32.1 The Worldwide Importance of International Trade
1) Since World War II, world trade has
A) decreased in importance as nations turn inward due to security concerns.
B) increased, but not as dramatically as annual world real GDP has climbed.
C) risen sharply, outpacing gains in annual world real GDP.
D) increased in relative importance for most nations, but not for the United States.
2) Today, the share of international trade in U.S. GDP is
A) almost 0 percent.
B) about 10 percent.
C) close to 30 percent.
D) more than 99 percent.
3) The importance of international trade in the U.S. economy
A) has been decreasing and is expected to continue to decrease.
B) has been decreasing but is expected to start to increase.
C) has been increasing and is expected to continue to increase.
D) has been increasing but is expected to decrease in the future.
4) For the United States since 1950, imports as a percentage of GDP has
B) increased slightly.
C) remained constant.
5) Since 1950, the balance of trade for United States has
A) gone from a surplus to a deficit.
B) gone from a deficit to a surplus.
C) remained constant.
D) gone from a small deficit to a larger deficit.
6) Since 1950, the volume of world trade and the volume of world real GDP
A) have both increased at roughly the same rate.
B) have both decreased at roughly the same rate.
C) have both increased, but the volume of world trade has increased more slowly than the volume of world real GDP.
D) have both increased, but the volume of world trade has increased faster than the volume of world real GDP.
7) Today, in the United States, imports are over
A) 15 percent of GDP.
B) 1 percent of GDP.
C) 8 percent of GDP.
D) 4 percent of GDP.
8) Today, in the United States, exports are about
A) 90 percent of GDP.
B) 12 percent of GDP.
C) 28 percent of GDP.
D) 4 percent of GDP.
9) During the past 40 years, U.S. exports as a percent of GDP and U.S. imports as a percent of GDP
A) both rose at the same pace.
B) both fell at the same pace.
C) both rose, but U.S. imports as a percent of GDP rose at a faster pace.
D) both rose, but U.S. exports as a percent of GDP rose at a faster pace.
10) Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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