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Flashcards in Chapter 8 Deck (25)
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1
Q

Statement one the euro has largely replace the dollar in international trade statement to every European nation except Russia and Yugoslavia are members of the European nation.

A

Both statements are false

2
Q

Between 1990 and 2007 our trade deficit

A

More than quadrupled

3
Q

We run a trade,,,,, on goods and a trade,,,,, on services.

A

Deficit, surplus

4
Q

If the US imports of goods and services exceeds exports

A

None of the choices are true

5
Q

Net exports is a negative figure whenever

A

A nations imports of goods and services exceeds its exports

6
Q

The NAFTA agreement affects our trade with

A

North America

7
Q

Statement one: most of the economist support the concept of free trade. Statement two: the NAFTA and get agreements place substantial barriers in the way of free trade.

A

Statement one is true and statement two false

8
Q

Since the early 1990s our trade deficit has

A

Risen substantially

9
Q

Which of the statements is true? C plus I plus G plus X has always been higher then see plus I plus G. Or C plus I plus G has always been higher than C plus I plus G plus X.or see plus I plus G has always been equal to see plus I plus G plus X. Or none of these statements are true

A

None of these statements are true

10
Q

The members of NAFTA include

A

The United States Canada and Mexico

11
Q

The basis for international trade is that

A

A nation can import a particular good or service at a lower cost than if it were domestically produced

12
Q

Net exports are

A

The smallest component of GDP

13
Q

Adam Smith believed that

A

What makes sense in the context of a private family’s economic endeavors also makes sense in those of a nation

14
Q

GDP equals C plus I plus G plus X. Since the 1970s if X were not included in our GDP would be

A

Higher

15
Q

Which statement is true

A

X in has always been positive from 1900 until the 1970s

16
Q

The population and GDP of the European Union is,,,,,,,,,,,,,,, that of United States.

A

Greater than

17
Q

Since the end of World War II in 1945 the world has experienced in an accelerated movement towards

A

Free-trade

18
Q

The most favored nation clause of the WTO agreement stipulates that

A

All member nations must offer all other member countries the same trade concessions

19
Q

If yesterday’s dollar traded for 100 Japanese yen and today ¥101 for the dollar we would say that

A

Both of the choices

20
Q

Which best describes the American economy?

A

It is a highly specialized economy.

21
Q

Which of the components of the GDP is most likely to be negative?

A

Net exports

22
Q

Net exports is defined as

A

Exports minus imports

23
Q

Which of the statements would best describe the situation of the American economy?

A

We are much more dependent on foreign trade them we were 30 years ago.

24
Q

Mexico sends the United States over,,,,,,,, percent of its exports.

A

80%

25
Q

The scent of our imports and exports is equal to about,,,,,,,,,,, percent of our GDP.

A

30