The United States in the Global Economy

Which of the following is identified as a flow that links the U.S. economy with the economies of other nations?

What was the value of U.S. exports of goods and services as a percentage of its Gross Domestic Product (GDP) in 2007?

Which country is identified as the United States' most important trading partner quantitatively, based on 2007 data showing it accounted for 22 percent of U.S. exported goods?

What is the term for the use of resources of an individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of desired products?

According to the principle of comparative advantage, what is the primary determinant for a nation to specialize in the production of a certain product?

What is an exchange rate in the context of a foreign exchange market?

What happens to the international value of the U.S. dollar when it depreciates relative to the Japanese yen?

What is the primary purpose of a protective tariff?

What do economists identify as the 'true benefit' of international trade?

The Reciprocal Trade Agreements Act of 1934 had two main features: negotiating authority and what other feature?

Which organization was established as the successor to the General Agreement on Tariffs and Trade (GATT)?

What is the term for a group of countries, such as the European Union, that have common identity, economic interests, and trade rules?

What was the purpose of the Trade Adjustment Assistance Act of 2002?

What is the economic term for shifting work previously done by American workers to workers located in other nations?

Based on 2007 data, what was the U.S. trade deficit in goods alone?

Which of the following is NOT listed as a factor that has propelled the rapid growth of international trade since the Second World War?

What is the effect on U.S. exports and imports when the U.S. dollar appreciates?

An import quota is a type of trade impediment that does what?

In 1993, the United States, Canada, and Mexico formed which major trade bloc?

What does a trade surplus signify?

If a Japanese-made Sony television is priced at 20,000 yen and the exchange rate is 0.01 dollars per yen, what is the cost of the television in U.S. dollars?

According to the text, the U.S. is almost entirely dependent on other countries for which of the following sets of products?

What is an export subsidy?

What was the key outcome of the Smoot-Hawley Tariff Act of 1930?

As of 2008, approximately how many nations belonged to the World Trade Organization (WTO)?

What is the term for the common currency used by 15 members of the European Union as of 2008?

If the U.S. has a comparative advantage over Mexico in producing soybeans, what must be true?

Which of these is NOT a characteristic of a purely competitive market as described in the chapter?

What is the primary role of a foreign exchange market?

In 2007, U.S. exported goods to China were valued at 65 billion dollars, while imported goods from China were valued at 322 billion dollars. What was the resulting trade deficit with China?

Which of the following is an example of a nontariff barrier to trade?

What does it mean for the U.S. dollar to appreciate relative to the Canadian dollar?

According to Adam Smith's 1776 argument, why is it beneficial for a country to buy a commodity from a foreign country if that country can supply it cheaper?

What is the primary function of most-favored-nation clauses in trade agreements?

In the example of the CPA and the house painter, why is it beneficial for the CPA to hire the painter, even if the CPA is faster at painting?

If U.S. demand for Japanese goods increases, what is the likely effect on the foreign exchange market?

According to 2007 data, the United States had a trade surplus in which category?

In the provided example, if the United States has a domestic opportunity cost of 1 ton of soybeans for 3 tons of avocados, and Mexico's is 1 ton of soybeans for 4 tons of avocados, which terms of trade would be mutually beneficial?

The Doha Round of trade negotiations, launched in 2001, primarily aimed to further reduce which of the following?

What is a primary reason that a nation as a whole gains from international trade?

Which of the following was the world's largest exporter of goods in 2006?

What is the primary way the United States finances its large trade deficits?

What was the approximate U.S. tariff rate as a percentage of imports in 1940, before the general decline began?

How many members did the European Union have after the addition of Bulgaria and Romania in 2007?

A key argument in favor of the Trade Adjustment Assistance Act is that it not only helps workers but also does what?

What is the main economic argument for why offshoring is not necessarily bad for the overall U.S. economy?

What does the text identify as the main benefit that foreign competition provides to consumers and society?

How much did U.S. exports and imports of goods and services amount to in 1975, in billions of 2000 dollars?

Which of these industries is NOT listed as one where the U.S. sells a significant portion of its output in international markets?

What is the primary purpose of 'fair-trade' products as described in the chapter's Last Word section?