Economics

Name: __________________________ Date: _____________

1. The physical export of motorcycles from the United States to Mexico best illustrates a:

A) trade flow.

B) resource flow.

C) financial flow.

D) technology flow.

2. The building of a production plant in China by an American firm best illustrates a(n):

A) trade flow.

B) resource flow.

C) financial flow.

D) information flow.

3. The spending by Americans while traveling in Europe best illustrates a:

A) trade flow.

B) labor flow.

C) financial flow.

D) technology flow.

4. In terms of absolute volumes of imports and exports, the world's leading trading nation is:

A) France.

B) Japan.

C) the United States.

D) South Korea.

5. The major goods exports of the United States (in dollar volume) are:

A) chemicals, semiconductors, consumer durables, and computers.

B) petroleum, automobiles, clothing, and household appliances.

C) iron and steel, clothing, beef, and sugar.

D) aircraft, glassware, television sets, and furniture.

6. The major goods imports of the United States (in dollar volume) are:

A) chemicals, consumer durables, aircraft, and grain.

B) automobiles, petroleum, computers, and household appliances.

C) iron and steel, clothing, electronic equipment, and sugar.

D) aircraft, paper products, television sets, and furniture.

Use the following to answer questions 7-10:

Answer the next question(s) on the basis of the following production possibilities data for Landia and Scandia:

7. Refer to the above data. The domestic opportunity cost of 1 fish in Landia is:

A) 10 chips.

B) 2 chips.

C) 4 chips.

D) 5 chips.

8. Refer to the above data. The domestic opportunity cost of 1 fish in Scandia is:

A) 12 chips.

B) 4 chips.

C) 3 chips.

D) 1 chip.

9. Refer to the above data. Assume that before specialization and trade Landia was producing combination C and Scandia was producing combination B. If these two nations now specialize completely...