International Economics Exam Questions and Answers
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Course
International Economics
Institution
International Economics
International Economics Exam Questions and Answers
The calculation of a country's balance of trade involves the value of its - Answer-exports and imports
What do NAFTA, EU, and ASEAN have in common? - Answer-They are all interested in promoting free trade.
Which BEST describes exchange ra...
International Economics Exam
Questions and Answers
The calculation of a country's balance of trade involves the value of its - Answer-exports
and imports
What do NAFTA, EU, and ASEAN have in common? - Answer-They are all interested in
promoting free trade.
Which BEST describes exchange rates? - Answer-The price of one nation's currency in
terms of another.
What is MOST LIKELY to happen to US imports and exports if the US dollar becomes
stronger relative to other currencies? - Answer-imports will increase, exports will
decrease
Which group benefits when the US dollar depreciates against other currencies? -
Answer-Foreign citizens vacationing in the US
Which statement BEST supports the argument that countries should engage in free
trade? - Answer-Free trade encourages countries to allocate their resources more
efficiently.
Supporters of NAFTA and free trade would contend that such agreements - Answer-
stimulate democratic reform and open markets in areas in need of improvement
The table shows the hypothetical international value of the Japanese yen in terms of the
European euro. Which of the following BEST explains why the yen per Euro changed
from year 1 to year 2? - Answer-Japanese consumers increased the demand for
European goods and services.
The above cartoon is portraying what kind of bias? A. Protectionist B. free
trade/globalization C. No bias - Answer-Protectionist
A tariff can BEST be described as which of the following? - Answer-a tax levied an
imported good
What is the primary purpose of the North American Free Trade Agreement (NAFTA)? -
Answer-to reduce trade barriers among the United States, Canada, and Mexico
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