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1. For the three months ending in March 2002, U.S. exports of goods and services averaged $78.7 billion. What percentage of exports were goods and what percentage were services? |
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| 50% Goods and 50% services |
| 90% Goods and 10% services |
| 70% Goods and 30% services |
| 30% Goods and 70% services |
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2. During the first quarter of 2002, the U.S. averaged a monthly trade deficit of $30.5 billion. What was the deficit a result of? |
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| Negative net exports of goods and negative net exports of services |
| Negative net exports of goods and positive net exports of services |
| Positive net exports of goods and negative net exports of services |
| Positive net exports of goods and positive net exports of services |
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3. Motor vehicles and parts account for about 11% of U.S. exports and 17% of U.S. imports. Which three countries does the U.S. import the largest amount (millions of dollars) of vehicles and parts from? |
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| Canada, Japan, and Germany |
| Canada, Mexico, and Germany |
| Japan, Germany, and Mexico |
| Japan, Canada, and Germany |
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4. Economic theory suggests two countries can both benefit from trade even if one country is more efficient at producing everything. What concept describes this theory? |
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| Opportunity cost |
| Comparative advantage |
| Absolute advantage |
| Production possibility frontier |
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