CHAPTER_1_THE_INTERNATIONAL_ECONOMY_AND_GLOBALIZATION

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1、1. Aprimaryreasonwhynationsconductinternationaltradeisbecause: a. Somenationsprefertoproduceonethingwhileothersproduceotherthings b. Resourcesarenotequallydistributedamongalltradingnations c. Tradeenhancesopportunitiestoaccumulateprofits d. Interestratesarenotidenticalinalltrading

2、nationsANSWER:  bPOINTS:  1DIFFICULTY:  EasyNATIONAL STANDARDS:  UnitedStates-BUSPROG:AnalyticSTATE STANDARDS:  UnitedStates-PA-DISC:Gainsfromtrade,speciali-DISC:Gainsfromtrade,specializationandtradeTOPICS:  GlobalizationofEconomicActivityKEYWORDS:  BLOOM'S:Knowledge2. Amainadvant

3、ageofspecializationresultsfrom: a. Economiesoflarge-scaleproduction b. Thespecializingcountrybehavingasamonopoly c. Smallerproductionrunsresultinginlowerunitcosts d. HighwagespaidtoforeignworkersANSWER:  aPOINTS:  1DIFFICULTY:  ModerateNATIONAL STANDARDS:  UnitedStates-BUSPROG:Div

4、ersitySTATE STANDARDS:  UnitedStates-PA-DISC:Gainsfromtrade,speciali-DISC:Gainsfromtrade,specializationandtradeTOPICS:  WhyisGlobalizationImportant?KEYWORDS:  BLOOM'S:Comprehension3. Internationaltradeingoodsandservicesissometimesusedasasubstituteforallofthefollowingexcept: a. Int

5、ernationalmovementsofcapital b. Internationalmovementsoflabor c. Domesticproductionofthesamegoodsandservices d. DomesticproductionofdifferentgoodsandservicesANSWER:  dPOINTS:  1DIFFICULTY:  ChallengingNATIONAL STANDARDS:  UnitedStates-BUSPROG:DiversitySTATE STANDARDS:  UnitedState

6、s-PA-DISC:Gainsfromtrade,speciali-DISC:Gainsfromtrade,specializationandtradeTOPICS:  GlobalizationofEconomicActivityKEYWORDS:  BLOOM'S:Comprehension4. Ifanationhasanopeneconomy,itmeansthatthenation: a. Allowsprivateownershipofcapital b. Hasflexibleexchangerates c. Hasfixedexchange

7、rates d. ConductstradewithothercountriesANSWER:  dPOINTS:  1DIFFICULTY:  EasyNATIONAL STANDARDS:  UnitedStates-BUSPROG:DiversitySTATE STANDARDS:  UnitedStates-PA-DISC:Gainsfromtrade,speciali-DISC:Gainsfromtrade,specializationandtradeTOPICS:  TheUnitedStatesasanOpenEconomyKEYWORDS:

8、  BLOOM'S:Comprehension5. Interna