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International Trade 1st Edition By John Mclaren - Test Bank
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,Chapter 01Multiple Choice
1. The most general description of globalization is
A. Large scale movement of labor across countries
B. Expanded economic interaction between countries
C. Large scale movement of goods across countries
D. Large scale movement of capital across countries
Answer: B
2. Which of the following is not within the definition of globalization?
A. American firms establishing production facilities in Europe in the nineteenth century
B. British investors financing the Argentinian railroad
C. British colonization of India
D. Chinese workers migrating to the US to work on building the railroad
Answer: C
3. Which out of the following was the principal reason for the First Wave of Globalization?
A. The invention of the telegraph
B. The noticeable decline in international freight costs
C. The rise of international banking
D. Population growth in Europe
Answer: B
4. Which out of the following was the principal reason for the First Wave of Globalization?
A. The sharp decline in commodity prices
B. The invention of the steamship
,C. The laying of the telephone cable across the Atlantic
D. The migration from Europe to North America
Answer: A
5. The average tariff rate for a country is the
A. Average of all the tariff rates imposed on different imported goods
B. The average of the tariff rates the country has imposed over a ten-year span
C. Tariff revenue as percentage of dutiable imports
D. Tariff revenue as a percentage of all imports
Answer: D
6. To calculate the average tariff rate of the US
A. One would take the total tariff revenue collected and then divide that by the value of all the
goods on which the US has tariffs
B. One would take the total tariff revenue collected and then divide that by the value of all the
imported goods
C. One would calculate the simple average of all the different tariff rates imposed on the goods
on which the US has imposed tariffs
D. One would calculate the weighted average of all the different tariff rates imposed on the
goods on which the US has tariffs, weighted by their dollar values
Answer: B
7. The most significant reduction in US tariff rates took place between
A. 1900-1920
B. 1930-1950
C. 1950-1975
D. 1980-2005
Answer: A
, 8. The second-highest tariff rate for the US in the twentieth century was reached in 1930-31
A. Because average tariff rates rose due to the Great Depression
B. Because the US put prohibitive tariffs on Japan and Germany
C. Due to the enactment of the Smoot-Hawley Act
D. Because the US retaliated against tariff hikes by the US’s principal trading partners
Answer: C
9. After 1950 the first impetus for globalization came from the
A. Reconstruction of Europe
B. Containerization in shipping
C. Fall in the cost of air transportation
D. Co-ordinated cut in trade restrictions under GATT-WTO
Answer: B
10. Which is the most recent breakthrough in lowering transportation costs?
A. Diesel-powered ships
B. Containerization in shipping
C. Fall in the cost of air transportation
D. Mammoth oil tankers
Answer: C
11. Which out of the following has had the greatest impact on Globalization since 1950?
A. The repeal of Smoot-Hawley
B. Containerization in shipping
C. Fall in the cost of air transportation
D. Co-ordinated cut in trade restrictions under GATT-WTO
Answer: D
12. The definition of an “open” economy is the
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