St. Philips College

ECON 101

Chapter 21

1)According to the text, which of the following does the United States export?

2. The United States imports heavily in all of the following markets except

3. A country will not trade unless

4. Which of the following countries has the highest export ratio?

5. The General Agreement on Tariffs and Trade (GATT)

6. Specialization in production and then trading with other countries

7. As trade restrictions are eliminated, increased imports

8. Which of the following statements about U.S. trade is true?
9. Quotas are a greater threat to competition than tariffs because

10. It's not likely that a country will specialize completely in one good even if it has a lower opportunity cost because

11. If a country is completely self-reliant in producing goods for its own consumption needs, then

12. A principal objective of the World Trade Organization is to

13. A beggar-thy-neighbor policy is

14. Over a given period of time, if exports are greater than imports, the result is

15. The amount of good A given up for good B in trade is the

16. Which of the following groups has an interest in encouraging free trade?

17. When comparing the ratio of trade to GDP, relative to other countries, the United States typically has

18. A tax imposed on imported goods is

19. An agreement to reduce the volume of trade in a specific good is

20. If we add together all the gains from specialization and trade and then subtract all the losses, the net result would be