
17. International trade is sometimes used as a substitute for all of the following except
A. international movements of capital.
B. international movement s of labor.
C. domestic production of the same goods or services.
D. domestic production of different goods and services.
E. None of the above.
Answer: D5
18. International trade forces domestic firms to become more competitive in terms of
A. the introduction of new...

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