AnswersOC27 Economics-2102310-Sem-MeadowsEconomic Development

Economic Development — Unit test Answers

12 verified answers5 views
1
Free Preview

A reason that countries trade with each other is

A
to help their neighbors.
B
to get products they cannot produce.
C
to sell goods they do not need.
D
to share excess resources.
2
Free Preview

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
3

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.
4

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
5

Which process helps countries import things they cannot make while allowing them to specialize in exports?

A
absolute advantage
B
isolation
C
competition
D
international trade
6

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.
7

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.
9

What type of economic growth do most developed economies experience?

A
rapid growth
B
unpredictable growth
C
moderate growth
D
slow growth
10

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

A
Limited access to education means that people are not trained to work in industry or technology.
B
Focusing on one or two economic activities leads to more rapid economic development.
C
Developing countries are usually small and have limited populations and resources.
D
People prefer the lifestyle that accompanies traditional activities such as farming.
11

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

Answer not available
12

Which statements best explain how globalization offers an advantage to businesses? Choose four answers.

A
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
C
Businesses can take advantage of new forms of technology to make products cheaply.
D
Businesses can take advantage of new forms of democracy to make products cheaply.
E
Businesses can take advantage of faster technology to make products faster.
13

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

A
it is less expensive to make shirts there.
B
it is worth paying more for foreign labor.
C
workers in Pakistan are more skilled.
D
workers in Pakistan work fewer hours.
14

In developed economies, less-educated workers

A
have more jobs to choose from.
B
are often more highly skilled than other workers.
C
may be outsourced to other nations.
D
can have difficulty finding work.
15

A tariff is a type of

A
tax.
B
punishment.
C
subsidy.
D
grant.

Did you find these answers helpful?

More from this Course

Quiz
15 verified answers

Unit Test

Quiz
15 verified answers

Unit Test

Quiz
15 verified answers

Unit 5 Test