ECO 336 Chapter 1,2,3,4,5 Homework Exam
Questions And Answers 100% Pass
Which of the following is not among the measures economists examine to assess the
degree globalization and international economic integration? (Quiz?*) - ANSWER
Number and complexity of trade agreements
Compared to a century ago, the U.S. economy today appears more integrated with the
world economy as signified by its increased ______.
Alternatively, an indicator that today the U.S> economy is less integrated with the world
than it was a century ago is its reduced proportion of ______. (Quiz?*) - ANSWER
trade-to-GDP ratio.
foreign-born citizens.
The trade-to-GDP ratio is computed using - ANSWER (Exports + Imports) / GDP
Which one of the following "observation pairs" most accurately describes the pattern
exhibited over the 1913-2010 period by the trade-to-GDP ratios for the six selected
industrial economies shown above? - ANSWER The ratios fell between 1913 and 1950
but have risen relatively rapidly since AND the smaller countries tend to be more open
than the larger countries.
Trade and capital flows were described and measured in relative terms rather than
absolute terms. The difference between the two is that
With respect to indicating the importance of trade and capital flows to an economy, the
terms that seem more valid are _____ terms because such terms are _____ the size of
national economies. (Quiz?*) - ANSWER the latter are the dollar amounts of trade and
capital flows and the former are the ratio of dollar values to GDP.
,relative; proportional to
The relative size of international capital flows may not be much greater today than they
were 100 years ago, although they are certainly greater than they were 50 years ago.
Qualitatively, however, capital flows are different today in that - ANSWER all of the
above accurately describe the difference in capital flows over the past century.
The new issues in international trade and investment largely involve policy difference
that until recently were considered the exclusive responsibility of _______.
To the extent that negotiations occur between nations to resolve the new issues
associated with trade and investment, the possibility arises that - ANSWER local or
national governments.
all of the above (foreign interest will acquire a voice in setting domestic policy, domestic
policy concerns may be subjugated to foreign entities, and policies that only tangentially
impact trade may become homogenized across nations)
Which of the following is not of the three kinds of evidence that economists use to
support the assertion that open economies grow faster than economies that are closed
to the world economy?**
Use the following key to identify the evidence types listed in the table below.
Key A (Evidence of statistical comparisons of countries), B (Casual empirical evidence
of historical experience), C (Economic logic and deductive reasoning)
East Asia integrated itself into the world economy and watched growth take off, while
Latin America chose to remain partially closed and, as a result, experience mediocre
growth. ___
Open trade fosters competition, innovation, and learning by doing and brings
international best practices to the attention of domestic producers, spurring greater
efficiency, export expansion, and economic growth. ___
,Comparative advantage leads to trade and this in turn leads to the reallocation of
resources a - ANSWER Forensic analysis of the growth equation
B; C; C
International capital markets (Quiz?*) - ANSWER A and B only (may have smaller capital
flows [relative to the size of their GDP] today than around the late 19th/early 20th
century, and often have higher transaction costs than domestic capital markets)
According to the figure to the right, trade is least important for country: (Quiz?*)
... trade is most important for country: - ANSWER Alpha; Delta
International economies can be divided into two broad subfields: - ANSWER trade of
production output (products and services), and trade of production input (capital and
labor)
A typical measure or criteria for judging the degree of international economic
integration is - ANSWER all of the above (capital flows, people flows, trade flows, and
similarity of prices)
Classify each of the following transactions as belonging primarily to the sphere of
international trade flow (T) or international capital flow (M). (Enter T for Trade or M for
Capital)
Foreigners purchase U.S. dollars. __
The U.S. imports crude oil from the Middle East ___
The U.S. imposes tariffs on foreign steel. ___
The Chinese government purchases U.S. Treasury bonds. ___
The Chinese currency is seen as being undervalued. ___ - ANSWER M
, T
T
M
M
International economics can be divided into two broad subfields: - ANSWER trade of
production output (products and services), and trade of production input (capital and
labor)
In 2005, total world imports were estimated to be ___ percent of world gross domestic
product (GDP). - ANSWER 20.5%
The current process of increasing economic integration among national economies,
better known as globalization, - ANSWER is actually the world's second wave of such
integration.
A high correlation of national savings and investment is: - ANSWER A signal that
countries may not be able to lend and borrow as freely as we thought.
Which of the following is true about international asset trade: - ANSWER Recent years
have shown a dramatic upswing in the size and scale of international asset flows.
Which of the following is NOT an example of international factor movement? - ANSWER
International trade in intermediate goods
To judge the degree of international integration, economists turn to information on -
ANSWER all of the above (flows of goods, the similarity of prices in different markets,
and flows of capital and people)
How is current day trade different than earlier trade? - ANSWER B and C only (the
fraction of current international trade is organized and conducted by multinational firms
has grow since 1950, and the share of manufacturing trade has risen, while the share of
Questions And Answers 100% Pass
Which of the following is not among the measures economists examine to assess the
degree globalization and international economic integration? (Quiz?*) - ANSWER
Number and complexity of trade agreements
Compared to a century ago, the U.S. economy today appears more integrated with the
world economy as signified by its increased ______.
Alternatively, an indicator that today the U.S> economy is less integrated with the world
than it was a century ago is its reduced proportion of ______. (Quiz?*) - ANSWER
trade-to-GDP ratio.
foreign-born citizens.
The trade-to-GDP ratio is computed using - ANSWER (Exports + Imports) / GDP
Which one of the following "observation pairs" most accurately describes the pattern
exhibited over the 1913-2010 period by the trade-to-GDP ratios for the six selected
industrial economies shown above? - ANSWER The ratios fell between 1913 and 1950
but have risen relatively rapidly since AND the smaller countries tend to be more open
than the larger countries.
Trade and capital flows were described and measured in relative terms rather than
absolute terms. The difference between the two is that
With respect to indicating the importance of trade and capital flows to an economy, the
terms that seem more valid are _____ terms because such terms are _____ the size of
national economies. (Quiz?*) - ANSWER the latter are the dollar amounts of trade and
capital flows and the former are the ratio of dollar values to GDP.
,relative; proportional to
The relative size of international capital flows may not be much greater today than they
were 100 years ago, although they are certainly greater than they were 50 years ago.
Qualitatively, however, capital flows are different today in that - ANSWER all of the
above accurately describe the difference in capital flows over the past century.
The new issues in international trade and investment largely involve policy difference
that until recently were considered the exclusive responsibility of _______.
To the extent that negotiations occur between nations to resolve the new issues
associated with trade and investment, the possibility arises that - ANSWER local or
national governments.
all of the above (foreign interest will acquire a voice in setting domestic policy, domestic
policy concerns may be subjugated to foreign entities, and policies that only tangentially
impact trade may become homogenized across nations)
Which of the following is not of the three kinds of evidence that economists use to
support the assertion that open economies grow faster than economies that are closed
to the world economy?**
Use the following key to identify the evidence types listed in the table below.
Key A (Evidence of statistical comparisons of countries), B (Casual empirical evidence
of historical experience), C (Economic logic and deductive reasoning)
East Asia integrated itself into the world economy and watched growth take off, while
Latin America chose to remain partially closed and, as a result, experience mediocre
growth. ___
Open trade fosters competition, innovation, and learning by doing and brings
international best practices to the attention of domestic producers, spurring greater
efficiency, export expansion, and economic growth. ___
,Comparative advantage leads to trade and this in turn leads to the reallocation of
resources a - ANSWER Forensic analysis of the growth equation
B; C; C
International capital markets (Quiz?*) - ANSWER A and B only (may have smaller capital
flows [relative to the size of their GDP] today than around the late 19th/early 20th
century, and often have higher transaction costs than domestic capital markets)
According to the figure to the right, trade is least important for country: (Quiz?*)
... trade is most important for country: - ANSWER Alpha; Delta
International economies can be divided into two broad subfields: - ANSWER trade of
production output (products and services), and trade of production input (capital and
labor)
A typical measure or criteria for judging the degree of international economic
integration is - ANSWER all of the above (capital flows, people flows, trade flows, and
similarity of prices)
Classify each of the following transactions as belonging primarily to the sphere of
international trade flow (T) or international capital flow (M). (Enter T for Trade or M for
Capital)
Foreigners purchase U.S. dollars. __
The U.S. imports crude oil from the Middle East ___
The U.S. imposes tariffs on foreign steel. ___
The Chinese government purchases U.S. Treasury bonds. ___
The Chinese currency is seen as being undervalued. ___ - ANSWER M
, T
T
M
M
International economics can be divided into two broad subfields: - ANSWER trade of
production output (products and services), and trade of production input (capital and
labor)
In 2005, total world imports were estimated to be ___ percent of world gross domestic
product (GDP). - ANSWER 20.5%
The current process of increasing economic integration among national economies,
better known as globalization, - ANSWER is actually the world's second wave of such
integration.
A high correlation of national savings and investment is: - ANSWER A signal that
countries may not be able to lend and borrow as freely as we thought.
Which of the following is true about international asset trade: - ANSWER Recent years
have shown a dramatic upswing in the size and scale of international asset flows.
Which of the following is NOT an example of international factor movement? - ANSWER
International trade in intermediate goods
To judge the degree of international integration, economists turn to information on -
ANSWER all of the above (flows of goods, the similarity of prices in different markets,
and flows of capital and people)
How is current day trade different than earlier trade? - ANSWER B and C only (the
fraction of current international trade is organized and conducted by multinational firms
has grow since 1950, and the share of manufacturing trade has risen, while the share of
