For the United states, exports plus imports are about _____ of its gross national product?
A. 5 percent
B. 10 percent
C. 25 percent
D. 55 percent
The largest amount of trade with the United States in recent years has been conducted by ?
The largest amount of trade with the United States in recent years has been conducted by ?
A. Canada
B. Germany
C. Mexico
D. United Kingdom
Arguments for free trade are sometimes disregarded by politicians because ?
Arguments for free trade are sometimes disregarded by politicians because ?
A. Maximizing domestic efficiency is not considered imports
B. Maximizing consumer welfare may not be a chief priority
C. There exist sound economic reasons for keeg one’s economy isolated from other economies
D. Economists tend to favor high protected domestic markets
The movement to free international trade is most likely to generate short-term unemployment in which industries ?
The movement to free international trade is most likely to generate short-term unemployment in which industries ?
A. Industries in which there are neither imports nor exports
B. Imports competing industries
C. Industries that sell to domestic and foreign buyers
D. Industries that sell to only foreign buyers
If a nation has an open economy it means that the nation ?
If a nation has an open economy it means that the nation ?
A. Allows private ownership of capital
B. Has flexible exchange rates
C. Has fixed exchange rates
D. conducts trade with other countries
A main advantage of specialization results from ?
A main advantage of specialization results from ?
A. Economies of large-scale production
B. The specializing country behaving as a monopoly
C. Smaller production runs resulting in lower unit costs
D. High wages paid to foreign workers
If a country has a burden of debt it cannot sustain it can ?
If a country has a burden of debt it cannot sustain it can ?
A. reschedule debt
B. get a loan from an international organization
C. default on the loan
D. any of the above
Import substitution is the replacement of ____ by domestic production _____ protection of ________?
Import substitution is the replacement of ____ by domestic production _____ protection of ________?
A. exports, subsidies
B. exports, patents
C. imports, high tariffs or import quotas
D. imports, subsidies
LDCs are reluctant to pursue development through the export of primary products because of ____ and _____ ?
LDCs are reluctant to pursue development through the export of primary products because of ____ and _____ ?
A. The upward trend in commodity prices the stability of primary products real prices
B. The upward trend in commodity prices, the volatility of primary products real prices
C. The downward trend in commodity prices the stability of primary products real prices
D. The downward trend in commodity prices the volatility of primary products real prices
All of the following represent obstacles to LDC development except ?
All of the following represent obstacles to LDC development except ?
A. resource scarcity
B. low levels of investment
C. low population
D. poor infrastructure
E. poor human capital