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Chapter 1 An Introduction to International Trade




Question;1.2;True or False Questions;1);A country's GNP is always larger than its GDP.;2);A country's index of openness can never exceed 100 in value.;3);Growth in per capita GNP in developing countries has tended to be much more;variable in;recent;years than per capita GNP growth rates in industrialized countries.;4);If a country is industrialized then prolonged periods of negative growth in GNP;per capita;should;not be a cause for concern.;5);Between 1980 and 2006, virtually all countries have become more open.;6);Large countries tend to be more open than small countries.;7);As measured by the index of openness, the United States is relatively closed;and yet, it was;the;world's largest exporter in 2007.;8);Travel services include purchases of items by residents of one country when;they travel to;another;country.;9);Countries have trade surpluses when they export more than they import.;10);Most of world trade is in the form of manufactured consumer goods such as TVs;stereos;VCRs;and running shoes.;11);In the last 20 years, all of the countries in Africa have experienced positive;economic;growth..;12);Demand for oil around the world tends to be very inelastic.


Paper#54978 | Written in 18-Jul-2015

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