- Macro Economics Final Test True/False Questions Exports are the goods and services bought from foreign sources 2. The United States esports goods such as wheat, computers, and lumber Mac -3. Atrade deficit means that in period arts ckceed export over some relevant time 4. The United States is less dependent on foreign trade, as measured by the ratie of exports To GDP. than most other nations 3. If the United States has a trade deficit with the rest of the world, then the rest of the world inust have a trade deficit also 6. Since one country's imports are another country's exports, overall world trade must balance Z Specialization and trade means more output throughout the world. 8. Specialization decreases total world output 9. The United States buys large quantities of goods and services from other countries, but foreign countries buy very few US goods and services ntries trade, one country is 10. Since world resources are limited, when two countries trade, one better off and the other country is worse orr. 11. Even if the terms of trade are inferior to domestic opportunity co country will benefit from trade. J2 A quota is a tax on specific goods. 13. The exchange rate is the ratio at which a currency can be gold hich a currency can be exchanged for 14. When the US dollar appreciates in value, the United Star fewer goods, ceteris paribus. in value, the United States will export 15. Government revenues include underground busine