Deck 13: International Trade Patterns

Question 1

Which of the following is one of the most important markets for U.S.information services among the industrialized countries?

A) China
B) South Korea
C) Canada
D) Mexico
E) Brazil

Answer 1

C

Question 2

What is the largest trading bloc in the world?

A) North American Free Trade Agreement
B) Latin American Free Trade Agreement
C) Association of South East Asian Nations
D) European Union
E) World Trade Organization

Answer 2

D

Question 3

What countries recorded a meteoric rise in the value of their exports in the 1970s and again in the 2000s as the international demand for energy rose?

A) NAFTA
B) UN
C) ASEAN
D) EU
E) OPEC

Answer 3

E

Question 4

What is the largest category of exports from Canada to the United States?

A) automobiles and automobile parts
B) energy resources
C) iron ore
D) forest products
E) computer hardware

Question 5

What two countries have the largest bilateral trade relationship in the world?

A) India and Japan
B) Germany and Italy
C) England and France
D) South Korea and China
E) U.S. and Canada

Question 6

The EU is the fastest growing market for what U.S.products?

A) grain
B) high-technology
C) iron ore
D) fruits and vegetables
E) all of the above

Question 7

In terms of dollar value,what is the smallest category of world exports today?

A) textiles and clothing
B) agricultural products
C) travel
D) services
E) transportation

Question 8

What country is the world's largest trading nation?

A) Japan
B) Germany
C) India
D) United States
E) China

Question 9

Whereas the U.S.imports this product,Canada is able to export it.

A) fruits and vegetables
B) energy resources
C) manufactured goods
D) medical equipment
E) computer software

Question 10

More than 70% of U.S.exports are

A) agricultural products.
B) mining products.
C) manufactured items.
D) transportation.
E) commercial services.

Question 11

For which of the following commodities does the U.S.have a large negative trade balance?

A) oil and gas
B) computers
C) textiles and apparel
D) all of the above
E) A and B only

Question 12

What countries are trading partners through NAFTA (North American Free Trade Agreement)?

A) Canada, U.S.
B) Canada, U.S., Mexico, Greenland
C) U.S., Mexico
D) Canada, Mexico, U.S.
E) Canada, U.S., Mexico, and all the countries in the Caribbean

Question 13

What country is Canada's single largest trading partner?

A) United States
B) Japan
C) Saudi Arabia
D) Germany
E) France

Question 14

In terms of dollar value,what is the largest category of world exports today?

A) manufactured goods
B) agricultural products
C) minerals and fuels
D) services
E) transportation

Question 15

Despite decades of ________,the U.S.remains the world's largest ________.

A) regulation, polluter
B) deindustrialization, manufacturer
C) conservative policies, liberal democracy
D) service development, agricultural exporter
E) vigorous energy conservation, consumer of fossil fuels

Question 16

What will need to occur to stop piracy of computer software,which has been a serious problem for the industry?

A) implementation of the Kyoto Protocol
B) implementation of UN mandates
C) implementation of World Trade Organization rules
D) implementation of intellectual property rights
E) all of the above

Question 17

All of the following are manufactured products in which the U.S.is competitive internationally,EXCEPT

A) athletic shoes.
B) medical equipment.
C) transportation equipment.
D) computer hardware.
E) computer software.

Question 18

What country is the United States' single largest trading partner?

A) Japan
B) Saudi Arabia
C) Germany
D) France
E) Canada

Question 19

With what countries do advanced industrial countries primarily trade?

A) underdeveloped countries
B) less developed countries
C) newly industrializing countries
D) other advanced industrial countries
E) their former colonies

Question 20

What country is NOT one of the United States' five largest trading partners?

A) Japan
B) Great Britain
C) Germany
D) Mexico
E) Canada

Question 21

All of the following have been outcomes of NAFTA for Mexico,EXCEPT

A) one million grain farmers were driven out of business.
B) NAFTA helped Mexico to reduce its rate of inflation.
C) NAFTA has made Mexico economically independent.
D) NAFTA's preferential treatment of U.S. and Canadian goods has caused Mexico to import them over goods and services from the European Union.
E) NAFTA enhanced Mexico's ability to supply U.S. manufacturers with low cost parts.

Question 22

Australia's major exports are

A) computer hardware.
B) primary products.
C) energy.
D) manufactured goods.
E) textiles.

Question 23

What Asian country established "special economic zones" (SEZs)to produce goods for world markets?

A) Taiwan
B) South Korea
C) Japan
D) Thailand
E) China

Question 24

What country in the European Union is the EU's leading exporter of agricultural products?

A) Germany
B) Great Britain
C) Italy
D) Netherlands
E) France

Question 25

Under Spanish colonialism,Latin America's role was to provide

A) primary materials.
B) secondary materials.
C) tertiary products.
D) quaternary products.
E) quinary products.

Question 26

Countries in what part of South America have had strong ties to Western Europe?

A) northern
B) southern
C) western
D) eastern
E) the Andes Mountains

Question 27

Why has Nike (and firms like it)left South Korea?

A) Nike has decided to manufacture its products where they are sold, namely the U.S.
B) The government of South Korea has threatened to nationalize private industrial facilities.
C) South Korea's economic success has caused labor prices to become too high.
D) Because South Korea is threatening to develop nuclear weapons.
E) Civil war is making manufacturing in South Korea difficult.

Question 28

Major exports of the U.S.to Japan include all of the following EXCEPT

A) grains.
B) lumber.
C) feed.
D) automobiles.
E) fruit.

Question 29

Most international trade between the U.S.and the EU takes the form of

A) intra-industry trade.
B) unilateral trade.
C) bilateral trade.
D) interindustry trade.
E) trade of services.

Question 30

What is Mexico's primary import,accounting for 60% of its total imports?

A) agricultural products
B) consumer electronics
C) manufactured goods
D) semifinished industrial supplies
E) energy

Question 31

Which of the following countries of Latin America most is economically developed?

A) Bolivia
B) Paraguay
C) Brazil
D) Haiti
E) Guatemala

Question 32

Mexico is one of the world's largest exporters of

A) manufactured goods.
B) textiles.
C) agricultural products.
D) consumer electronics.
E) energy.

Question 33

All of the following countries of Asia are described as new emerging "tigers," EXCEPT

A) South Korea.
B) Thailand.
C) Malaysia.
D) Indonesia.
E) China.

Question 34

Which is NOT a characteristic of China as described in your text?

A) It has an enormous pool of workers.
B) It has low wages.
C) Over the last 20 years it has recorded annual growth of 8% to 14%.
D) It has relatively low levels of worker productivity.
E) By all measures it is still a poor country.

Question 35

About half of China's manufacturing plants are owned by

A) U.S. firms.
B) Japanese companies.
C) European companies.
D) the Chinese government.
E) South Korean firms.

Question 36

The EU faces which of the following structural problems?

A) high labor costs
B) economic rigidity which stalls the growth of smaller companies
C) costly social welfare programs
D) all of the above
E) A and B only

Question 37

Several factors have contributed to East Asia's unprecedented growth.These include all of the following EXCEPT

A) U.S. economic and military subsidies.
B) a switch from export promotion to import substitution.
C) the Confucian culture dedicated to learning.
D) a government shift to export promotion.
E) protectionism of Japan.

Question 38

Which of the following countries of Latin America most is economically developed?

A) Bolivia
B) Paraguay
C) Brazil
D) Haiti
E) Guatemala

Question 39

Which country in Africa has the most productive economy on that continent?

A) Nigeria
B) Sudan
C) South Africa
D) Ghana
E) Kenya

Question 40

What country is the chief trading partner of most Latin American countries?

A) United States
B) Mexico
C) Portugal
D) Canada
E) Spain

Question 41

Which country is a large exporter of nonoil commodities?

A) U.S.
B) China
C) France
D) South Africa
E) Brazil

Question 42

Europe had the largest distribution of world exports in 1980,2000,and 2007.

Question 43

A clear sign of the increasing integration of national economies is the tremendous growth in the volume and composition of international trade.

Question 44

More than 70% of U.S.exports are agricultural products.

Question 45

The U.S.is competitive internationally in medical equipment,transportation equipment,computer hardware,and computer software.

Question 46

The "Four Tigers" are known for their large populations,which provide enormous markets for manufactured goods.

Question 47

What is the primary export of Russia?

A) textiles
B) manufactured goods
C) agricultural products
D) energy
E) computer software

Question 48

The migration of steel production to the 3rd World reflects the growing importance of

A) labor costs.
B) government subsidies.
C) taxes to the delivered cost of steel.
D) all of the above.
E) none of the above; production has not migrated there.

Question 49

Great Britain is Canada's single largest trading partner.

Question 50

Advanced industrial countries primarily trade with newly industrializing countries.

Question 51

One of the most significant developments in the contemporary world economy is the expanding volume of trade.

Question 52

Canada,Mexico,the U.S.and all the countries in the Caribbean are trading partners through NAFTA (North American Free Trade Agreement).

Question 53

The major export from the Middle East is

A) energy.
B) textiles.
C) manufactured goods.
D) agricultural products.
E) computer software.

Question 54

World output has grown faster than world trade since 1950.

Question 55

In terms of dollar value,services are the smallest category of world exports today.

Question 56

In terms of dollar value,manufactured goods form the largest category of world exports today.

Question 57

Which of the following is NOT a major global trade flow?

A) services
B) microelectronics
C) automobiles
D) steel
E) oil

Question 58

OPEC countries recorded a meteoric rise in the value of their exports in the 1970s and again in the 2000s as the international demand for energy rose.

Question 59

East and Southeast Asia have the largest percent of world GDP in trade.

Question 60

Whereas the U.S.imports energy,Canada is able to export it.

Question 61

Mexico is one of the world's largest exporters of petroleum.

Question 62

The country of Japan has the largest positive current account balance.

Question 63

Machinery and transportation equipment accounted for the largest single proportion of exports in 2007 (43%).

Question 64

Under Spanish colonialism,Latin America's role was to provide secondary products.

Question 65

Most international trade takes the form of bilateral trade.

Question 66

Nike (and firms like it)left South Korea because its economic success has caused labor prices to become too high.

Question 67

The largest trading bloc in the world is the North American Free Trade Agreement countries.

Question 68

Brazil's largest trading partner is the EU.

Question 69

Australia's major exports are energy.

Question 70

About half of China's manufacturing plants are owned by Japanese companies.

Question 71

Mexico is the chief partner of most Latin American countries.

Question 72

The country of South Africa has the most productive economy on the continent of Africa.

Question 73

Canada cannot attain the economies of scale necessary for highly efficient plants and therefore,exports many of its goods.

Question 74

The U.S.is the fastest growing market for computer software.

Question 75

Canada's economy is markedly more internationalized than that of the U.S.

Question 76

Asia is Canada's top trading partner.

Question 77

Intra-industry trade is investment in foreign affiliates that produce abroad.

Question 78

Russia's primary export is agricultural products.

Question 79

Great Britain is the chief trading partner of most Latin American countries.

Question 80

Canada is able to remain extremely competitive in auto manufacturing due to its nationalized health care system.