Exam (elaborations)

International Economics 3rd Edition By Robert C. Feenstra - Test Bank

0 purchase

Module
International Economics

Institution
International Economics

Test Bank For International Economics 3rd Edition By Robert C. Feenstra Complete Test Bank

[Show more]

Preview 4 out of 884 pages

View example

Uploaded on November 26, 2023
Number of pages 884
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

international economics 3rd edition by robert c
test bank
compleet test bank with answers

ExamsExpert Member since 1 year 456 documents sold

£22.49

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

, Chapter 1: Trade in the Global Economy

1. What country was the world's largest exporter of goods in 2012?
A) China
B) Germany
C) the United States
D) Japan
Ans: A Difficulty: Easy Section: Introduction Skill Descriptor: Fact-
Based Topic: Introduction

2. Which of the following is a trade flow?
A) Robert Feenstra purchases $100 million of British treasury bonds.
B) Robert Feenstra purchases a yogurt factory in France.
C) Neither of Robert Feenstra's purchases is considered a trade flow.
D) Both of Robert Feenstra's purchases are considered trade flows.
Ans: C Difficulty: Easy Section: Introduction
Skill Descriptor: Definitional Topic: Introduction

3. Currently, which of the following countries is the world's largest exporter of goods (in
dollar volume)?
A) China
B) the United States
C) Japan
D) Germany
Ans: A Difficulty: Moderate Section: Introduction
Skill Descriptor: Fact-Based Topic: Introduction

4. Currently, which of the following countries is the world's largest exporter of goods and
services (in dollar volume)?
A) China
B) the United States
C) Japan
D) Germany
Ans: B Difficulty: Moderate Section: Introduction
Skill Descriptor: Fact-Based Topic: Introduction

5. What is the term for a capital flow that is used to purchase or build a tangible asset like
a factory?
A) migration
B) service exports
C) service imports
D) foreign direct investment
Ans: D Difficulty: Easy Section: Introduction
Skill Descriptor: Definitional Topic: Introduction

, Chapter 1: Trade in the Global Economy

6. When a foreign resident purchases a good or service from someone in the United States,
the transaction is:
A) a U.S. export.
B) a U.S. import.
C) bilateral exchange.
D) a compensating differential.
Ans: A Difficulty: Easy Section: International Trade
Skill Descriptor: Definitional Topic: The Basics of World Trade

7. Imports are:
A) goods or services purchased from a foreign resident.
B) goods or services sold to foreign residents.
C) goods only purchased from foreigners—you cannot purchase services from foreigners.
D) services only—imports do not include goods.
Ans: A Difficulty: Easy Section: International Trade
Skill Descriptor: Definitional Topic: The Basics of World Trade

8. Exports are:
A) goods or services purchased from a foreign resident.
B) goods or services sold to foreign residents.
C) goods only sold to foreigners—you cannot sell services to foreigners.
D) services only—exports do not include goods.
Ans: B Difficulty: Easy Section: International Trade
Skill Descriptor: Definitional Topic: The Basics of World Trade

9. Which of the following entries is considered to be a service export?
A) the Japanese buying soybeans from the United States
B) the Chinese selling iPhones to the United States
C) Mexican tourists visiting the Grand Canyon
D) the French selling wine to the United States
Ans: C Difficulty: Moderate Section: International Trade
Skill Descriptor: Concept-Based Topic: The Basics of World Trade

10. Which of the following transactions is NOT a trade flow?
A) domestic residents' purchases of foreign-made goods
B) domestic residents' purchases of foreign-provided services
C) domestic residents' purchases of foreign stocks and bonds
D) domestic residents' purchases of foreign-produced software
Ans: C Difficulty: Easy Section: International Trade
Skill Descriptor: Definitional Topic: The Basics of World Trade

Page 2

, Chapter 1: Trade in the Global Economy

11. A country's service exports include:
A) a restaurant meal purchased by its resident in another country.
B) equipment or automobiles with a warranty and a service contract sold to a foreign
resident.
C) a ticket on a country's airline sold to a foreign resident.
D) a country's resident who migrates to work in another country.
Ans: C Difficulty: Moderate Section: International Trade
Skill Descriptor: Concept-Based Topic: The Basics of World Trade

12. The difference between the total value of a country's exports and the total value of its
imports is defined as the country's:
A) trade status.
B) trade balance.
C) trade deficit.
D) bilateral trade balance.
Ans: B Difficulty: Easy Section: International Trade
Skill Descriptor: Definitional Topic: The Basics of World Trade

13. An American tourist buys a ticket to an opera in Paris. The U.S. government classifies
this transaction as:
A) a goods' import of a French Opera.
B) a service export.
C) a service import.
D) a goods' export.
Ans: C Difficulty: Difficult Section: International Trade
Skill Descriptor: Concept-Based Topic: The Basics of World Trade

14. A Chinese student pays tuition at a U.S. university. The Chinese government classifies
this transaction as:
A) a goods' import.
B) a service export.
C) a service import.
D) a goods' export.
Ans: C Difficulty: Difficult Section: International Trade
Skill Descriptor: Concept-Based Topic: The Basics of World Trade

15. If the value of a nation's imports is more than the value of its exports, then the nation is
experiencing:
A) a trade deficit.
B) a trade surplus.

Page 3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £22.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Exam (elaborations)

International Economics 3rd Edition By Robert C. Feenstra - Test Bank

Document information

Subjects

Written for

Seller

Reviews received

Content preview