DeVry ECON 312 Week 7 Quiz
Question 1
U.S. exports of goods and services (on a national income account basis) are about
A. 20 percent of U.S. GDP.
B. 8 percent of U.S. GDP.
C. 28 percent of U.S. GDP.
D. 13 percent of U.S. GDP.
Question 2
The United States’ most important trading partner quantitatively is
A. China.
B. Canada.
C. Mexico.
D. Japan.
Question 3
In recent years, the United States has
A. exported more services abroad than it has imported.
B. had a small goods trade surplus with Japan.
C. had a large goods trade surplus with the rest of the world.
D. maintained an overall trade surplus (goods and services combined) with the rest of the world.
Question 4
Which country has the largest share of total world exports?
A. Japan
B. Germany
C. United States
D. China
Question 5
In terms of absolute dollar volume, the top 3 leaders in world exports are
A. Japan, China, and the European Union.
B. the United States, England, and Canada.
C. Germany, England, and the United States.
D. China, the United States, and Germany.
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Question 6
A major goal of the World Trade Organization is to
A. increase the protection of producers against foreign trade competition.
B. encourage bilateral trade agreements between nations.
C. liberalize international trade among nations.
D. maximize tariff revenue for governments.
Question 7
Which organization meets regularly to establish rules and settle disputes related to international trade?
‘A. the United Nations Commission on Trade Law
B. the United Nations Conference on Trade and Development
C. the World Trade Organization
D. the World Economic Forum
Question 8
Which of the following is not a major achievements of the European Union (EU)?
A. It abolished tariffs and quotas among its member nations.
B. It liberalized the movement of capital and labor among its member nations.
C. It created common policies in agriculture, transportation, and business practices among its members.
D. It established a common fiscal policy among its member nations
Question 9
The so-called eurozone refers to
A. all members of the European Union.
B. the EU nations that have adopted a common currency.
C. the combined Eastern and Western Europe.
D. nations in Europe where the U.S. has military bases.
Question 10
NAFTA established a free-trade area and eliminated trade barriers between
A. the U.S. and Canada only.
B. the U.S., Mexico, and China.
C. the U.S., Mexico, and Canada.
D. the U.S., China, and Canada.
