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30 multiple choice questions5-1 Quiz: Chapter Eight Question 1 (2 points)Proponents of a positive balance of trade believe it is essential to a state because it is a significantsource of __________.Question 1 options:A) diplomacyB) powerC) democracyD) capitalismQuestion 2 (2 points)Applying quotas on imports is a policy that would be followed by a __________.Question 2 options:A) bureaucracyB) conspiratorC) free-market capitalistD) protectionist stateQuestion 3 (2 points)The balance of trade is the value of a state’s imports relative to its __________.Question 3 options:A) budget balanceB) trade statusC) exchange rateD) exportsQuestion 4 (2 points)A state that avoids trading altogether and instead tries to produce everything it needs by itself is following a strategy of __________.Question 4 options:A) mercantilismB) economic liberalismC) autarkyD) comparative advantageQuestion 5 (2 points)Which policy would be followed by a protectionist state?Question 5 options:A) imposing tariffsB) dumpingC) eliminating export dutiesD) disallowing quotas on importsQuestion 6 (2 points)A tariff is a type of tax imposed on __________ by a state.Question 6 options:A) luxury goodsB) revenuesC) importsD) exportsQuestion 7 (2 points)Tax breaks, loans, and guaranteed high prices are examples of what type of protectionism?Question 7 options:tariffsquotasstandardssubsidiesQuestion 8 (2 points)A state will have a positive balance of trade, or trade surplus, when it __________.Question 8 options:imports a surplus of consumer goodsexports more than it importsimports more than it exportsexports progressively more over a fiscal periodQuestion 9 (2 points)How does economic liberalism compare with mercantilism?Question 9 options:Economic liberalism is not concerned with whether one state gains more or less than another, just whether the state’s wealth is increasing in absolute terms, whereas mercantilism emphasizes that each state must protect its own interests at the expense of others.Economic liberalism emphasizes conflicting interests in economic exchanges, whereas mercantilism emphasizes shared interests.Economic liberalism asserts that the most important goal of economic policy is the creation of the most favorable possible distribution of wealth, whereas mercantilism asserts that the most important goal is the maximum creation of total wealth.Economic liberalism advocates a role for politics in market processes, whereas mercantilism advocates for market processes to be relatively unhindered by politicalelements.Question 10 (2 points)A __________ would agree that a government’s most useful role is to interfere in economics only to regulate markets in order to help them function efficiently. That is, politics should serve the interests of economic efficiency.Question 10 options:liberalmercantilistMarxistcommunistQuestion 11 (2 points)The U.S. __________ exceeded $560 billion in 2017, with about a quarter accounted for by tradewith China and another quarter by oil imports.Question 11 options:surplus of consumer goodstrade deficittrade surplusrestricted free tradeQuestion 12 (2 points)The mercantilist approach to trade is similar to __________.Question 12 options:economic liberalismrealismMarxismcommunismQuestion 13 (2 points)With respect to deficits, __________.Question 13 options:a state cannot have a budget deficit and a trade deficit at the same timeif a state has a trade deficit, it must have a budget deficitthe concepts of budget deficit and trade deficit are used interchangeablya state can have a trade deficit without having a budget deficitQuestion 14 (2 points)The WTO provides an overall framework for __________ trade in a worldwide market.Question 14 options:limitedunilateralbilateralmultilateralQuestion 15 (2 points)Trade in services includes __________.Question 15 options:banking and insurancetelecommunications and armstourism and textilesaerospace and computer technologyQuestion 16 (2 points)The most profitable goods involved in illicit trade are __________.Question 16 options:gaming software and sound recordingspharmaceuticals and weaponsweapons and drugsdrugs and DVD filmsQuestion 17 (2 points)Enforcement of trade agreements __________.Question 17 options:takes place under universal agreement on what is fair tradedepends on reciprocityusually involves the United Nations Economic and Social Councilis ensured mostly by the United States and ChinaQuestion 18 (2 points)The largest, and most comprehensive, regional free-trade area is in __________.Question 18 options:North AmericaSouth AmericaEuropeAsiaQuestion 19 (2 points)Cartels form to __________ the price of a certain product, and most often __________ production by each member so as to lower supply.Question 19 options:manipulate; inflatereduce; inflatemanipulate; limitinflate; reduceQuestion 20 (2 points)The most prominent cartel in the international economy is the __________.Question 20 options:International Energy AgencyOrganization of the Petroleum Exporting CountriesNorth American Free Trade AgreementFree Trade Area of the AmericasQuestion 21 (2 points)The __________ oversees the world’s most important multilateral agreement on intellectual property.Question 21 options:United NationsWorld Intellectual Property OrganizationWorld Trade OrganizationUnited StatesQuestion 22 (2 points)Retaliation for cases of dumping usually comes in the form of __________.Question 22 options:dumping in the offending state’s marketquotas on the products being dumpedtariffs to raise the price back to market levelssubsidies for those companies being harmedQuestion 23 (2 points)The principle that whenever a WTO member state lowers tariffs on certain kinds of imports fromone member state, all member states are entitled to the same treatment with regard to their goods is known as the __________ concept.Question 23 options:most-favored nationGeneralized System of Preferenceseconomic nationalismGeneral Agreement on Tariffs and TradeQuestion 24 (2 points)A customs union is created when states __________ members of the group.Question 24 options:decide to reduce trade barriers and adopt a common tariff toward states that are notdecide to reduce trade barriers for each other and maintain individual tariffs toward states that are notachieve the free movement of goods, services, capital, and labor among theadopt a common currency to be adopted by allQuestion 25 (2 points)By the beginning of the twentieth century, __________ replaced __________ as the state with the world’s largest and most advanced economy.Question 25 options:Germany; FranceJapan; the United Statesthe United States; BritainBritain; GermanyQuestion 26 (2 points)The Soviet Union set prices and quotas for production and consumption of commodities, following communist principles. This approach to economics is an example of a __________ economy.Question 26 options:centrally plannedlocally plannedstagnantleadingQuestion 27 (2 points)Which statement is true about the capitalist world economy immediately after World War II?Question 27 options:The United States provided major assistance to rebuild Western Europe and Japan.World trade declined as countries focused on rebuilding their domestic economies.The Soviet Union and Eastern Europe began their transition to capitalism.The capitalist world economy was restructured under joint U.S.-British-French leadership.Question 28 (2 points)Which feature is characteristic of a centrally planned economy?Question 28 options:Government officials set prices.Religious authorities decide production quotas.Consumers have a wide range of products from which to choose.Governments cannot guarantee the basic needs of citizens.Question 29 (2 points)Which factor contributed to the industrialization of the United States?Question 29 options:limited natural resources as a result of territorial expansionconversion from imported oil to domestic coal as a primary energy sourcenew technical innovations, such as electricity and airplanessmall numbers of immigrants coming to work in the United StatesQuestion 30 (2 points)The world economy is __________ integrated on a global scale, generating wealth at a(n) __________ pace.Question 30 options:decreasingly; deceleratingincreasingly; acceleratingdecreasingly; acceleratingincreasingly; decelerating0
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