From the point of view of the domestic standard of living, a country should a. welcome cheap imports b. try to expand exports c. impose tariffs to keep out foreign competition d. try to be self-sufficient.

Which of the following statements about helping poor countries are true? a) Opening our markets to their trade is by far a more effective way to help them that giving them foreign aid? b) Opening our markets to their trade not only doesn't cost us, it provides a net benefit to our economy as well c) We should always give as much foreign aid as we can directly to their governments d) If the "recipient" country does not have a responsible government or much in the way of civil society, foreign aid should be limited to things such as fighting disease, aid that is provided directly to the people, such as microfinance or infrastructure project provided directly avoiding passing funds through the "recipient" country governments, and aid conditional on reforms to improvements governance. e) We should protect our domestic industries against the lower wages of the poorer countries, so we may giv them foreign aid but should never open our markets to them.

Describe the U.S  role in the world economy.

A positive balance of trade is when:     A. imports are greater than exports   B. exports are greater than imports   C. exports equal imports   D. All of the Above