ECO 336 Chapter One Exam 2025
Questions and Answers
When comparing current international capital flows with capital flows of the past, -
....ANSWER ...-All the above.
Free trade in goods is predicted to - ....ANSWER ...-All the above.
The elimination or reduction of trade barriers caused by non-trade-related domestic
policies is referred to as - ....ANSWER ...-Deep Integration
Suppose Turkey has exports of 2 billion Turkish Lira, while its imports are 2 billion
Turkish Lira. Calculate Turkey's "Index of Openness" (Trade-to-GDP ratio) assuming
Turkey has 10 billion Turkish Lira of output, or GDP. - ....ANSWER ...-0.4
When world capital is allowed to flow freely between countries, it is expected that capital
will flow from - ....ANSWER ...-countries with abundant savings and capital to
countries with low savings and capital.
The International Monetary Fund (IMF), the World Bank, the General Agreement on
Tariffs and Trade (GATT) were formed - ....ANSWER ...-after World War II.
Statistical empirical evidence consistently shows that countries that are more open -
....ANSWER ...-tend to grow faster than countries that are closed.
Elimination of barriers to trade (tariffs and quotas) are referred to as _________
integration. - ....ANSWER ...-shallow.
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1
Questions and Answers
When comparing current international capital flows with capital flows of the past, -
....ANSWER ...-All the above.
Free trade in goods is predicted to - ....ANSWER ...-All the above.
The elimination or reduction of trade barriers caused by non-trade-related domestic
policies is referred to as - ....ANSWER ...-Deep Integration
Suppose Turkey has exports of 2 billion Turkish Lira, while its imports are 2 billion
Turkish Lira. Calculate Turkey's "Index of Openness" (Trade-to-GDP ratio) assuming
Turkey has 10 billion Turkish Lira of output, or GDP. - ....ANSWER ...-0.4
When world capital is allowed to flow freely between countries, it is expected that capital
will flow from - ....ANSWER ...-countries with abundant savings and capital to
countries with low savings and capital.
The International Monetary Fund (IMF), the World Bank, the General Agreement on
Tariffs and Trade (GATT) were formed - ....ANSWER ...-after World War II.
Statistical empirical evidence consistently shows that countries that are more open -
....ANSWER ...-tend to grow faster than countries that are closed.
Elimination of barriers to trade (tariffs and quotas) are referred to as _________
integration. - ....ANSWER ...-shallow.
…FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1
