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ch18

Chapter18

Open-EconomyMacroeconomics:

BasicConcepts

MULTIPLECHOICE

1.Internationaltrade

a.raisesthestandardoflivinginalltradingcountries.

b.lowersthestandardoflivinginalltradingcountries.

c.leavesthestandardoflivingunchanged.

d.raisesthestandardoflivingforimportingcountriesandlowersitforexportingcountries.

ANSWER:

a.raisesthestandardoflivinginalltradingcountries.

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2.Foreign-producedgoodsandservicesthataresolddomesticallyarecalled

a.imports.

b.exports.

c.netimports.

d.netexports..

ANSWER:

a.imports.

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3.Netexportsofacountryarethevalueof

a.goodsandservicesimportedminusthevalueofgoodsandservicesexported.

b.goodsandservicesexportedminusthevalueofgoodsandservicesimported.

c.goodsexportedminusthevalueofgoodsimported.

d.goodsimportedminusthevalueofgoodsexported.

ANSWER:

b.goodsandservicesexportedminusthevalueofgoodsandservicesimported.

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4.Supposethatacountryexports$100millionofgoodsandservicesandimports$75millionofgoodsandservices,whatisthevalueofnetexports?

a.$175million

b.$100million

c.$25million

d.–$25million

ANSWER:

c.$25million

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5.Oceaniabuys$100ofwinefromEscudiaandEscudiabuys$40ofwoolfromOceania.WhatarethenetexportsofOceaniaandEscudiainthatorder?

a.$140and$140

b.$100and$40

c.$60and–$60

d.Noneoftheaboveiscorrect.

ANSWER:

d.Noneoftheaboveiscorrect.

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6.WhenDee,aU.S.citizen,purchasesadesignerdressmadeinMilan,thepurchaseis

a.bothaU.S.andItalianimport.

b.U.S.exportandanItalianimport.

c.aU.S.importandanItalianexport.

d.neitheranexportnoranimportforeithercountry.

ANSWER:

c.aU.S.importandanItalianexport.

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7.RogerlivesinIcelandandpurchasesasnowmobilemanufacturedintheUnitedStates.Thispurchaseis

a.bothaU.S.andIcelandicexport.

b.bothaU.S.andIcelandicimport.

c.aU.S.importandanIcelandicexport.

d.aU.S.exportandanIcelandicimport.

ANSWER:

d.aU.S.exportandanIcelandicimport.

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8.ThevalueofPeru’sexportsminusthevalueofPeru’simportsiscalled

a.Peru’snetcapitalinflow.

b.Peru’sforeigndirectinvestment.

c.Peru’snetexports.

d.Peru’snetimports.

ANSWER:

c.Peru’snetexports.

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9.Sonya,acitizenofDenmark,sellsbootsandshoesintheUnitedStates.Byitself,thesesales

a.increaseU.S.netexportsandhavenoeffectonDanishnetexports.

b.decreaseU.S.netexportandhavenoeffectonDanishnetexports.

c.increaseU.S.netexportsanddecreaseDanishnetexports.

d.decreaseU.S.netexportsandincreaseDanishnetexports.

ANSWER:

d.decreaseU.S.netexportsandincreaseDanishnetexports.

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10.AfirminIndiasellsjacketstoaU.S.departmentstorechain.Byitself,thissale

a.increasesU.S.andIndiannetexports.

b.decreasesU.S.andIndiannetexports.

c.increasesU.S.netexportsanddecreasesIndiannetexports.

d.decreasesU.S.netexportsandincreasesIndiannetexports.

ANSWER:

d.decreasesU.S.netexportsandincreasesIndiannetexports.

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11.Ivan,aRussiancitizen,sellsseveralhundredcasesofcaviartoarestaurantchainintheUnitedStates.Byitself,thissale

a.increasesU.S.netexportsandhasnoeffectonRussiannetexports.

b.increasesU.S.netexportsanddecreasesRussiannetexports.

c.decreasesU.S.netexportsandhasnoeffectonRussiannetexports.

d.decreasesU.S.netexportsandincreasesRussiannetexports.

ANSWER:

d.decreasesU.S.netexportsandincreasesRussiannetexports.

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12.In2001Coted’Ivorehad$1.2billionofnetexportsandbought$2.4billionofgoodsfromforeigncountries.Coted’Ivorehad

a.$3.6billionofexportsand$2.4billionofimports.

b.$3.6billionofimportsand$2.4billionofexports.

c.$2.4billionofexportsand$1.2billionofimports.

d.$2.4billionofimportsand$1.2billionofexports.

ANSWER:

a.$3.6billionofexportsand$2.4billionofimports.

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13.In2001,Denmarkhadnetexportsof$8.3billionandsold$52.4billionofgoodsandservicesabroad.Denmarkhad

a.$60.7billionofimportsand$52.4billionofimports.

b.$60.7billionofexportsand$52.4ofimports.

c.$52.4billionofimportsand$44.1billionofexports.

d.$52.4billionofexportsand$44.1billionofimports.

ANSWER:

d.$52.4billionofexportsand$44.1billionofimports.

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14.Mike,aU.S.citizen,buys$10ofcheesefromFrance.Hisactionalone

a.increasesU.S.importsby$10andincreasesU.S.netexportsby$10.

b.increasesU.S.importsby$10anddecreasesU.S.netexportsby$10.

c.increasesU.S.exportsby$10andincreasesU.S.netexportsby$10.

d.increasesU.S.exportsby$10anddecreasesU.S.netexportsby$10.

ANSWER:

b.increasesU.S.importsby$10anddecreasesU.S.netexportsby$10.

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15.ClearBrookFarms,aU.S.manufactureroffrozenvegetarianentrees,sellscasesoftheirproducttostoresoverseas.Itssales

a.decreaseU.S.exportsbutincreaseU.S.netexports.

b.decreasebothU.S.exportsandU.S.netexports.

c.increasebothU.S.exportsandU.S.netexports.

d.increaseU.S.exportsbutdecreaseU.S.netexports.

ANSWER:

c.increasebothU.S.exportsandU.S.netexports.

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16.AGermancompanysellscamerastoaretailerintheUnitedStates.Thesesalesbythemselves

a.havenoaffectonU.S.netexportsandincreaseGermannetexports.

b.decreaseU.S.netexportsandincreaseGermannetexports.

c.increaseU.S.andGermannetexports.

d.increaseU.S.netexportsanddecreaseGermannetexports.

ANSWER:

b.decreaseU.S.netexportsandincreaseGermannetexports.

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17.Acountrysellsmoretopeopleoverseasthanitbuysfromthem.Ithas

a.atradesurplusandpositivenetexports.

b.atradesurplusandnegativenetexports.

c.atradedeficitandpositivenetexports.

d.atradedeficitandnegativenetexports.

ANSWER:

a.atradesurplusandpositivenetexports.

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18.Acountry’stradebalance

a.mustbezero.

b.mustbegreaterthanzero.

c.isgreaterthanzeroonlyifexportsaregreaterthanimports.

d.isgreaterthanzeroonlyifimportsaregreaterthanexports.

ANSWER:

c.isgreaterthanzeroonlyifexportsaregreaterthanimports.

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19.In2001,theUnitedStateshadnegativenetexports;therefore,it

a.soldmoreabroadthanitpurchasedabroadandhasatradesurplus.

b.soldmoreabroadthanitpurchasedabroadandhasatradedeficit.

c.boughtmoreabroadthanitsoldabroadandhadatradesurplus.

d.boughtmoreabroadthanitsoldabroadandhadatradedeficit.

ANSWER:

d.boughtmoreabroadthanitsoldabroadandhadatradedeficit.

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20.Overthepastfivedecades,theU.S.economyhasbecome

a.moreclosed.

b.moreopen.

c.lesstrade-oriented.

d.moreself-sufficient.

ANSWER:

b.moreopen.

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21.AboutwhatpercentageofGDPareU.S.imports?

a.lessthan1percent

b.about4percent

c.about7percent

d.over10percent

ANSWER:

d.over10percent

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22.Overthelast50years,U.S.importsasapercentageofGDPhaveapproximately

a.stayedconstant.

b.doubled.

c.tripled.

d.quadrupled.

ANSWER:

b.doubled.

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23.TheincreaseininternationaltradeintheUnitedStatesispartlydueto

a.improvementsintransportation.

b.advancesintelecommunications.

c.increasedtradeofgoodswithahighvalueperpound.

d.Alloftheabovearecorrect.

ANSWER:

d.Alloftheabovearecorrect.

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24.Netcapitaloutflowreferstothepurchaseof

a.foreignassetsbydomesticresidentsminusthepurchaseofdomesticassetsbyforeignresidents.

b.foreignassetsbydomesticresidentsminusthepurchaseofforeigngoodsandservicesbydomesticresidents.

c.domesticassetsbyforeignresidentsminusthepurchaseofdomesticgoodsandservicesbyforeignresidents.

d.domesticassetsbyforeignresidentsminusthepurchaseofforeignassetsbydomesticresidents.

ANSWER:

a.foreignassetsbydomesticresidentsminusthepurchaseofdomesticassetsbyforeignresidents.

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25.Netcapitaloutflowmeasures

a.foreignassetsheldbydomesticresidentsminusdomesticassetsheldbyforeignresidents.

b.theimbalancebetweentheamountofforeignassetsboughtbydomesticresidentsandtheamountofdomesticassetsboughtbyforeigners.

c.theimbalancebetweentheamountofforeignassetsboughtbydomesticresidentsandtheamountofdomesticgoodsandservicessoldtoforeigners.

d.Noneoftheaboveiscorrect.

ANSWER:

b.theimbalancebetweentheamountofforeignassetsboughtbydomesticresidentsandtheamountofdomesticassetsboughtbyforeigners.

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26.WhichofthefollowingwouldbeU.S.foreigndirectinvestment?

a.ASwedishcarmanufactureropensaplantinTennessee.

b.ADutchcitizenbuyssharesofstockinaU.S.company