Chapter 2 World Trade—An Overview
? Multiple Choice Questions
1. What percent of all world production of goods and services is exported to other
countries?
(a) 10% (b) 25% (c) 50% (d) 100% (e) None of the above Answer: B
2. What percent of all world imports of goods and services were exported?
(a) 10% (b) 25% (c) 50% (d) 100% (e) None of the above. Answer: D
3. What percent of all world consumption (private and public, including real investment) was imported?
(a) 10% (b) 25% (c) 50% (d) 100% (e) None of the above. Answer: B
4. The gravity model, that states that size matters, predicts that the weight of the traded good will ________ related to its likelihood to be exported
(a) be directly (b) be inversely (c) not be (d) All of the above (e) None of the above
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Answer: E
。
5. The gravity model offers a logical explanation for the fact that
(a) Trade between Asia and the U.S. has grown faster than NAFTA trade. (b) Trade in services has grown faster than trade in goods. (c) Trade in manufactures has grown faster than in agricultural products (d) Intra-European Union trade exceeds International Trade of the European Union. (e) None of the above Answer: D
6. The gravity model suggests that over time
(a) trade between neighboring countries will increase (b) trade between all countries will increase (c) world trade will eventually be swallowed by a black hole. (d) trade between Earth and other planets will become important (e) None of the above Answer: E
7. The gravity model explains why
(a) trade between Sweden and Germany exceeds that between Sweden and Spain (b) countries with oil reserves tend to export oil. (c) capital rich countries export capital intensive products (d) intra-industry trade is relatively more important than other forms of trade
between neighboring countries. (e) None of the above Answer: A
8. According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is
(a) their cultural affinity (b) the average weight/value of their traded goods (c) their colonial—historical ties (d) the distance between them (e) the number of varieties produced on the average by their industries. Answer: D
9. The one single trade partner country of the U.S. is
(a) United Kingdom (b) Canada (c) Mexico (d) Japan (e) Israel Answer: B
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14 Krugman/Obstfeld ? Seventh Edition
10. In general which of the following tend to promote the probability of trade
volumes between two countries
(a) Linguistic and/or cultural affinity (b) Historical ties (c) Sizes of economies (d) Mutual membership in preferential trade agreements (e) All of the above Answer: E
11. Since World War II (the early 1950s), the proportion of most countries’ production being used in some other country
(a) remained constant (b) increased (c) decreased (d) fluctuated widely with no clear trend (e) both (a) and (d) above Answer: B
12. Since World War II, the likelihood that foreign markets would gain importance in the average exporters’ as a source of profits
(a) remained constant (b) increased (c) decreased (d) fluctuated widely with no clear trend (e) both (a) and (d) above Answer: B
13. Since World War II, the likelihood that any single item in the typical
consumption basket of a consumer in the U.S. originated outside of the U.S.
(a) remained constant (b) increased (c) decreased (d) fluctuated widely with no clear trend (e) both (a) and (d) above Answer: B
14. Since World War II, the likelihood that the job a new college graduate will be directly or indirectly affected by world trade
(a) remained constant (b) increased (c) decreased (d) fluctuated widely with no clear trend
。
(e) both (a) and (d) above Answer: B
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