Answers EA Academy Civics 9Globalization and International Trade

Globalization and International Trade — Unit test Answers

25 verified answers2 views

Which best describes the role of the US government in economic decisions involving health care?

The government covers medical and healthcare costs for all Americans so that everyone can get the same level of care.

The government spends very little money on health care so Americans must all pay their own healthcare costs out of pocket.

The government follows voters’ wishes to decide how much money is spent per person on healthcare programs and medical treatment.

The government spends a lot of money on healthcare programs for people ages 65 and older, people with disabilities, and people living in poverty.

Free Preview

What is the first question people should ask themselves when they’re about to make an economic decision?

“How much do I value or need this?”

“What do I have to give up now to get this?”

“What will others think of me if I get this?”

“What will I be giving up in the future to get this?”

When is international trade most likely to occur?

when powerful countries have big conflicts and end up going to war with each other

when countries want to force another country out of the market for a specific product

when one country wants to make money from tariffs on goods that come from other countries

when one country needs something it doesn’t have, and another country is willing to sell it

What is the best definition of Medicare?

Medicare provides medical coverage for children.

Medicare provides health insurance for older citizens.

Medicare provides assistance to people after natural disasters.

Medicare provides medical services to government employees.

In the federal budget, which proposals are part of discretionary spending?

plans for funding national, state, and local elections

plans for social services in current bills for new laws

plans related to established programs from previous years

plans for programs from new laws signed within the past year

Which best describes a financial motive for creating a business in a market economy?

to make money for its owners

to provide a helpful product or service

to hire a talented and effective workforce

to create a pleasant work environment

Norway has one of the highest productivity rates per hour of any country in the world. A Norwegian worker adds almost $81 to the country’s GDP per hour. Yet the average workweek is 38 hours, and the workday typically ends at 4 p.m.

Norwegian workers have more time to spend on non-work activities than workers in many countries.

Norwegian workers provide more to their country’s GDP than workers in many countries.

Norwegian workers are able to get more work done in less time than workers in many countries.

Norwegian workers do not work as hard or as efficiently as workers in other countries.

What is the main reason US producers sometimes move their operations to other countries as a result of certain trade policies?

better weather conditions

more skilled employees

cheaper labor and materials

improved shipping channels

Review the table.

Ireland

Mexico

Sweden

India

Which is the most accurate statement about entrepreneurship?

Entrepreneurship involves starting businesses with established roles.

Entrepreneurship is less about creativity than it is about profits.

Entrepreneurship is often more about new ideas than it is about money.

Entrepreneurship involves making a profit as soon as possible.

Which group is disproportionately affected by predatory lending?

White business owners

college and graduate students

Black and Hispanic people

owners of large ranches and farms

Which statement best describes the difference between a checking account and a savings account?

Checking accounts provide customers with interest, while savings accounts do not.

Checking accounts are held only by businesses and savings accounts only by individuals.

Checking accounts allow customers to easily pay for goods and services, while savings accounts are used to hold money for longer periods of time.

Checking accounts require customers to go into a bank branch, while savings accounts are accessed by customers on their mobile phones or computers.

Which statement is the best example of an entrepreneur operating from a nonfinancial motivation?

Fredericka was very experienced with social media platforms. She believed she could make a lot of money by helping businesses with their social media presence.

Ibrahim figured out a way to melt ice and snow on city streets without a lot of salt. He planned a meeting with city officials to sell them the idea.

Darla is concerned about the lack of public libraries in her neighborhood. She organized a group of private bookmobiles to give children in the community greater access to books.

James had a recipe for cookies that everyone loved. He wanted to rent a professional kitchen and start selling the cookies for five dollars each.

Oona is a talented ceramics artist and does beautiful work. She runs an online ceramics company that sells her handmade mugs, plates, vases, and other products. She sells a lot of products, but she is not turning a profit.

Oona can hire more employees to sell her products.

Oona can start selling things other than her ceramic pieces.

Oona can raise the prices she charges for her products.

Oona can take a second job to support her online business.

In the government, many public policy decisions are made by elected officials who

only support policies that have widespread acceptance by everyone in their state or district.

always try to eliminate the economic pressures felt by the people who voted them into office.

are directly impacted by the economic decisions they make when they pass new public policies.

don’t face the same economic pressures as the individuals who are impacted by their decisions.

Review the table.

all groups combined

Mexicans

Puerto Ricans

Cubans

What is the most important thing people must do to understand the opportunity costs for any big economic decision they make?

They must enlist the support of everyone involved in making the decision a reality.

They must investigate both the explicit and implicit costs involved in the decision.

They must make an accurate budget and make sure there is enough money available.

They must look at the time required to make the decision and see it come to pass.

When depositors put money into a bank, what does the bank do with this money?

The bank sends the money to a central bank in Washington, DC.

The bank uses the money to make loans to borrowers and earn interest.

The bank spends the money on new branches to get more depositors and borrowers.

The bank locks the money in a vault and leaves it there until the depositors want it back.

What is the main way the Fed works to increase employment in the United States?

by hiring people to work for the 12 locations of the central bank

by encouraging local banks to have job fairs in their communities

by helping the economy grow so that businesses can create new jobs

by working with businesses to create new jobs in financial markets

Which scenario would result in an increase in productivity?

The total number of hours worked by the US labor force remains at 256 billion hours and the GDP stays at $20 trillion for the second year in a row.

The US economy’s GDP drops from $20 trillion to $19 trillion, but the total number of hours worked by the labor force remains at 256 billion hours.

The total number of hours worked by the US labor force increases from 256 billion hours to 285 billion hours, but the GDP stays at $20 trillion.

The US economy’s GDP grows from $20 trillion to $21 trillion, but the total number of hours worked by the labor force remains at 256 billion hours.

Did you find these answers helpful?

Globalization and International Trade — Unit test Answers

More from this Course

TRY EDGENUITY HACKS