Answers OC27 Economics-2102310-Sem-MeadowsEconomic Development

Unit 5 Test Answers

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The images show the cost of the same bike in the United States and Britain.

purchasing power parity.

exchange rates.

factors of production.

gross domestic product.

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What is an example of a country that makes use of another nation’s currency?

France

Germany

Panama

Mexico

Which best describes a central bank's primary goals?

limiting inflation and reducing unemployment

reducing unemployment and maintaining cash flow

controlling stagflation and reducing unemployment

managing credit and ensuring the money supply's liquidity

In regard to trade, the United States

imports goods and services only.

exports goods and services only.

does not import or export goods and services.

imports and exports goods and services.

Which trade organization is responsible for 90% of the world’s trade?

the EU

ASEAN

the WTO

NAFTA

What is one stated purpose of the World Trade Organization?

to create a common currency

to encourage the expansion of exports

to monitor trade policies of many countries

to establish direct trade agreements between countries

When revising an informative essay, it is important to consider

the topic and language.

the topic and narrative.

the argument and language.

the outline and language.

Governments collect taxes to ensure that

there is sufficient money to fund private businesses.

citizens contribute to meeting society's needs.

politicians get paid in a timely manner.

a government program exists for every need that arises.

What is one reason two countries may sign a treaty to create a direct agreement with one another?

to establish barriers to trade

to cut taxes

to collect more taxes

to limit trade opportunities for competing companies

There would be no separation between one country’s economy and another’s if the entire world

shared the same currency.

chose paper currency over coins.

eliminated denominations for currency.

agreed to use only two types of currency.

"technology"

Answer:

33190

Tariffs and subsidies are both examples of

monetary restrictions for the domestic producer.

economic benefits for the consumer.

economic benefits for the international producer.

incentives—one positive and one negative.

John Maynard Keynes believed that governments should increase spending in order to

increase prices.

increase supply.

decrease demand.

increase demand.

Which is the best example of a country that is dependent on other countries?

a country that has little fertile soil

a country that has no imports

a country with grain surpluses

a country with a diverse economy

What is the purpose of quotas?

to ban all imports from a country

to ensure specific goods are not available to consumers

to limit how much of a good can be imported

to keep prices on domestic goods low

Countries establish internal economic zones in order to

limit foreign investment.

make solving disputes easier.

have fewer economic restrictions.

create manageable amounts of imports.

Why do most countries both export and import goods?

to eliminate competition from other economies

to decrease the production of goods domestically

to rely entirely on foreign economies

to get a good mix of goods and services

A sales tax is a type of

progressive tax.

indirect tax.

proportional tax.

direct tax.

What is the first step to creating an informative essay?

editing

prewriting

drafting

sequencing

Read the sentence from an informative essay about globalization in China.Pollution levels in Beijing are improving in some ways thanks to government programs.The sentence needs to be revised because it lacks detail and factual support about

government programs.

global pollution levels.

globalization in China.

pollution levels in China.

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Unit 5 Test Answers

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