Econ 340 Exam 1 Questions With Answers
100% Solved
US - ANSWER As a share of national income, exports and imports are lowest for which of
the following countries:
A
US
B
Belgium
C
Germany
D
Mexico
The US is less exposed to trade than most developed countries - ANSWER If you were to
try to make the case that international trade is not important for US manufactures, which
of the following facts could you use
Tripled - ANSWER For the US, International trade as a share of national income in last 40
years has
grown more than exports - ANSWER Over the past few decades, Imports have
,True - ANSWER Exports are more important in the manufacturing sector than in the
economy overall.
high income countries - ANSWER Overall, exports are a more important part of the
economy of
decreased - ANSWER Between the two World Wars, as a share of the global economy,
trade
Decreasing after WW II - ANSWER Average tariff rates
2008 - ANSWER Export volumes start to deviate from their trend in
Less than 10% of world trade - ANSWER Agricultural products account for
A growing percent of world trade - ANSWER Trade in services account for
Manufactures - ANSWER Most products exported from North American countries are
size& Georgraphy - ANSWER An important determinant of bilateral trade flow is/are
, Canada and China - ANSWER Americas two top trading partners in 2012 were
small - ANSWER When compared with trade's percent of GDP in rich countries, is trade
usually a larger or smaller percent of GDP for poor countries?
Both exports and imports have grown - ANSWER What is the trend in trade for the
United States?
Exports have grown but imports have grown faster - ANSWER The US trade deficit has
grown because United States
Fuel prices - ANSWER Which is not a 'man-made' barrier to trade?
Yes, across all countries - ANSWER Is there a correlation between trade volume and
economic development?
Manufacturing - ANSWER What is the largest component of world trade?
China - ANSWER Currently, which country is the US's top trading partner
Larger countries trade more than small - ANSWER What is the relationship between size
and trade?
100% Solved
US - ANSWER As a share of national income, exports and imports are lowest for which of
the following countries:
A
US
B
Belgium
C
Germany
D
Mexico
The US is less exposed to trade than most developed countries - ANSWER If you were to
try to make the case that international trade is not important for US manufactures, which
of the following facts could you use
Tripled - ANSWER For the US, International trade as a share of national income in last 40
years has
grown more than exports - ANSWER Over the past few decades, Imports have
,True - ANSWER Exports are more important in the manufacturing sector than in the
economy overall.
high income countries - ANSWER Overall, exports are a more important part of the
economy of
decreased - ANSWER Between the two World Wars, as a share of the global economy,
trade
Decreasing after WW II - ANSWER Average tariff rates
2008 - ANSWER Export volumes start to deviate from their trend in
Less than 10% of world trade - ANSWER Agricultural products account for
A growing percent of world trade - ANSWER Trade in services account for
Manufactures - ANSWER Most products exported from North American countries are
size& Georgraphy - ANSWER An important determinant of bilateral trade flow is/are
, Canada and China - ANSWER Americas two top trading partners in 2012 were
small - ANSWER When compared with trade's percent of GDP in rich countries, is trade
usually a larger or smaller percent of GDP for poor countries?
Both exports and imports have grown - ANSWER What is the trend in trade for the
United States?
Exports have grown but imports have grown faster - ANSWER The US trade deficit has
grown because United States
Fuel prices - ANSWER Which is not a 'man-made' barrier to trade?
Yes, across all countries - ANSWER Is there a correlation between trade volume and
economic development?
Manufacturing - ANSWER What is the largest component of world trade?
China - ANSWER Currently, which country is the US's top trading partner
Larger countries trade more than small - ANSWER What is the relationship between size
and trade?
