ANSWER: c
45. Which of the following countries was a member of the European Union prior to 2004 but voted to leave the EU in 2016?
a. Poland
b. United Kingdom
c. Hungary
d. Italy
ANSWER: b
46. Which of the following economic groupings has the largest volume of trade among its member nations?
a. NAFTA
b. the European Union
c. the Trans-Pacific Partnership
d. the European Free-Trade Area
ANSWER: b
47. How many countries were members of the European Union as of May 2016 (prior to Brexit)?
a. 5
b. 12
c. 22
d. 28
ANSWER: d
48. What is the average tariff on intra–European Union trade?
a. 0%
b. 10%
c. 25%
d. 100%
ANSWER: a
49. Which of the following countries is NOT a member of the European Union?
a. Turkey
b. Slovakia
c. Hungary
d. Poland
ANSWER: a
50. Which of the following countries is NOT a member of the European Union?
a. Denmark
b. Finland
c. Norway
d. Sweden
ANSWER: c
51. U.S. and European merchandise trade accounted for approximately what share of total world merchandise (goods) trade in 2014?
a. slightly more than one-fourth
b. slightly more than one-third
c. about one-half
d. slightly more than two-thirds
ANSWER: c
52. The combined trade within Europe and between Europe and the United States accounted for ______ of world exports in 2018.
a. 50%
b. 15%
c. 80%
d. 26%
ANSWER: d
53. Which of the following make up Latin America?
a. the United States, Mexico, and Canada
b. Mexico, Guam, and Puerto Rico
c. Mexico, Central and South America, and the Caribbean
d. Central and South America and Granada
ANSWER: c
54. NAFTA is:
a. a free-trade area among Mexico, Canada, and the United States.
b. a trade agreement to limit environmentally dangerous imports and exports.
c. a law preventing undocumented immigrants.
d. another name for the European Union.
ANSWER: a
55. Which of the following statements about trade is true?
a. In 2018, Japan was the largest exporter to the United States.
b. Trade volume among China, Japan, Thailand, and Taiwan is the world's largest.
c. Trade volume among Chile, Brazil, Argentina, and Mexico is the world's largest.
d. The combined exports of Europe and the Americas account for nearly half of world exports.
ANSWER: d
56. One of the major reasons that Asia trades so much with the rest of the world is
a. its superior technology.
b. its high-quality land resources.
c. its productive capital equipment.
d. its low wages.
ANSWER: d
57. Which of the following statements explains why Asian countries such as China and Vietnam export goods to industrialized countries?
a. Workers in China and Vietnam receive low wages.
b. Workers are more productive in China and Vietnam than in industrialized countries.
c. China and Vietnam have an abundant supply of raw materials.
d. Chinese and Vietnamese factories are more technologically advanced than those in industrialized countries.
ANSWER: a
58. What was Africa's share of world exports in 2018?
a. 2%
b. 12%
c. 1.5%
d. 58%
ANSWER: a
59. Which of the following statements best explains the low level (about $35 billion in 2018) of trade between the United States and Russia?
a. Russia doesn't produce goods that Americans want to buy.
b. The Russian market is smaller than the markets of most other countries.