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11) Caterpillar’s sales were severely affected by the decline in the U.S. housing market that began in 2006. Sales in the United States declined by ________ between 2006 and 2008, and export sales ________ during the same time period. A) more than half; increased by enough to make 2008 a record sales year B) almost 90 percent; remained virtually unchanged C) almost 90 percent; declined by half D) more than half; declined by a similar percentage 12) Which of the following statements is true? A) Japan is more dependent on foreign trade than is the United States. B) Imports and exports account for over one-half of the GDP of Belgium. C) France is the leading exporting country, accounting for 10 percent of total world exports. D) Because the cost of labor used on farms is so high, the United States exports very little of its wheat, rice and corn crops. 13) Twenty-seven countries in Europe have eliminated all tariffs with each other. This group of countries is known as the A) European Union. B) United Federation of Europe. C) Gruppo Euro. D) European Free Trade Association. 14) NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries? A) Canada, the United Kingdom and Mexico B) the United States, the United Kingdom and Mexico C) the United States, Canada and Mexico D) the United States, Mexico and Cuba 15) Today, the United States charged an average tariff rate A) that is more than its average tariff rate in 1930. B) which is greater than any other high-income country. C) of less than 2 percent. D) that exceeds 50 percent. 16) Which of the following statements is true? A) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs. B) Each year China exports about 50 percent of its wheat crop and 40 percent of its rice crop. C) Most of the leading exporting countries are large, high-income countries. D) All sectors of the U.S. economy are affected equally by international trade. 17) In the United States, imports and exports make up more than half of GDP. 18) Caterpillar’s sales are now greater outside the United States than inside the United States. 19) How have U.S. imports and exports, as a fraction of GDP, changed from 1950 to the present?

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