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Trade Agreements Answers

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

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A
The foreign sector influences how services move between firms and households.
B
The foreign sector influences how imports and exports move between firms and households.
C
The foreign sector influences how factors of production move between firms and households.
D
The foreign sector influences how goods move between firms and households.
2
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The graph shows gross domestic product in the US private sector from 2009 to 2017.

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A
The economy suffered a setback in 2009 before rebounding in 2011.
B
The economy suffered a setback in 2009 before rebounding in 2010.
C
The economy suffered a setback in 2009 and had not recovered by 2011.
D
The economy suffered setbacks in the years 2009, 2010, and 2011.
3

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
4

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

A
businesses.
B
consumers.
C
stock markets.
D
countries' currencies.
5

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.
6

How have airplanes changed the way the world does business? Choose four answers.by shipping raw materials to manufacture goods in other countriesby shortening travel timeby opening up new trade markets worldwideby connecting business partners the fastestby increasing options for travel destinations

A
by shipping raw materials to manufacture goods in other countries
B
by shortening travel time
C
by opening up new trade markets worldwide
D
by connecting business partners the fastest
E
by increasing options for travel destinations
7

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.
8

Gross domestic product tracks economic growth by measuring all goods and services

A
exported by an economy.
B
produced by an economy.
C
imported by an economy.
D
purchased by an economy.
9

Which is the best example of outsourcing?

A
A US shoe company opens a factory in China and hires Chinese workers to make shoes.
B
A US shoe company opens a factory in the US and hires US workers to make shoes.
C
A US shoe company opens a factory in the US and hires Chinese workers to make shoes.
D
A Chinese shoe company opens a factory in China and hires Chinese workers to make shoes.
10

The map shows the world’s gross domestic product.Based on the map, which is the best conclusion that can be drawn about the economies of the US and Western Europe?

Question illustration
A
The US and Western Europe are strong because they have high GDPs.
B
The US and Western Europe are weak because they have low GDPs.
C
The US and Western Europe are strong because they have low GDPs.
D
The US and Western Europe are weak because they have high GDPs.

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