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1
With almost no interruptions, exports
A)rose from 19 percent of the global economy at the end of the 1980s to more than 32 percent in 2008.
B)rose from 32 percent of the global economy at the end of the 1980s to more than 50 percent in 2008.
C)fell from 19 percent of the global economy at the end of the 1980s to less than 10 percent in 2008.
D)fell from 32 percent of the global economy at the end of the 1980s to less than 19 percent in 2008.
2
Which of the following is NOT given in the textbook as an example of a good that the United States mostly imports?
A)Flowers.
B)Niobium.
C)Furniture.
D)TV programming.
3
A typical successful Hollywood movie earns __________ of its box office revenues outside of the United States.
A)almost none
B)20–30 percent
C)60–70 percent
D)almost all
4
If companies in the United States can produce airplanes using less labor, capital, and other inputs than can companies in China, we would say that the American companies have
A)an absolute advantage.
B)a total advantage.
C)a comparative advantage.
D)a relative advantage.
5
A country that is overall less productive than its trading partners will tend to specialize in the production of a good for which it has the
A)biggest productivity advantage.
B)smallest productivity disadvantage.
C)smallest productivity advantage.
D)biggest productivity disadvantage.
6
The gains from trade are
A)broadly distributed.
B)smaller than the losses from trade.
C)concentrated on only a few individuals and businesses.
D)confiscated by governments.
7
Both theory and experience tell us that living standards should go up in an economy that is
A)protective of domestic manufacturing industries.
B)willing to impose high tariffs on imported goods.
C)open to global markets.
D)engaged in unfair competition with other countries.
8
If the U.S. dollar is appreciating against the Chinese yuan, then the Chinese yuan must be
A)appreciating against the U.S. dollar.
B)depreciating against the U.S. dollar.
C)appreciating against at least one currency other than the U.S. dollar.
D)depreciating against at least one currency other than the U.S. dollar.
9
One Bahamian dollar is always equal to one U.S. dollar. This means that the Bahamas has a currency that is
A)floating.
B)neither appreciating nor depreciating.
C)pegged to the U.S. dollar.
D)also always equal to 8.3 Chinese yuan.
10
If a country's imports exceed that country's exports, we say that the country has a
A)trade problem.
B)trade deficit.
C)trade surplus.
D)trade balance.





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