AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit 5 Test Answers

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1
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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.
2
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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.
3

difficultvagueappropriateeasy

A
difficult
B
vague
C
appropriate
D
easy
4

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.
5

An exchange rate table makes it easy to compare the

A
different currency denominations used by a single country.
B
cost to produce the currency used by a single country.
C
value of the currencies for two or more countries.
D
unemployment rates for two or more countries.
6

Why do developing countries usually have less variety in their economic activities?

L
Limited access to education means that people are not trained to work in industry or technology.
F
Focusing on one or two economic activities leads to more rapid economic development.
D
Developing countries are usually small and have limited populations and resources.
P
People prefer the lifestyle that accompanies traditional activities such as farming.
7

A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.
8

What type of economic growth do most developed economies experience?

A
rapid growth
B
unpredictable growth
C
moderate growth
D
slow growth
9

The graph shows US trade with China from 1990 to 2018.

Question illustration
A
The United States has a trade surplus with China.
B
China’s economy is declining, which has harmed trade.
C
The United States has a trade deficit with China.
D
China’s economy is improving, which has helped trade.
10

What are standards designed to do? Check all that apply.protect consumerssupport domestic industrieslimit importsensure safetyoffer domestic industries an advantage

p
protect consumers
s
support domestic industries
l
limit imports
e
ensure safety
o
offer domestic industries an advantage
11

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

A
helicopters
B
high-speed trains
C
tractor trailers
D
cargo ships
12

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
13

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.
14

Why does an increase in literacy rates often accompany an increase in per capita income?

P
People who have higher-paying jobs often have the time available to develop literacy skills.
D
Developing countries have higher-than-average literacy rates, which typically leads to higher income.
P
People who can read and who receive an education are eligible for higher-paying jobs.
D
Developed countries often attempt to raise low literacy rates to improve income.
15

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.

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