Practice Test Answers

6 verified answers

Globalization is the process of

limiting exhange of goods and services.

requiring or relying on something.

connecting the world over time.

focusing on certain goods and services.

An exchange rate table makes it easy to compare the

different currency denominations used by a single country.

unemployment rates for two or more countries.

cost to produce the currency used by a single country.

value of the currencies for two or more countries.

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

high-speed trains

cargo ships

helicopters

tractor trailers

A reason that countries trade with each other is

to sell goods they do not need.

to share excess resources.

to get products they cannot produce.

to help their neighbors.

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

A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.

A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.

A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.

A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.

Which of these statements most accurately describes the use of currencies in different parts of the world?

Different countries use different currencies.

All countries are required to use the same currency.

Most countries use the dollar as their currency.

Countries in Asia use the euro as their currency.

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