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1) Countries of the world differ in terms of their
A) geographic size.
B) population size.
C) standards of living.
D) All of the above.
Answer: D
2) The difference between a country's Gross National Product (GNP) and its Gross
Domestic product (GDP) is that
A) GNP refers to production within the nation while GDP refers to production by
domestic factors no matter where they are located.
B) GNP is always bigger than GDP.
C) GDP refers to production within the nation while GNP refers to production by
domestic factors no matter where they are located.
D) Two of the above are true.
Answer: C
3) Per capita GNP is defined as a country's GNP divided by its
A) population.
B) labor force.
C) capitalists.
,D) None of the above.
Answer: A
4) Which of the following statements is false?
A) Richer countries tend to be found in North America, Western Europe, and Japan.
B) Countries with large populations tend to be rich.
C) Growth of per capita GNP tends to be quite stable about 1.5-3 percent per year in
industrialized countries.
D) Over the past several decades, growth of per capita GNP tends to be higher on average
in industrialized countries than in low or middle-income countries.
Answer: B
5) The ratio of a country's exports to its total output (GNP or GDP)
A) is known as the index of openness.
B) provides a rough measure of the importance of international trade to that economy.
C) if calculated for the United States would be quite low.
D) All of the above.
Answer: D
,6) Which of the following statements is false?
A) Between 1980 and 2006, the index of openness has risen for most countries.
B) Since 1950, international trade has been growing faster than the growth of world
output.
C) A country cannot be a leading world exporter without a high index of openness.
D) Two of the above are true.
Answer: C
7) Barriers to trade
A) include government policies such as tariffs and quotas.
B) have been falling with technological improvements in transportation and
communication.
C) have risen since World War II as many countries have imposed higher tariffs.
D) Two of the above are true.
Answer: D
8) Which of the following is true?
A) Much of the trade of the European Union (EU) countries is with EU countries.
B) Industrialized countries tend to trade relatively little and largely with developing
countries.
C) Developing countries in Africa and South America tend to trade the most and largely
with themselves.
D) All of the above are true.
Answer: A
9) The leading trading partner of the United States is
A) Canada.
B) Japan.
, C) Germany.
D) Mexico.
Answer: A
10) Which of the following statements is true?
A) Countries tend to trade extensively with their neighbors.
B) The United States is an important trading partner for many countries.
C) The largest amount of international trade occurs between industrialized countries.
D) All of the above are true.
Answer: D
11) The largest single traded good (by value) in recent years has been
A) automobiles.
B) wheat.
C) televisions, stereos, and VCRs.
D) steel.
Answer: A
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