Question 1

Most U.S.imports are

Accepted Answer

A

Question 2

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true with regard to opportunity costs in the two countries?

Accepted Answer

Denmark has an opportunity cost of 50 pounds of cheese for each watch produced, while Germany has an opportunity cost of 100 pounds of cheese for each watch produced. Therefore, the opportunity cost of producing cheese is higher in Denmark.

Question 3

The two major trading partners of the United States are

Accepted Answer

According to the Office of the United States Trade Representative, the two largest trading partners of the United States are Mexico and Canada (as of 2019).

Question 4

Exports amount to about 11 percent of U.S.GDP.

Accepted Answer

According to the World Bank, exports accounted for 11.6% of U.S. GDP in 2019.

Question 5

The term autarky refers to

Accepted Answer

Autarky refers to self-sufficiency, where a country does not rely on trade with other countries for its economic resources and needs.

Question 6

The two main categories of U.S.exports are

Accepted Answer

The options listed are all common U.S. exports, but capital goods and industrial supplies and materials are the two main categories of U.S. exports. These include machinery, electronic equipment, and chemicals, among others. Fuels and agricultural goods are also major U.S. exports, but they do not make up the two main categories.

Question 7

Which of the following best expresses the benefit from international trade?

Accepted Answer

International trade allows each country to focus on producing the goods and services they are most efficient at producing, which increases global efficiency and trade benefits.

Question 8

International trade equalizes the opportunity cost of producing any good around the world.

Accepted Answer

The answer of International trade equalizes the opportunity cost of...

Question 9

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true with regard to opportunity costs in the two countries?

Accepted Answer

The answer of For each watch Denmark produces,it gives up...

Question 10

For which of the following nations does international trade account for the largest percentage of GDP?

Accepted Answer

The Netherlands is known for its high level of international trade, with exports accounting for about 83% of its GDP in 2019. This is largely due to the country's favorable geographic location and well-developed transportation infrastructure, as well as its focus on innovative and advanced industries such as agriculture, chemicals, and technology.

Question 11

Japan is generally considered an economy closed to foreign trade.

Accepted Answer

Japan is known for being an export-oriented economy and is heavily involved in international trade, making it an open economy rather than a closed one. In fact, Japan is the world's fourth-largest exporter and importer of goods.

Question 12

Exports account for what percent of GDP in the United States?

Accepted Answer

According to the World Bank, exports accounted for approximately 11 percent of GDP in the United States in 2019.

Question 13

Which country is the United States' largest trading partner?

Accepted Answer

Canada is the United States' largest trading partner, with $714.4 billion worth of goods and services traded between the two countries in 2019. Mexico comes in second place with $614.5 billion traded.

Question 14

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true concerning comparative advantage between the two countries?

Accepted Answer

The answer of For each watch Denmark produces,it gives up...

Question 15

U.S.exports

Accepted Answer

According to the most recent data from the World Bank, U.S. exports as a percentage of GDP in 2019 was approximately 11%. Therefore, choice C is the best answer.

Question 16

International trade increases world economic efficiency for the same reasons that domestic trade increases national economic efficiency.

Accepted Answer

International trade allows for specialization and the exchange of goods and services between countries, just as domestic trade allows for specialization and the exchange of goods and services between regions within a country. This leads to increased efficiency and productivity, as each country can focus on producing the goods and services it can produce most efficiently (comparative advantage) and trade with other countries for goods and services it cannot produce as efficiently.

Question 17

In determining comparative advantage,cost is measured in terms of

Accepted Answer

In determining comparative advantage, cost is measured in terms of the opportunities forgone, which means the next best alternative that must be given up in order to produce a specific good or service. This is known as the opportunity cost, and it is the most significant factor in determining comparative advantage between two countries or entities. Therefore, choice E is the best answer as it aligns with the concept of opportunity cost.

Question 18

The United States exports more raw materials than finished products.

Accepted Answer

The United States actually exports more finished products than raw materials. According to the United States Census Bureau, in 2019, the top exports from the US were vehicles, machinery, electronic equipment, and pharmaceuticals, among others. These are all finished products that would require raw materials to produce.

Question 19

The United States is a major exporter of

Accepted Answer

According to data from the United States Department of Agriculture, the United States is one of the largest exporters of corn in the world. Corn is a major crop grown throughout the country, and is used not only for animal feed but also for the production of corn-based food products and biofuels.

Question 20

Suppose that workers in Transylvania can produce only two goods -- yo-yos or sweatsocks.The Transylvanian currency is the daler.In what unit is the opportunity cost of yo-yos measured?

Accepted Answer

The answer of Suppose that workers in Transylvania can produce...

Quiz 18: International Trade

Most U.S.imports are

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true with regard to opportunity costs in the two countries?

The two major trading partners of the United States are

Exports amount to about 11 percent of U.S.GDP.

The term autarky refers to

The two main categories of U.S.exports are

Which of the following best expresses the benefit from international trade?

International trade equalizes the opportunity cost of producing any good around the world.

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true with regard to opportunity costs in the two countries?

For which of the following nations does international trade account for the largest percentage of GDP?

Japan is generally considered an economy closed to foreign trade.

Exports account for what percent of GDP in the United States?

Which country is the United States' largest trading partner?

For each watch Denmark produces,it gives up the opportunity to make 50 pounds of cheese.Germany can produce one watch for every 100 pounds of cheese it produces.Which of the following is true concerning comparative advantage between the two countries?

U.S.exports

International trade increases world economic efficiency for the same reasons that domestic trade increases national economic efficiency.

In determining comparative advantage,cost is measured in terms of

The United States exports more raw materials than finished products.

The United States is a major exporter of

Suppose that workers in Transylvania can produce only two goods -- yo-yos or sweatsocks.The Transylvanian currency is the daler.In what unit is the opportunity cost of yo-yos measured?