MicroEconomics Quiz 4
Which of the following is not one of the factors that is responsible for the rapid growth of international trade over the past 60 yrs? a. Improvements in communication technology b. An increase in tariff rates C. improvements in transportation technology d. better political relationships between the United States and China
B. Increase in Tariff Rates
Which of The Following is not one of the top five nations in volume of exports? A. Japan b. United States c. Venezuela d. Germany
C. Venezuela
The largest trading partners for the United States in terms of the volume of exports and imports are a. Canada and China b. Mexico and Venezuela c. Japan and Germany d. Saudi Arabia and South Korea
a. Canada and china
Which of the Following regions is not among the regions of the world that classified in what is considered a Level 1 reign of trade, based on the information provided in class a. Central Asia b. North America c. China d. Western Europe
a. Central Asia
Which of the following goods does the United States import primarily bc it has little or no domestic production? a. Diamonds b. Wheat c. Coal d. All of these
a. Diamonds
According to the author, the major Asian Participants in the world trade do not include: a. India b. Taiwan c. South Korea d. China
a. India
If The cost Ratio in Argentina is 5 units of beef for 1 unit of coffee, and in Brazil the cost Ratio is 2 Units of Beef for 1 unit of coffee, then which statement is correct? a. Trade will most likely take place at terms of trade of 5 units of beef for 1 unit of coffee b. Brazil would be willing to trade at terms of trade of 4 units of beef for 1 unit of coffee c. Argentina has a comparative advantage in coffee d. Argentina would be willing to trade at terms of trade of 6 units of beef for 1 unit of coffee e. All of the Above
b. Brazil would be willing to trade at terms of trade of 4 units of beef for 1 unit of coffee
What is the United States Largest export item? a. oil b. Chemical c. Consumer electronics d. metals
b. Chemicals
The U.s Has a trade surplus with which country? a. Australia b. China c. Japan d. All of them
b. China
Exports as a percentage of GDP is a key indicator of a country's need to sell its goods in foreign markets. Which of the following countries has the highest percentage of exports relative to GDP? a. Japan b. United States c. United Kingdom d. Belgium
b. United States
The Worlds Leading Trading nation in terms of the dollar volumes of exports and imports is.. a. China b. Japan c. The United States d. Germany
c. The United States
Which of the following commodities is one of the 10 largest import items for the United States? a. Medical Equipment b. Rice c. clothing d. semiconductors
c. clothing
Which of the following goods does the United Sates produce in large quantities but still imports large quantities because American consumers simply like the quality or style of the imported good? a. Automobiles b. Computers c. Wine d. All of these
d. All of these