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Multiple Choice Quiz
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1.
Which of the following statements correctly characterizes outsourcing of service jobs from the United States?
(1) The work that is being outsourced is generally work that is repetitive and routinized.
(2) A reasonable estimate of outsourcing is that by 2005 over 2 million service jobs in total had been shifted from the United States to India and other developing countries.
(3) The U.S. economy is likely to benefit from international outsourcing of services, because it allows Americans to replace high-cost domestic production with low-cost foreign provision of those services.
A)(1)
B)(1) + (2)
C)(2) + (3)
D)(1) + (3)
2.
Which of the following expansions has the European Union attempted in recent years?
(1) Geographic expansion, with new members joining the Union.
(2) A monetary union, in which countries replace their national currencies with a supranational currency.
(3) Adoption of a formal constitution, as a move toward greater political union.
A)(1) + (2) + (3)
B)(1) + (2)
C)(1) + (3)
D)(2) + (3)
3.
Which of the following countries has chosen not to use the euro?
A)Italy
B)Greece
C)Denmark
D)Belgium
4.
Which of the following statements are true?
(1) The United States ran a large trade deficit with China but the European Union did not. Therefore, the U.S. applied pressure on the Chinese to revalue the yuan, but the Europeans did not.
(2) During the Asian Crisis of 1997-1998, the Chinese government's fixed exchange rate to the U.S. dollar was a source of stability in an otherwise unstable region.
(3) In order to maintain the fixed exchange rate, the Chinese government had to continually buy dollars and sell yuan in the foreign exchange market.
A)(1) + (2)
B)(1) + (3)
C)(2) + (3)
D)(1) + (2) + (3)
5.
Which of the following counties did not join the European Union in 2004?
A)Romania
B)Czech Republic
C)Hungary
D)Cyprus





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