AnswersOC27 Economics-2102310-Sem-MeadowsEconomic Development

Economic Development — Cumulative exam Answers

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1
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Which form of transportation has led to more efficient business in a global market?

h
helicopters
h
high-speed trains
t
tractor trailers
c
cargo ships
2
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If the value of the US dollar declines in relation to other currencies, goods imported into the United States will

n
not be allowed to enter the country.
b
become less expensive.
r
remain the same in price.
b
become more expensive.
3

What is the name of the period when an economy begins to shrink?

r
recession
d
depression
r
recovery
p
peak
4

National Export InitiativeFTA Tariff ToolEuropean UnionAssociation of Southeast Asian Nations

A
National Export Initiative
B
FTA Tariff Tool
C
European Union
D
Association of Southeast Asian Nations
5

Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
A
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
A
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
A
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
6

locationtuitionindependenceproductivity

A
location
B
tuition
C
independence
D
productivity
7

An exchange rate table makes it easy to compare the

d
different currency denominations used by a single country.
c
cost to produce the currency used by a single country.
v
value of the currencies for two or more countries.
u
unemployment rates for two or more countries.
8

Globalization is the process of

l
limiting exhange of goods and services.
c
connecting the world over time.
r
requiring or relying on something.
f
focusing on certain goods and services.
9

Government officials in Country M have determined that they need to take action to encourage the growth of their economy. To do this, they have introduced an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years.

e
education to reduce unemployment and increase production.
n
new technologies to produce goods that are in great demand.
r
resources that can be traded with other nations.
r
research to develop goods that can be sold on a global scale.
10

four

B
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
B
Businesses can take advantage of new forms of technology to make products cheaply.
B
Businesses can take advantage of new forms of democracy to make products cheaply.
B
Businesses can take advantage of faster technology to make products faster.
11

best

I
It requires the use of savings.
I
It requires repayment with interest.
I
It involves completing an application.
I
It is based on need or achievement.
12

A reason that countries trade with each other is

t
to help their neighbors.
t
to get products they cannot produce.
t
to sell goods they do not need.
t
to share excess resources.
13

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

D
Demand steadily rises.
D
Demand steadily falls.
P
Prices continue to increase.
P
Prices continue to decrease.
T
The economy grows in a healthy way.
T
The economy stagnates and struggles.
14

Why might a country choose to devalue its currency?

t
to please its trading partners
t
to encourage exports
t
to encourage imports
t
to reduce taxes
15

most

M
Most countries use the dollar as their currency.
C
Countries in Asia use the euro as their currency.
D
Different countries use different currencies.
A
All countries are required to use the same currency.
16

nominal measurementconsumer price indexannual rateUS Bureau of Labor statistic

A
nominal measurement
B
consumer price index
C
annual rate
D
US Bureau of Labor statistic
17

Does a depression always follow a recession?

Y
Yes, the trough is always considered a depression.
N
No, a depression is indicated when the recession is exceptionally long.
Y
Yes, for recovery to occur, the trough must be reached.
N
No, the economy could decline quickly and bypass recession.
18

What is a benefit associated with free trade?

i
increased government revenue from tariffs
e
enhanced innovation and technology
l
limited market access for domestic industries
h
higher inflation due to import competition
19

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

i
it is less expensive to make shirts there.
i
it is worth paying more for foreign labor.
w
workers in Pakistan are more skilled.
w
workers in Pakistan work fewer hours.
20

best

b
benefits producers or consumers when taking action.
p
pushes producers or consumers to act on the government's behalf.
m
motivates producers or consumers to take action.
f
forces producers or consumers to act in a certain way.

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