Quiz 11 - 1 The relationship of the Global market to the total American economy can be demonstrated by valuing the components of the expenditure

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1. The relationship of the Global market to the total American economy can be demonstrated by valuing the components of the expenditure approach to U.S. GDP. 2. The percentage of imports to America by China is approximately 16 percent. 3. Adam Smith first used the relationships of international trade to explain why some nations are rich and others are not. 4. Each nation must benefit from trade or they will remain self sufficient and not trade. 5. In global trade new markets are constantly emerging and old markets are constantly improving with new efficiency 6. In the algebraic expression of the U.S. GDP the symbol Xn represents Merchandise Exports minus Merchandise Imports. 7. The percentage of imports to America by Japan is approximately 8 percent. 8. Global competition allow(s) for more wealth because a larger market allows producers and consumers to benefit from lower costs. 9. For the United States, in export trade should continue to grow in areas such as medical technology and services, medications, entertainment, and legal and computer technologies. 10. The percentage of imports to America by Canada is approximately 16 percent. 11. The exchange of goods and services within the global community is very dynamic most of the time 12. The percentage of imports to America by Mexico is approximately 10 percent. 13. The analysis of international trade is part of economic theory dating back to Adam Smith’s publication of An Inquiry Into the Wealth of Nations in 1776. 14. Developing nations have a small economic base and are prone to protect their products because the loss of basic manufacturing or agricultural production might have a drastic impact on jobs. 15. Over the next few decades
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This note was uploaded on 06/18/2011 for the course ECON 2301 taught by Professor Newbury during the Spring '10 term at Richland Community College.

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Quiz 11 - 1 The relationship of the Global market to the total American economy can be demonstrated by valuing the components of the expenditure

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