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foundations of economics

Questions and Answers of Foundations Of Economics

The main concern of the labor union members who were protesting against the WTO, the IMF, and the World Bank was _____________. (LO7)
The only trading bloc that has eliminated all its internal tariffs is _____________. (LO7)
Our exports of goods and services are about _____________percent of our GDP. (LO3)
Farmers in poor countries with foreign grain imports have been most hurt by American and European _____________. (LO4)
In the year 2009 we ran a trade defi cit of$ billion. (LO3)
The three members of NAFTA are _____________ , _____________, and _____________. (LO7)
Xn = _____________ - _____________ . (LO5)
List and discuss the effects of globalization on our economy.
Explain the relationship between specialization and exchange.
Defi ne and differentiate between absolute advantage and comparative advantage.
Evaluate the pros and cons of a “Buy American” policy.
Explain how we can reduce our trade defi cit.
Differentiate between free trade in word and in deed.
Compare the causes of our trade defi cits with Japan and China.
List and discuss the causes of our trade imbalance.
Compare the advantages and disadvantages of tariffs versus quotas.
Summarize the history of U.S. trade.
List and evaluate the arguments for protection.
Which of the following statements is the most accurate? (LO7)a) Free trade zones rarely lower tariff barriers.b) Most large industrial nations are members of a free trade zone.c) NAFTA is, by far,
Which one of these is the most accurate statement that can be made about the issue of buying a product that is made with sweatshop labor? (LO7)a) All products made with sweatshop labor should be
Compared to our trade defi cits in 2006 through 2008, our trade defi cit in 2009 was . (LO3, 5)a) much lowerb) a little lowerc) about the samed) a little highere) much higher
Suppose that in the year 2018 C 5 $12 trillion, I 5$2 trillion, and G 5 $3 trillion. Which would be your estimate of GDP? (LO5)a) $16 trillionc) $18 trillionb) $17 trilliond) $19 trillion
Which statement would you agree with? (LO2)a) The exchange rate between the dollar and foreign currencies has no effect on our standard of living.b) The exchange rate between the dollar and foreign
Specialization and exchange can result in each of the following except . (LO2)a) a higher standard of livingb) free tradec) more outputd) more national self-suffi ciency
Which is the most accurate statement? (LO4)a) The agricultural subsidies paid to American and European farmers have benefi ted farmers in poorer countries as well.b) Agricultural subsidies have been
Which statement is true about the European Union? (LO7)a) It has not taken in any new member nations since its formation.b) All of its members must use the euro as its offi cial currency.c) It is
A characteristic of a modern economy is . (LO2)a) self-suffi ciencyb) specialization and exchangec) a high percentage of people who make their living as jacks-of-all-tradesd) a high proportion of
Which would be the most accurate statement? (LO1 , 7 )a) Globalization has helped almost everyone and hurt almost no one.b) Aside from a few malcontents who turn up at demonstrations, there is almost
Which of the following policy actions taken by richer countries would be most favored by pooer countries? (LO7)a) The elimination of agricultural subsidiesb) The elimination of tariffs on industrial
The main criticism Joseph Stiglitz levels at the IMF is that . (LO7)a) it provides too many loans that are not repaidb) it no longer promotes economic growth, but rather contractionc) it does not
Which statement is false? (LO3)a) During World War I and World War II, the sum of our imports and exports as a percent of GDP rose sharply.b) Foreign trade in goods is much more important to the
Which statement would best describe the situation of the American economy? (LO3 )a) We are more dependent on foreign trade than most other nations.b) We are much more dependent on foreign trade than
Which was NOT an argument of the protesters against the IMF, WTO, and World Bank? (LO7)a) We are exploiting factory workers in poor countries.b) Our subsidized grain exports are sold below cost in
Which one of these statements best describes the complaints of the protesters at meetings of the WTO, IMF, and World Bank? (LO7)a) They opposed military aid to Third World dictatorships.b) They
The trading bloc that has eliminated all internal tariffs is . (LO7)a) the European Unionb) NAFTAc) Mercosurd) the World Trade Organization
Each of the following is a characteristic of the European Union EXCEPT that . (LO7)a) workers from any EU country can seek work in any other member countryb) the euro replaced the domestic currencies
Which one of these statements is true? (LO4)a) To save money, most colleges manufacture their own sweatshirts.b) Most college administrators are well informed about the pay and working conditions of
Statement I: The United States has a much less selfsuffi cient economy than those of countries in Western Europe.Statement II: Mexico sends the United States more than 80 percent of its exports.
Since the passage of NAFTA our trade defi cit with Mexico has gone and our trade defi cit with Canada has gone . (LO7)a) up, upc) up, downb) down, downd) down, up
Which of the following most closely refl ects the balance of trade in 2009? (LO3)a) $700 billiond) 2$400 billionb) $400 billione) 2$700 billionc) 0
Statement I: Since the late 1990s, our negative balance of trade has become much larger.Statement II: The United States has the world’s largest negative balance of trade. (LO3)a) Statement I is
Which statement is true? (LO5)a) X n has always been positive.b) X n has always been negative.c) X n had been positive from the turn of the century until the 1970s.d) X n had been negative from the
Most economists and people in the business community supported the establishment of . (LO7)a) both NAFTA and GATTb) neither NAFTA nor GATTc) NAFTA but not GATTd) GATT but not NAFTA
Statement I: Our trade defi cit, although still high, is lower than it was fi ve years ago.Statement II: Taken together, our imports and exports are over one-quarter of our GDP. (LO3)a) Statement I
Statement I: The United States has a much larger population and GDP than the European Union.Statement II: The European Union has attained a higher degree of economic integration than NAFTA. (LO7)a)
The most-favored-nation clause of the WTO agreement stipulates that . (LO7)a) no member nation may impose a tariff on the goods of any other member nationb) all member nations must offer all other
GDP 5 C 1 I 1 G 1 X n . If X n were not included, our GDP would be . (LO5)a) higherb) about the samec) lower
Adam Smith believed that . (LO1)a) people should never buy anything if they can make it themselvesb) what makes sense in the conduct of a private family’s economic endeavors also makes sense in
The basis for international trade is that. (LO1)a) a nation can import a particular good or service at a lower cost than if it were produced domesticallyb) we stand to gain if we can sell more to
Statement I: The European Union was formed as a trading counterweight to NAFTA.Statement II: Since the formation of NAFTA, the United States has lost millions of jobs to Mexico. (LO7)a) Statement I
In the 20th century our balance of trade was positive until the . (LO3)a) 1950sd) 1980sb) 1960se) 1990sc) 1970s
Since the early 1990s our trade defi cit has. (LO3)a) fallen substantiallyc) risen slightlyb) fallen slightlyd) risen substantially
Which is the most accurate statement? (LO3)a) Our trade defi cit has narrowed since 1995.b) We export more merchandise than services (in terms of dollars).c) The largest service purchase that
Which statement is true? (LO4)a) Offshoring is a type of outsourcing.b) Outsourcing is type of offshoring.c) Outsourcing and offshoring are identical concepts.d) Outsourcing is the opposite of
Today world trade is regulated by. (LO7)a) NAFTAc) WTOb) GATTd) EU
Practical Application: Should the United States pull out of NAFTA? Explain why we should or why we should not.
How would your life change if the United States were no longer the world’s leading exporter?
How large a salary would you need to earn in order to be paying more in Medicare tax than in Social Security tax? (LO5 )
Caroline Krause earned a salary of $1,000,000.(a) How much Social Security tax did she pay?(b) How much Medicare tax did she pay? (c) What is her marginal tax rate on her federal personal income tax?
If Jack Swanson paid $1,000 in federal income tax, how much is his marginal tax rate and his total tax rate? (There is enough information for you to fi gure out the answer.) (LO3 )
If Cynthia Moore were the only working member of a family of a husband, wife, and their two children and earned $15,000, (a) approximately how much federal personal income tax would she pay? (b) How
Prove that a married person with three dependents(including himself) and an income of $12,000 pays more in Social Security tax than in federal income tax. (LO5 )
If Tanner Church earned $100,000, how much would he pay in Social Security tax and in Medicare tax? (LO5 )
The Speedy Delivery Service paid its 10 drivers$30,000 each. How much did the company owe in payroll tax? (LO5 )
If Terry Horn pays $5,000 on a taxable income of$40,000, how much is her average tax rate? (LO3 )
If Christian Collins’ taxable income rose from$30,000 to $40,000 and his tax bill rose from $4,500 to $7,000, how much is his marginal tax rate? (LO3 )
Suppose that Warren Buffett’s income were to increase by $100 million. How much more personal income tax would he have to pay? (LO5 )
If Kyle Rollings Cavedo were in the lowest personal income tax bracket, how much personal income tax would he have to pay on $5,000 of taxable income? (LO5 )
If Alex Lawson Ballard earned an extra $1,000 and paid $150 in taxes on that income, how much would his marginal tax rate be? (LO3 )
If Mike DelMastro had a marginal tax rate of 28 percent and earned an extra $10,000, how much tax would he pay? (LO3 )
If Taryn Goulding had earned a taxable income of$20,000 and paid $1,000 in federal income tax, how much was her average tax rate? (LO3 )
If Haley My Hang Althaus earned $10,000 in 2010, how much Social Security tax did she pay? (LO5 )
If Cayden Noel earned $80,000 in 2010, how much Social Security tax did he pay? (LO5 )
As disposable income rises, C + I + G ________________. (LO2 )
If Adam Smith were alive today, he would say that our government is too ________________. (LO8 )
If you earned $10,000 in 2010, how much did the federal government collect in payroll tax?$ ________________. (LO5 )(Hint: both you and your employer pay this tax.)
The maximum marginal tax rate of the federal personal income tax today is ________________ percent. (LO5 )
The most important source of federal tax revenue is the________________ tax. (LO5 )
In 2010 the Social Security tax rate was ________________ percent. (LO5 )
Examples of regressive taxes include ________________ and ________________. (LO4 )
Progressive taxes place the greatest burden on the ________________. (LO4 )
The average tax rate is found by dividing ________________ by ________________. (LO3 )
The largest federal government transfer payment is ________________. (LO5 )
Fiscal year 2007 began on ________________ (fi ll in month, day, and year). (LO1 )
Name basic economic infl uences of the federal government: (1)________________ ; (2) ________________; and(3)________________ . (LO8 )
The economic role of the federal government began to get very large in the year ________________ . (LO1 )
Which is the most accurate statement about the federal personal income tax top MTR? (LO5 )a) It has been higher than 90 percent.b) It is now the lowest it has ever been.c) It is nearly the highest it
State and local taxes are basically (LO5, 7 )a) progressive.b) proportional.c) regressive.
Gasoline taxes in the United States are than they are in other leading industrial nations. (LO5 )a) much higherb) a little higherc) a little lowerd) much lower
Major league baseball stars like Derek Jeter, Alex Rodriguez, and Prince Fielder all pay. (LO5 )a) more Social Security tax than Medicare taxb) more Medicare tax than Social Security taxc) neither
Which statement is true? (LO6 )a) Americans pay the highest taxes in the world.b) Public goods are provided by private enterprise.c) The economic role of the federal government has shrunk over the
An example of a public good is . (LO1, 8 )a) a Honda Accordc) a Boeing 747b) a movie theaterd) a lighthouse
Adam Smith endorsed each of the following roles of government except . (LO8 )a) providing for defenseb) establishing a system of justicec) erecting a limited number of public worksd) guaranteeing a
Compared with the citizens of other rich countries, Americans are . (LO5 )a) much more heavily taxedb) somewhat more heavily taxedc) taxed at about the same rated) not as heavily taxed
The most important source of local tax revenue is the tax. (LO7 )a) propertyc) exciseb) incomed) sales
Taxes (including federal, state, and local) are about of our GDP. (LO5, 7 )a) 10 percentc) 30 percentb) 20 percentd) 40 percent
Until 1981 the maximum marginal tax rate on the federal income tax was percent. (LO5 )a) 70c) 40b) 50d) 33
The most important source of federal tax revenue is the . (LO5 )a) personal income taxb) corporate income taxc) federal excise taxd) payroll tax
Which would be the most accurate description of the top marginal tax rate of the federal income tax? (LO3 )a) It is higher than it has ever been.b) It is lower than it has ever been.c) It is much
Which statement is true? (LO1 , 5 )a) There is no overlap between the duties of local government and private businesses.b) Medicare and Medicaid spending account for over 20 percent of the federal

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