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International Trade
International Trade
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1
Which country does the United States trade with the most?
China
Japan
Canada
Mexico
2
To produce only one good and trade is due to . . .
Separation
Socialization
Privatation
Specialization
3
How is the balance of trade measured?
imports + exports
exports + imports
imports - exports
exports - imports
4
A free trade area between the Canada, Mexico and the U.S.
WTO
NAFTA
EC
IMF
5
When the U.S. dollar is weaker than other countries . . .
The U.S. will be more likely to import from foreign nations
Foreign nations will be more likely to import goods from US
Trade will slowly stop
Foreign nations will be less likely to export goods to US
6
The system of markets and trade that links the countries of the world?
Foreign exchange
import / export ratio
Balance of trade
Global economy
7
What is a comparative advantage?
Comparing the opportunity cost of production
Comparing consumer output
An advantage made through force
To compare 2 economic systems
8
What is the biggest reason the U.S. has a comparative advantage in high tech goods?
Low levels of human capital
High levels of natural resources
High levels of human capital
Low levels of natural resources
9
Which explains why a country would both import and export a particular type of good?
Import quotas
Voluntary restraints
Product differentiation
Comparative advantage
10
Trade restriction argument that argues we should use trade to negotiate with foreign nations
Infant Industry
Bargaining-Chip
Unfair Competition
Environmental Standards
11
A negative balance of trade occurs when . . .
exports are greater than imports
exports are about the same as imports
exports are less than imports
exports are exactly the same as imports
12
When one country can produce more of a good using the same or less resources?
Comparative Advantage
Absolute Advantage
Equal Advantage
Attractive Advantage
13
What is a central goal of the formation of the European Union and World Trade Organization?
To protect national security
To regulate investments
To reduce trade restrictions
To ensure fair wages
14
The dollar value of products sold to foreign countries. . .
Balance of Trade
Exports
Imports
Comparative Advantage
15
What determines floating (flexible) rates of foreign exchange?
The black market
A government decree
Multinational treaties
Supply and demand
