Chapter 16 28. The largest international trader in the world is: a. Germany b. U

Question

Chapter 16 28. The largest international trader in the world is: a. Germany b. U.S c. Japan d. China 27. In recent years, the U.S. has had: a. large trade deficits b. small trade deficits c. small trade surpluses d. large trade surpluses 28. When a nation's imports exceed its exports, the nation has: a. a trade deficit b. a trade surplus c. either of the above is possible 29. The law of comparative advantage: a. states that trade between nations is beneficial to both if there is a di b. indicates that a nation should specialize in producing where it can c. indicates that a nation should trade for goods where it must incur a d. All of the above opportunity costs lower opportunity cost opportunity cost to produce 30. When nations engage in trade according to comparative advantage: a. the buying nation gains from trade and the selling nation loses b. the selling nation gains from trade and the buying nation loses c. a nation benefits from trade only if it has a trade surplus d. both nations gain from trade

Explanation / Answer

26. Option B. U.S.

Explanation: The total volume of international trade of USA was $4,921 billion last year. Which makes it the largest international trader in the world. China is the second largest trader with a total international trade volume of $4,342 billion. Germany (USD 2,966 billion) and Japan ($1,602 billion) have 3rd and fourth positions, respectively.

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