Question 1

Which of the following statements about world trade flows is most accurate?

Accepted Answer

According to the information provided in the question, the most accurate statement is that the U.S. percentage share of world exports has shifted downwards over the past 30 years. This implies that the U.S. has lost some of its dominance in the global export market over time. The other statements are either not supported by the information given or are too specific to be considered the most accurate overall statement about global trade flows.

Question 2

Which of the following statements best describes what has happened to U.S.exports versus imports over the last 30 years?

Accepted Answer

The volume of both U.S. exports and U.S. imports has increased significantly over the last 30 years. This indicates that the U.S. is engaged in more trade activity and is likely participating in a globalized economy.

Question 3

monetary value of all goods and services produced in a country during one year is referred to as the

Accepted Answer

The monetary value of all goods and services produced in a country during one year is referred to as the gross domestic product (GDP). It is a commonly used measure of a country's economic performance and is calculated by adding up the value of goods and services produced by all sectors of the economy.

Question 4

Which of the following statements about world trade flows is most accurate?

Accepted Answer

The statement that the United States' relative role as an exporter remains strong in the area of aerospace is the most accurate. This is supported by data that shows the United States as the largest aerospace exporter in the world. The other statements are not accurate. The EU is not the world leader in terms of GDP; China currently holds this position. The United States has a trade deficit, not a surplus. The relative position of the United States in terms of GDP has declined over the past 30 years as other countries, particularly China, have experienced rapid economic growth.

Question 5

Changes in the products Americans buy and sell,additional jobs,and an improved standard of living are all effects of

Accepted Answer

An increase in both imports and exports would lead to changes in the products Americans buy and sell as they would have access to new and diverse goods. It would also create additional jobs in the industries involved in importing and exporting, and lead to an improved standard of living due to increased access to goods and increased economic activity.

Question 6

Which of the following statements about world trade flows is most accurate?

Accepted Answer

The United States' role as a marketplace for the world has increased, particularly in sectors like automobiles, oil, textiles, and consumer electronics, due to its large consumer base and demand for imports.

Question 7

difference between the monetary value of a nation's exports and imports is called its

Accepted Answer

The monetary value of a nation's exports minus the monetary value of imports is known as the balance of trade. It reflects the difference between a country's income from export earnings and its payment for imports.

Question 8

Which of the following statements about world trade flows is most accurate?

Accepted Answer

The United States is the world leader in terms of GDP, consistently having one of the largest economies globally.

Question 9

Gross domestic product refers to

Accepted Answer

Gross domestic product (GDP) is a measure of the monetary value of all goods and services produced within a country's borders in a specific time period, usually a year. It includes the output of all individuals, businesses, and government entities within that country. Option A refers to the output of a single manufacturer, which is not representative of the entire economy. Option B and D only consider exports and imports respectively, and do not reflect the overall economic activity of the country. Option E describes the balance of trade, not GDP.

Question 10

World trade flows to and from the United States reflect __________ for goods and services among nations and industries.

Accepted Answer

World trade flows reflect the demand and supply interdependencies for goods and services among nations and industries. This means that countries trade with each other based on their needs and resources, and these flows change depending on various factors such as domestic policies, global economic conditions, and technological advancements.

Question 11

four largest exporters to the United States are

Accepted Answer

According to recent data, as of 2019, the four largest exporters to the United States are Canada, China, Japan, and Mexico. Therefore, option A is the correct choice.

Question 12

China,Japan,and South Korea combine for about _________ percent of the total U.S.balance of trade deficit.

Accepted Answer

The answer of China,Japan,and South Korea combine for about _________...

Question 13

Michael Porter has identified four key elements in a nation's competitive advantage: factor conditions; __________; related and supporting industries; and company strategy,structure,and rivalry.

Accepted Answer

The four key elements of a nation's competitive advantage, according to Michael Porter, are factor conditions (such as natural resources or skilled labor), demand conditions (such as the size and sophistication of the domestic market), related and supporting industries, and company strategy, structure, and rivalry. Therefore, the best choice to complete the sentence is A, demand conditions.

Question 14

Balance of trade refers to

Accepted Answer

Balance of trade refers to the monetary value difference between a nation's exports and imports. It is calculated by subtracting the value of imports from the value of exports. If the value of exports exceeds the value of imports, it results in a trade surplus, and if the value of imports exceeds the value of exports, it results in a trade deficit.

Question 15

Which of the following statements about world trade flows is most accurate?

Accepted Answer

Although the United States has experienced an absolute growth in exports, it has not kept pace with the growth of other countries, causing its relative position as a supplier to the world to diminish. This is due in part to the rise of emerging economies such as China and India, which have become major players in world trade. Option A is incorrect because China is the leader in terms of GDP, not world trade flows. Option B is incorrect because while the United States has seen absolute growth in exports, its relative position has decreased. Option D is incorrect because there is no information given about the aerospace industry. Option E is incorrect because GDP can be compared across different countries using methods such as purchasing power parity.

Question 16

Which of the following statements about world trade flows is most accurate?

Accepted Answer

While the absolute growth in U.S. exports has been significant over the years, the relative position of the country as a supplier to the world has decreased. This suggests that other countries have experienced a higher growth rate in exports and are becoming more competitive in the global market.

Question 17

Which of the following statements best describes the relationship between the imports into the United States and the exports from the United States during the last 30 years?

Accepted Answer

During the last 30 years, the United States has consistently run a trade deficit, with imports exceeding exports. This is due to a variety of factors, including the strength of the US dollar, the increasing global competition, and the rise of emerging markets. This trade deficit has been a subject of debate and concern for policymakers and economists, with various proposals for reducing it.

Question 18

Michael Porter has identified four key elements in a nation's competitive advantage: __________; demand conditions; related and supporting industries; and company strategy,structure and rivalry.

Accepted Answer

Michael Porter has identified four key elements in a nation's competitive advantage which are factor conditions; demand conditions; related and supporting industries; and company strategy, structure, and rivalry. The other choices such as industry composition, size of market, governmental regulation, and suppliers are important but not part of Porter's identified key elements for a nation's competitive advantage.

Question 19

four largest importers of U.S.goods and services are

Accepted Answer

According to the U.S. Census Bureau, the four largest importers of U.S. goods and services in 2019 were Canada, China, Japan, and Mexico.

Question 20

Michael Porter has identified four key elements to explain why some companies and industries succeed globally while others fail.These four elements are collectively referred as

Accepted Answer

The four key elements identified by Michael Porter are collectively referred to as the diamond of national competitive advantage. These elements include factor conditions, related and supporting industries, firm strategy, structure, and rivalry, and demand conditions. Together, they explain why some companies and industries succeed globally while others fail.

Quiz 7: Understanding and Reaching Global Consumers and Markets

Which of the following statements about world trade flows is most accurate?

Which of the following statements best describes what has happened to U.S.exports versus imports over the last 30 years?

monetary value of all goods and services produced in a country during one year is referred to as the

Which of the following statements about world trade flows is most accurate?

Changes in the products Americans buy and sell,additional jobs,and an improved standard of living are all effects of

Which of the following statements about world trade flows is most accurate?

difference between the monetary value of a nation's exports and imports is called its

Which of the following statements about world trade flows is most accurate?

Gross domestic product refers to

World trade flows to and from the United States reflect __________ for goods and services among nations and industries.

four largest exporters to the United States are

China,Japan,and South Korea combine for about _________ percent of the total U.S.balance of trade deficit.

Michael Porter has identified four key elements in a nation's competitive advantage: factor conditions; __________; related and supporting industries; and company strategy,structure,and rivalry.

Balance of trade refers to

Which of the following statements about world trade flows is most accurate?

Which of the following statements about world trade flows is most accurate?

Which of the following statements best describes the relationship between the imports into the United States and the exports from the United States during the last 30 years?

Michael Porter has identified four key elements in a nation's competitive advantage: __________; demand conditions; related and supporting industries; and company strategy,structure and rivalry.

four largest importers of U.S.goods and services are

Michael Porter has identified four key elements to explain why some companies and industries succeed globally while others fail.These four elements are collectively referred as