1. An introduction to International Trade

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Due by February 12, 2017, 1 PM (13:00)

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1. In 2015 the GDP of Armland was $10bn. Exports and Imports were respectively $2bn and $4bn. What was the Trade Openness Index in Armland?

5 points

20%

40%

60%

160%

Clear selection

2. Which of the following questions are studied by International Trade? Select all that apply.

5 points

Why do countries trade?

What are the effects of trade on welfare and income distribution?

What are the effects of trade barriers?

What are the effects of economic integration?

What determines the pattern of international trade?

What are the sources of gains from trade and who might the losers be?

3. Gross National Income is always bigger than Gross Domestic Product.

5 points

True

False

Clear selection

4. GNI is equal to GDP plus Primary Incomes received from abroad minus Primary Incomes paid abroad.

5 points

True

False

Clear selection

5. In 2015 Armland's GDP was $10bn. Armland received $3bn primary incomes from abroad, and paid $2bn primary incomes abroad. What was Armland's GNI in 2015.

5 points

Clear selection

6. In 2016 Armland's GDP was $11bn. Armland received $1bn primary incomes from abroad, and paid $2bn primary incomes abroad. What was Armland's GNI in 2016.

5 points

Clear selection

7. In 2014 Armland's GDP was $9bn. Armland received $1bn primary incomes from abroad, and paid $1bn primary incomes abroad. What was Armland's GNI in 2014.

5 points

Clear selection

8. According to the World Bank what was the world GDP in 2015? http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

5 points

$63 trillion

$74 trillion

$78 trillion

Clear selection

9. According to the World Bank what was the GDP in Armenia in 2015? http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

5 points

$10bn

$10.5bn

$11bn

Clear selection

10. According to the World Bank what was the GDP in the United States in 2015? http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

5 points

$17 trillion

$18 trillion

$19 trillion

Clear selection

11. According to the World Bank what was the Merchandise exports in the World in 2015? http://data.worldbank.org/indicator/TX.VAL.MRCH.CD.WT

5 points

$19 trillion

$12.5 trillion

$16.5 trillion

Clear selection

12. According to the World Bank what was the Merchandise exports in Armenia in 2015? http://data.worldbank.org/indicator/TX.VAL.MRCH.CD.WT

5 points

$1.5 bn

$1.2 bn

$1.8 bn

Clear selection

13. According to the World Bank what was the Merchandise exports in the United States in 2015? http://data.worldbank.org/indicator/TX.VAL.MRCH.CD.WT

5 points

$3 trillion

$2 trillion

$1.5 trillion

Clear selection

14. According to the World Bank what was average Openness to Merchandise Trade in Armenia in 2010-12? http://wits.worldbank.org/openness-to-trade-visualization.html

5 points

8.8%

54.3%

49%

39.7%

Clear selection

15. According to the World Bank average Openness to Merchandise Trade in the United States in 2010-12 was 23.2%. What was average Openness to Merchandise Trade in China in 2010-12? http://wits.worldbank.org/openness-to-trade-visualization.html

5 points

35%

49%

28.6%

67%

Clear selection

16. What was the most traded product in 2014? http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/wld/all/show/2014/

5 points

Cars

Crude petroleum

Refined petroleum

Integrated circuits

Computers

Clear selection

17. There is a widely held belief that coffee is the second largest traded product. But that is a misconception, and the value of traded coffee is far smaller. What was the share and value of coffee in world trade in 2014? http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/wld/all/show/2014/

5 points

1.8% of world exports and $321bn

0.52% of world exports and $92.2bn

0.034% of world exports and $5.97bn

0.17% of world exports and $30.8bn

0.017% of world exports and $2.95bn

Clear selection

18. The world spends more on imported textiles than on imported foodstuffs. All and all people prefer dressing to eating. What were the total amounts of exports of foodstuffs and textiles in the world in 2014? http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/wld/all/show/2014/

5 points

Foodstuff $151 bn. Textiles $752 bn.

Foodstuff $568 bn. Textiles $752 bn.

Foodstuff $568 bn. Textiles $1.27 trillion.

Clear selection

19. Wine was the most traded product among foodstuffs in 2014. Its share was 6.2% in total foodstuffs trade. Which of the following products had more than 5% share in total foodstuffs trade in 2014? http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/wld/all/show/2014/

5 points

Soybean meal

Baked goods

Hard liquor

Raw sugar

Chocolate

Animal food

Rolled tobacco

Processed fish

Fruit juice

Beer

Raw tobacco

Pasta

Sausages

Jams

Ice cream

Water

20. Total amount of animal and vegetable bi-products trade was $108 bn in 2014. Which one of the following products had the biggest share in animal and vegetable bi-products trade in 2014? http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/wld/all/show/2014/

5 points

Pure olive oil

Soybean oil

Margarine

Palm oil

Coconut oil

Rapeseed oil

Fish oil

Clear selection

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