International trade theory: chapter 1

An important insight of international trade theory is that when two countries engage in voluntary trade?

It is almost always beneficial to both countries

It is NOT almost always beneficial to both countries

Historians of economic thought often describe:....written by:..... Puplished in:

Of the Balance of trade : David Hume: 1758

"Wealth of Nations," Adam Smith, 1758

From 1960 to 2012:

The share of US trade roughly tripled in size”

U.S. Imports roughly tripled as compared to U.S. exports.

The United States is less dependent on trade than most other countries because?

The United States is a relatively large country with diverse resources

The military power of the United States makes it less dependent on anything

Theories of international economics from the 18th and 19th Centuries are?

Highly relevant in today's modern international economy

The only theories that actually relevant to modern international economy

An important insight of international trade theory is that when two countries engage in voluntary trade ?

it is almost always beneficial to both countries.

It only benefits the high wage country

The benefits of international trade are derived from trade in?

Anything of value

Intangible goods only

Because the Constitution forbids restraints on interstate trade?

The U.S. May not disrupt commerce between Florida and Hawaii

The U.S. May not impose tariffs on imports from NAFTA countries.

Which of the following is NOT a major concern of international economic theory?

Bilateral trade relations with China

Protectionism

Exchange rate determination

Trade is generally harmful if there are large disparities between countries in wages?

This is generally false

This is true if the trade partner ignores child labor laws

Who sells what to whom?

It has been a major preoccupation of international economics

Is determined by political rather than economic factors

After World War II, the United States has pursued a broad policy of?

Removing barriers to international trade

Restricting trade of manufactured goods

The balance of payments has become a central issue for the United States because?

The U.S. Has run huge trade deficits in every year since 1982

The U.S. Once ran a large trade surplus of about $40 billion

The GATT is?

An international treaty

A U.S. Government agency

International economics can be divided into two broad sub-fields?

Developed and less developed

International trade and international money

Macro and micro

International monetary analysis focuses on?

The monetary side of the international economy, such as currency exchange

The international trade side of the international economy

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International trade theory: chapter 1

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