AnswersEconomics - BJackson 25-26Unit Test

Unit Test — Unit test Answers

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1
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A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.
2
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What is a benefit associated with free trade?

i
increased government revenue from tariffs
e
enhanced innovation and technology
l
limited market access for domestic industries
h
higher inflation due to import competition
3

difficultvagueappropriateeasy

A
difficult
B
vague
C
appropriate
D
easy
4

In developed economies, less-educated workers

h
have more jobs to choose from.
a
are often more highly skilled than other workers.
m
may be outsourced to other nations.
c
can have difficulty finding work.
5

Why might a country choose to devalue its currency?

A
to please its trading partners
B
to encourage exports
C
to encourage imports
D
to reduce taxes
6

The North American Free Trade Agreement created a free trade zone between Canada, the United States, and .

Answer not available
7

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
8

What should be included in an informative essay? Check all that apply.properly cited sourcesemotional languageparenthetical citationssmooth transitionssupporting details

A
properly cited sources
B
emotional language
C
parenthetical citations
D
smooth transitions
E
supporting details
9

How did NAFTA affect the economies of participating countries?

A
by creating unrestricted trade benefits
B
by raising employment rates and standards of living
C
by creating a balance of exports and imports
D
by increasing the overall volume of production
10

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.
11

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

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
12

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
13

What should be included in an outline for an informative essay? Check all that apply.a thesis statementa final opinionseveral subtopicsparenthetical citationssecondary sources

A
a thesis statement
B
a final opinion
C
several subtopics
D
parenthetical citations
E
secondary sources
14

What type of economic growth do most developed economies experience?

A
rapid growth
B
unpredictable growth
C
moderate growth
D
slow growth
15

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.

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