AnswersTX-Economics CRUnit Test

Trade Agreements Answers

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What are the most likely reasons a US corporation would open a factory in China? Choose four answers.to take advantage of affordable land pricesto take advantage of abundant resourcesto take advantage of lower labor coststo take advantage of favorable tax lawsto take advantage of US employment opportunities

A
to take advantage of affordable land prices
B
to take advantage of abundant resources
C
to take advantage of lower labor costs
D
to take advantage of favorable tax laws
E
to take advantage of US employment opportunities
2
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The business practice of hiring workers in another country is known as

A
globalization.
B
insourcing.
C
subcontracting.
D
outsourcing.
3

The graph shows China’s workforce from 2000 to 2019.

Question illustration
A
agriculture and away from services.
B
services and away from agriculture.
C
industry and away from services.
D
agriculture, services, and industry.
4

The chart shows a circular flow model describing the movement of goods and services.

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T
The foreign sector influences how services move between firms and households.
T
The foreign sector influences how imports and exports move between firms and households.
T
The foreign sector influences how factors of production move between firms and households.
T
The foreign sector influences how goods move between firms and households.
5

best

Question illustration
T
The US and Western Europe are strong because they have high GDPs.
T
The US and Western Europe are weak because they have low GDPs.
T
The US and Western Europe are strong because they have low GDPs.
T
The US and Western Europe are weak because they have high GDPs.
6

Which statement best describes how globalization connects the world?

A
Globalization helps create new forms of transportation, communication, and technology.
B
Globalization helps expand old forms of transportation, communication, and technology.
C
Globalization helps mandate new forms of transportation, communication, and technology.
D
Globalization helps share old forms of transportation, communication, and technology.
7

Which technologies have made global communication instant and more effective? Choose three answers.social mediawireless devicessmart phonesautomobilesprinted newspapers

A
social media
B
wireless devices
C
smart phones
D
automobiles
E
printed newspapers
8

Purchasing power parity is used to compare the gross domestic product between

A
businesses.
B
consumers.
C
stock markets.
D
countries' currencies.
10

How has globalization made countries more interdependent? Choose five answers.Countries now rely on one another for vital resources.Countries now rely on each other for new industries.Countries now rely on one another for chances to import and export.Countries now rely on one another to lower their GDP.Countries rely on each other for cheaper products.Countries now rely on one another for an employment base.

A
Countries now rely on one another for vital resources.
B
Countries now rely on each other for new industries.
C
Countries now rely on one another for chances to import and export.
D
Countries now rely on one another to lower their GDP.
E
Countries rely on each other for cheaper products.
F
Countries now rely on one another for an employment base.
11

Gross Domestic ProductGrowth Dependence PolicyGained Domestic Production

A
Gross Domestic Product
B
Growth Dependence Policy
C
Gained Domestic Production
12

"technology"

Answer:

33190

13

best

A
A US shoe company opens a factory in China and hires Chinese workers to make shoes.
A
A US shoe company opens a factory in the US and hires US workers to make shoes.
A
A US shoe company opens a factory in the US and hires Chinese workers to make shoes.
A
A Chinese shoe company opens a factory in China and hires Chinese workers to make shoes.
14

four

b
by shipping raw materials to manufacture goods in other countries
b
by shortening travel time
b
by opening up new trade markets worldwide
b
by connecting business partners the fastest
b
by increasing options for travel destinations
15

The graph shows gross domestic product in the US private sector from 2009 to 2017.

Question illustration
T
The economy suffered a setback in 2009 before rebounding in 2011.
T
The economy suffered a setback in 2009 before rebounding in 2010.
T
The economy suffered a setback in 2009 and had not recovered by 2011.
T
The economy suffered setbacks in the years 2009, 2010, and 2011.
16

Technologies that allow for instant worldwide communication include

h
high-speed trains and naval ships.
m
mobile phones and Internet access.
a
airplanes and container shipping.
o
outsourcing and new trade markets.
17

Global trade provides consumers with

A
more options and lower prices.
B
fewer options and lower prices.
C
more options and higher prices.
D
fewer options and higher prices.

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