Category: The International Economy And Globalization

A. Maximizing domestic efficiency is not considered imports
B. Maximizing consumer welfare may not be a chief priority
C. There exist sound economic reasons for keeping one’s economy isolated from other economies
D. Economists tend to favor high protected domestic markets

A. primary products
B. intermediate products
C. manufactured products
D. financial services

A. common market
B. free trade area
C. customs union
D. federation

A. Allows private ownership of capital
B. Has flexible exchange rates
C. Has fixed exchange rates
D. conducts trade with other countries

A. The upward trend in commodity prices the stability of primary products real prices
B. The upward trend in commodity prices, the volatility of primary products real prices
C. The downward trend in commodity prices the stability of primary products real prices
D. The downward trend in commodity prices the volatility of primary products real prices

A. resource scarcity
B. low levels of investment
C. low population
D. poor infrastructure
E. poor human capital

A. Some nations prefer to produce one thing while others produce another
B. Resources are not equally distributed to all trading nations
C. Trade enhances opportunities to accumulate profits
D. interest rates are not identical in all trading nations

A. Canada
B. Mexico
C. China
D. North Korea

A. banks were unable to function
B. there was little corporate control
C. vital infrastructure was missing
D. All of the above

A. Import-competing industries
B. Industries that are only exporters
C. Industries that sell domestically as well as export
D. industries that neither import nor export