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Exam 2: The Dynamic Environment of International Trade

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Question 1

True/False

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Following the great economic boom of the late 1990s the number of American largest corporations remained approximately level through 2007 whereas during the same period Japanese largest corporations decreased from 22 to 8 corporations.

A) True
B) False

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Question 2

Multiple Choice

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__________ has been the forum for successful trade negotiations;recent trade talks continue in Geneva in 2008.

A) ICC (International Chamber of Commerce)
B) EU (European Union)
C) WHO (World Trade Organization)
D) IMF (International Monetary Fund)
E) NAFTA (North American Free Trade Agreement)

F) None of the above
G) B) and E)

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Question 3

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Another term for IMF special drawing rights (SDRs) is:

The system of accounts that records a nation's international financial transactions is called its:

Countless reasons are given to maintain government restrictions on trade. The text lists eleven (11) such reasons. Please list any five (5) of these reasons.

Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors.He has seen small business after small business go bankrupt because cheaper foreign goods have been more popular.The UK has just started a cell-phone manufacturing industry and Smithe-Jones' company is one of the first to try their hand at cell-phone manufacturing.Which of the following would probably be the argument that Smithe-Jones would use to persuade his government representatives that protectionism is still needed in the U.K.?

A _________ is a tax imposed by a government on goods entering at its borders.

The World Bank provides all of the following to reduce poverty and improve standards of living EXCEPT:

As a trade representative of the United States,you have become alarmed at the increasing number of nations that are using quotas as a means of controlling trade and protecting domestic interests.You believe that utilization of voluntary export restraints (VERs)or orderly market agreements (OMAs)is a far superior approach to quota systems.Explain how quotas,VERs,and OMAs work to justify your position.

As the value of the dollar declines to lower levels,American products are more expensive for foreign customers and American exports decrease;moreover,foreign products are less expensive for American customers and foreign imports increase.

Briefly,describe the history and impact of the General Agreement on Tariffs and Trade (GATT).

The French government continues to exclude American beef from the French diet based on disputes about mad cow disease.

Trade barriers are pesky hurdles to peace and prosperity.

Which of the following acts was designed to deal with trade deficits,protectionism,and the overall fairness of our trading partners?

A balance-of-payments statement includes the following: the current account,the past account,and the overdue account.

Faced with increased competition for U.S.businesses in the '80s and early '90s,questions were raised as to how to maintain the competitive strength of American business,how to avoid the domination of U.S.markets by foreign multinationals,and how to __________.

A government can effectively regulate its international trade position by various forms of boycotts and embargoes.

As member of the automobile industry in the United States,you have long believed that Japan is guilty of predatory pricing in the U.S.automobile industry market.Explain predatory pricing and why that Japan might be guilty of such a practice.

which raised average U.S.tariffs on more than 20,000 imported goods to levels in excess of 60 percent.

With respect to total trade,the United States trades more with Mexico than any other country.