International Economics 2nd Edition By Feenstra - Test Bank

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Name TestBanks Chapter 1: Trade in the Global Economy
Description Question pool for TestBanks Chapter 1: Trade in the Global Economy
Instructions

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Question
What country was the world's largest exporter of goods in 2009?
Answer China
Germany
the United States
Japan

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Question
What country was the world's largest exporter of goods and services in 2009?
Answer China
Germany
the United States
Japan

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What country was the world's largest exporter of services in 2009?
Answer China
Germany
the United States
Japan

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Question
Which of the following is a trade flow?
Answer Robert Feenstra purchases $100 million of British treasury bonds.
Robert Feenstra purchases a yogurt factory in France.
Neither of Robert Feenstra's purchases is considered a trade flow.
Both of Robert Feenstra's purchases are considered trade flows.




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Question
Currently, the world's largest exporter of goods (in dollar volume) is:
Answer China.
the United States.
Japan.
Germany.

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Question
The world's largest exporter of goods and services (in dollar volume) is:
Answer China.
the United States.
Japan.
Germany.

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Question
What is the term for a capital flow that is used to purchase or build a tangible asset like a
factory?
Answer migration
service exports
service imports
foreign direct investment

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Question
When a foreign resident purchases a good or service from someone in the United
States, the transaction is:
Answer a U.S. export.
a U.S. import.
a bilateral exchange.
a compensating differential.

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An import is:
Answer goods or services purchased from a foreign resident.
goods or services sold to foreign residents.
goods only purchased from foreigners—you cannot purchase services from
foreigners.
services only—imports do not include goods.




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An export is:
Answer goods or services purchased from a foreign resident.
goods or services sold to foreign residents.
goods only sold to foreigners—you cannot sell services to foreigners.
services only—exports do not include goods.

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Which of the following entries are considered to be exports of services?
Answer Japanese buying soybeans from the United States
Chinese selling iPods to the United States
Mexican tourists visiting the Grand Canyon
French wine sold to the United States

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Which of the following is included in trade flows?
Answer sales or purchases of goods by residents of different countries
sales of goods by domestic residents to foreign residents
purchases of services by domestic residents from foreigners
sales or purchases of goods by residents of different countries, sales of
goods by domestic residents to foreign residents, and purchases of services
by domestic residents from foreigners

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Trade flows include all of the following except:
Answer purchases of goods.
purchases of services.
purchases of stocks and bonds.
purchases of software.

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Service exports include:
Answer items that you must travel to another country to purchase, such as a
restaurant meal.
items, such as equipment or automobiles, that carry a warranty and a
service contract.




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