Ch20StudyQuestions

Ch20StudyQuestions - 20 Chapter TRADING WITH THE WORLD*...

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20 TRADING WITH THE WORLD* Patterns and Trends in International Trade Topic: Patterns and Trends in International Trade Skill: Conceptual 1) Which of the following is correct? A) Both imports and exports include goods and services. B) Imports includes both goods and services but exports includes only goods. C) Imports includes only goods but exports in- cludes both goods and services. D) Both exports and imports include goods and neither includes services. Answer: A Topic: Patterns and Trends in International Trade Skill: Recognition 2) Goods and services that we buy from people in other countries are called our A) balance of payments. B) exports. C) imports. D) terms of trade. Answer: C Topic: Patterns and Trends in International Trade Skill: Recognition 3) The goods and services that a country buys from other countries are called its A) tariffs. B) quotas. C) exports. D) imports. Answer: D Topic: Patterns and Trends in International Trade Skill: Recognition 4) The goods and services that a country sells to people in other countries are called its A) tariffs. B) quotas. C) exports. D) imports. Answer: C Topic: Patterns and Trends in International Trade Skill: Conceptual 5) Suppose the United States buys shirts from China and China buys insurance from a U.S. firm. From the U.S. perspective, the shirts are an ____ and the insurance is an ____. A) exported good; imported service B) imported good; exported service C) imported service; exported good D) exported good; imported good Answer: B Topic: Patterns and Trends in International Trade Skill: Conceptual 6) Suppose a U.S. firm banks with a German bank while a U.S. farmer sells wheat to Russia. From the U.S. perspective, the banking is an ____ and the wheat is considered an ____. A) exported good; imported service B) imported good; exported service C) imported service; exported good D) exported good; imported good Answer: C * This is Chapter 33 in Economics . 115 C h a p t e r
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1 1 6 C H A P T E R 2 0 Topic: Patterns and Trends in International Trade Skill: Conceptual 7) A U.S. student attends university in Oxford while a firm in Malaysia buys heavy equipment from a firm in the United States. From the U.S. perspective, the university education is an ____ and the equipment is an ____. A) exported service; imported good B) imported good; exported service C) exported good; imported good D) imported service; exported good Answer: D Topic: Patterns and Trends in International Trade Skill: Recognition 9) Which of the following accounts for the greatest percentage of imports into the United States? A) Agricultural products B) Manufactured goods C) Raw materials D) Services Answer: B Topic: Patterns and Trends in International Trade Skill: Recognition 10) The majority of U.S. imports are A) manufactured goods. B)
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This note was uploaded on 06/15/2011 for the course ECON 221 taught by Professor Gordanier during the Spring '08 term at South Carolina.

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Ch20StudyQuestions - 20 Chapter TRADING WITH THE WORLD*...

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