AnswersAcademy - Economics and Personal FinanceUnit Test

Unit Test Answers

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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
2
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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.
3

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.
4

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.
5

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.
6

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
7

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.
8

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.
9

four

B
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
B
Businesses can take advantage of new forms of technology to make products cheaply.
B
Businesses can take advantage of new forms of democracy to make products cheaply.
B
Businesses can take advantage of faster technology to make products faster.
10

A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.
11

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
12

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.
13

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

a
absolute advantage
i
isolation
c
competition
i
international trade
14

best

T
They make the action impossible.
T
They make the action more profitable.
T
They make the action difficult.
T
They make the action less likely.
15

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.

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