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Test 13.Multilateral trade negotiations have led to- all of the above4.If a nation has an open economy, it means the country- 5.International trade forces domestic firms to become more competitive in terms of-1) 6.Movement to free int’l trade is most likely to generate short-term unemployment in which domestic industries? 7.The single most important phenomenon in int’l trade in the past 25 years is-increase in Chinese exports8.Arguments for free trade are disregarded by politicians b/c- maximizing consumer welfare is nota chief priority9.Physical output of a worker depends on- 1) motivation and skill 2) technology, plant & equipment 3) easy product to manufacture 4) skill level 5) all of the above10.The largest amount of trade with the U.S. is with what country?-Canada11.Increased foreign competition through trade tends to-decrease wages of domestic workers12.Competitiveness is the ability of industry, under free/fair market conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries13.A firm’s productivityrelative to that of other firms is generally regarded as the most important determinant of competition14.Increased globalization is fostered by-reduced transportation costs15.A reduce share of the world export market for the U.S. would be attributed to-decreased productivity in U.S. manufacturing relative to others16.Which was a possible cause of global economic crisis? surge in mortgage loan defaults in U.S.17.As a possible cause of globalization, empirical research indicates which of the following as a major reason?-productivity performance gains18.Since 1986, foreign exchange market for US has-increase almost tenfold19.Openness of an economy is measured by-% that imports and exports are of total GDP20.Openness of an economy tends to be-larger for small countries21.Which of the following would least likely apply to product life cycle theory?-coal and crude oil22.Heckscher-Ohlin factor endowment theory explains comparative advantage is a result of-relativeabundance of various resources23.Leontief paradox attempted to provide-evidence against the Heckscher-Ohlin model24.Leontief paradox-suggested US exported labor-intensive goods and imported capital intensive goods