ECON 3100 ACTUAL TEST PAPER 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉What is the way we measure total trade numerically introduced in
this chapter?
Calculate capital flows
Calculate similarity of prices
Calculate trade share (Trade-to-GDP)
Calculate labor mobility. Answer: Calculate trade share (Trade-to-
GDP)
◉How does the way we calculate official trade statistics impact the
trade deficits with other countries?
Trade deficits are increased
Trade deficits are decreased
,Trade deficits are either increased or decreased
Trade deficits are not impacted. Answer: Trade deficits are either
increased or decreased
◉An export is a ___.
An import is a ___.
product bought by one country from another country, product sold
from one country to another
product sold from one country to another, product bought by one
country from another
service sold from one country to another, service bought by one
country from another
good sold from one country to another, good bought by one country
from another. Answer: product sold from one country to another;
product bought by one country from another
◉When did the First Wave of Globalization/First Unbundling end?
, World War 1
World War 2
The Moon Landing
The Korean War. Answer: World War 1
◉A country's trade balance is ___.
the total value of its exports
the difference between its total value of exports and its total value of
imports
the total value of its imports
the sum of its total value of exports and its total value of imports.
Answer: the difference between its total value of exports and its total
value of imports
QUESTIONS WITH SOLUTIONS GRADED A+
◉What is the way we measure total trade numerically introduced in
this chapter?
Calculate capital flows
Calculate similarity of prices
Calculate trade share (Trade-to-GDP)
Calculate labor mobility. Answer: Calculate trade share (Trade-to-
GDP)
◉How does the way we calculate official trade statistics impact the
trade deficits with other countries?
Trade deficits are increased
Trade deficits are decreased
,Trade deficits are either increased or decreased
Trade deficits are not impacted. Answer: Trade deficits are either
increased or decreased
◉An export is a ___.
An import is a ___.
product bought by one country from another country, product sold
from one country to another
product sold from one country to another, product bought by one
country from another
service sold from one country to another, service bought by one
country from another
good sold from one country to another, good bought by one country
from another. Answer: product sold from one country to another;
product bought by one country from another
◉When did the First Wave of Globalization/First Unbundling end?
, World War 1
World War 2
The Moon Landing
The Korean War. Answer: World War 1
◉A country's trade balance is ___.
the total value of its exports
the difference between its total value of exports and its total value of
imports
the total value of its imports
the sum of its total value of exports and its total value of imports.
Answer: the difference between its total value of exports and its total
value of imports
