Ch 6 The United States In The Global Economy

10 Questions | Total Attempts: 448

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Global Economy Quizzes & Trivia

Questions and Answers
  • 1. 
    For the United States, the volume of international trade has been increasing relatively, but not absolutely.
    • A. 

      True

    • B. 

      False

  • 2. 
    The US economy's share of world trade has decreased since 1947.
    • A. 

      True

    • B. 

      False

  • 3. 
    The US exports and imports goods and services with a dollar value greater than any other nation in the world.
    • A. 

      True

    • B. 

      False

  • 4. 
    The US is dependent on trade for certain commodities that cannot be obtained in domestic markets.
    • A. 

      True

    • B. 

      False

  • 5. 
    Canada is the most important trading partner for the US in terms of the volume of exports and imports.
    • A. 

      True

    • B. 

      False

  • 6. 
    If a person, firm, or region has a comparative advantage in the production of a particular commodity, it should specialize in the production of that commodity.
    • A. 

      True

    • B. 

      False

  • 7. 
    If one nation has comparative advantage in the production of a commodity over another nation, then it has a higher opportunity cost of production relative to the the other nation.
    • A. 

      True

    • B. 

      False

  • 8. 
    The economic effects of specialization and trade between nations are similar to increasing the quantity of resources or to achieving technological progress.
    • A. 

      True

    • B. 

      False

  • 9. 
    The interaction of the demand for, and the supply of, Japanese yen will establish the dollar price of Japanese yen.
    • A. 

      True

    • B. 

      False

  • 10. 
    An increase in the incomes in the US would tend to cause the dollar price of the yen to fall.
    • A. 

      True

    • B. 

      False

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