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Test Bank For International Economics 5th Edition By Robert C. Feenstra, Alan M. Taylor Chapter 1-22 Answers Are At The End Of Each Chapter chapter 1 Indicate the answer choice that best completes the statement or answers the question. 1. What does a country's gross domestic product (GDP) measure? a. the value of all intermediate goods produced in a year b. the value of all exports produced in a year c. the value of all final goods produced in a year d. the value of all production in a year 2. With which country or region does most U.S. foreign direct investment occur? a. China b. Japan c. Europe d. Latin America 3. What is the immediate effect of increasing tariffs on a country’s economy? a. It increases the volume of trade. b. It reduces the volume of imports. c. It increases the volume of exports. d. It promotes better trade relations with other countries. 4. Which of the following is considered a service export? a. Japan buys soybeans from the United States. b. China sells iPhones to the United States. c. Mexican tourists visit the Grand Canyon. d. France sells wine to the United States. 5. If we measure the ratio of total trade to GDP, which of the following nations had the highest ratio in 2018? a. Hong Kong (China) b. Japan c. Germany d. the United States
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