Sample Chapter

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 International Economics Second Edition By Feenstra – 
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Test Banks Chapter 1: Trade in the Global Economy

 

 

 

 

 

<strong>Multiple Choice</strong>                                                                              <strong>0 points</strong>

 

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<strong>Question</strong>

 

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What country was the world’s largest exporter of goods in 2009?

 

<strong>Answer</strong>                         <sub>China</sub>

 

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Germany

 

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the United States

 

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Japan

 

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<strong>Multiple Choice</strong>                                                                              <strong>0 points</strong>

 

<strong>Question</strong>

 

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What country was the world’s largest exporter of goods and services in 2009?

 

<strong>Answer</strong>

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<li><sub>China</sub></li>

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<ul>

<li>Germany</li>

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<ul>

<li>the United States</li>

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<ul>

<li>Japan</li>

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<strong>Question</strong>

 

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What country was the world’s largest exporter of services in 2009?

 

<strong>Answer</strong>                           <sub>China</sub>

 

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Germany

 

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the United States

 

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Japan

 

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<strong>Question</strong>

 

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Which of the following is a trade flow?

 

<strong><sup>Answer</sup></strong>    Robert Feenstra purchases $100 million of British treasury bonds.

 

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Robert Feenstra purchases a yogurt factory in France.

 

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Neither of Robert Feenstra’s purchases is considered a trade flow.

 

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Both of Robert Feenstra’s purchases are considered trade flows.

 

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<strong>Question</strong>

 

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Currently, the world’s largest exporter of goods (in dollar volume) is:

 

<strong><sup>Answer</sup></strong>                      China.

 

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the United States.

 

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Japan.

 

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Germany.

 

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<strong>Multiple Choice</strong>                                                                              <strong>0 points</strong>

 

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<strong>Question</strong>

 

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The world’s largest exporter of goods and services (in dollar volume) is:

 

<strong>Answer</strong>                            <sub>China.</sub>

 

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the United States.

 

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Japan.

 

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Germany.

 

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<strong>Question</strong>

 

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What is the term for a capital flow that is used to purchase or build a tangible asset like a factory?

 

<strong><sup>Answer</sup></strong>                           migration

 

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service exports

 

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service imports

 

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foreign direct investment

 

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<strong>Question</strong>

 

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When a foreign resident purchases a good or service from someone in the United States, the transaction is:

 

<strong><sup>Answer</sup></strong>                        a U.S. export.

 

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a U.S. import.

 

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a bilateral exchange.

 

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a compensating differential.

 

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<strong>Question</strong>

 

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An import is:

 

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<strong><sup>Answer </sup></strong> goods or services purchased from a foreign resident. goods or services sold to foreign residents.

 

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goods only purchased from foreigners—you cannot purchase services from foreigners.

 

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services only—imports do not include goods.

 

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<strong>Multiple Choice</strong>                                                                              <strong>0 points</strong>

 

<strong>Question</strong>

 

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An export is:

 

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<strong><sup>Answer</sup></strong> goods or services purchased from a foreign resident.

 

<strong><sup>              </sup></strong>goods or services sold to foreign residents.

 

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goods only sold to foreigners—you cannot sell services to foreigners. services only—exports do not include goods.

 

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<strong>Multiple Choice</strong>                                                                              <strong>0 points</strong>

 

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<strong>Question</strong>

 

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Which of the following entries are considered to be exports of services?

 

<strong><sup>Answer</sup></strong>      Japanese buying soybeans from the United States

 

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Chinese selling iPods to the United States

 

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Mexican tourists visiting the Grand Canyon

 

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French wine sold to the United States

 

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<strong>Question</strong>

 

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Which of the following is included in trade flows?

 

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<strong><sup>Answer</sup></strong>  sales or purchases of goods by residents of different countries sales of goods by domestic residents to foreign residents purchases of services by domestic residents from foreigners

 

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sales or purchases of goods by residents of different countries, sales of goods by domestic residents to foreign residents, and purchases of services by domestic residents from foreigners

 

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<strong>Question</strong>

 

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Trade flows include all of the following except:

 

<strong><sup>Answer</sup></strong>     purchases of goods.

 

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purchases of services.  purchases of stocks and bonds. purchases of software.

 

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<strong>Question</strong>

 

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Service exports include:

 

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<strong><sup>Answer </sup></strong> items that you must travel to another country to purchase, such as a restaurant meal.

 

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items, such as equipment or automobiles, that carry a warranty and a service contract.

 

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