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5-1 Quiz: Chapter Eight

Question 1 (2 points)

Proponents of a positive balance of trade believe it is essential to a state because it is a significant source of __________.

Question 1 options:

A) diplomacy

B) power

C) democracy

D) capitalism

Question 2 (2 points)

Applying quotas on imports is a policy that would be followed by a __________.

Question 2 options:

A) bureaucracy

B) conspirator

C) free-market capitalist

D) protectionist state

Question 3 (2 points)

The balance of trade is the value of a state’s imports relative to its __________.

Question 3 options:

A) budget balance

B) trade status

C) exchange rate

D) exports

Question 4 (2 points)

A state that avoids trading altogether and instead tries to produce everything it needs by itself is following a strategy of __________.

Question 4 options:

A) mercantilism

B) economic liberalism

C) autarky

D) comparative advantage

Question 5 (2 points)

Which policy would be followed by a protectionist state?

Question 5 options:

A) imposing tariffs

B) dumping

C) eliminating export duties

D) disallowing quotas on imports

Question 6 (2 points)

A tariff is a type of tax imposed on __________ by a state.

Question 6 options:

A) luxury goods

B) revenues

C) imports

D) exports

Question 7 (2 points)

Tax breaks, loans, and guaranteed high prices are examples of what type of protectionism?

Question 7 options:





Question 8 (2 points)

A state will have a positive balance of trade, or trade surplus, when it __________.

Question 8 options:

imports a surplus of consumer goods

exports more than it imports

imports more than it exports

exports progressively more over a fiscal period

Question 9 (2 points)

How does economic liberalism compare with mercantilism?

Question 9 options:

Economic liberalism is not concerned with whether one state gains more or less than another, just whether the state’s wealth is increasing in absolute terms, whereas mercantilism emphasizes that each state must protect its own interests at the expense of others.

Economic liberalism emphasizes conflicting interests in economic exchanges, whereas mercantilism emphasizes shared interests.

Economic liberalism asserts that the most important goal of economic policy is the creation of the most favorable possible distribution of wealth, whereas mercantilism asserts that the most important goal is the maximum creation of total wealth.

Economic liberalism advocates a role for politics in market processes, whereas mercantilism advocates for market processes to be relatively unhindered by political elements.

Question 10 (2 points)

A __________ would agree that a government’s most useful role is to interfere in economics only to regulate markets in order to help them function efficiently. That is, politics should serve the interests of economic efficiency.

Question 10 options:





Question 11 (2 points)

The U.S. __________ exceeded $560 billion in 2017, with about a quarter accounted for by trade with China and another quarter by oil imports.

Question 11 options:

surplus of consumer goods

trade deficit

trade surplus

restricted free trade

Question 12 (2 points)

The mercantilist approach to trade is similar to __________.

Question 12 options:

economic liberalism



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