AnswersEconomics 26-27Economic Development

Economic Development — Unit test Answers

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The graph shows households in the world with internet access from 2003 to 2019.

Question illustration
A
A 30 percent increase in internet access has most likely had little effect on globalization.
B
A 40 percent decrease in internet access has most likely had little effect on globalization.
C
A 50 percent increase in internet access has most likely sped up globalization.
D
A 60 percent decrease in internet access has most likely slowed down globalization.
2
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Which statement accurately describes a developing country?

A
The country's population has a high growth rate.
B
The country has a high standard of living.
C
The country's population has a high life expectancy.
D
The country has a high GDP per capita.
3

In a transitional economy, a(n) ________ economy is changing to a mixed-market economy.

A
advanced
B
command
C
free-market
D
developed
4

Which region specializes in diamonds?

A
Central America
B
Middle East
C
Europe
D
Sub-Saharan Africa
5

As of 2013, which of these countries had the highest GDP per capita?

A
Uganda
B
the United States
C
Switzerland
D
Brazil
6

International trade organizations promote free trade by encouraging countries to

A
maintain their tariffs.
B
establish their trade quotas.
C
reduce their trade barriers.
D
develop their products.
7

How might foreign investment be problematic for a transitioning economy?

A
Foreign investment can temporarily slow economic growth.
B
It may be difficult to adjust to another nation’s influence.
C
A foreign government may seize control of the country.
D
The transitioning economy must adopt a foreign currency.
8

Which statement best describes how globalization is affecting the world?

A
Globalization is growing less important as time passes.
B
The world is becoming more globalized and connected.
C
Globalization has resulted in fewer connections among countries.
D
Countries are growing less likely to trade with one another.
9

How can a nation benefit from effectively exporting its goods?

A
Its citizens can buy cheaper goods.
B
Its businesses can invest in the future.
C
Its domestic spending increases.
D
Its citizens have more money.
10

The chart shows a circular flow model describing the movement of goods and services.

Question illustration
A
The foreign sector influences how services move between firms and households.
B
The foreign sector influences how imports and exports move between firms and households.
C
The foreign sector influences how factors of production move between firms and households.
D
The foreign sector influences how goods move between firms and households.
11

One primary purpose of the European Union is to

A
create a common market.
B
eliminate borders between countries.
C
allow highly skilled workers to be employed.
D
limit trade among member countries.
12

Read this excerpt describing the mission of the World Bank.The World Bank is a vital source of financial and technical assistance to developing countries around the world. It is not a bank in the common sense. Instead, it plays a different but supportive role in its mission of global poverty reduction and the improvement of living standards.It provides low-interest loans, interest-free credit, and grants to developing countries for education, health, infrastructure, communications, and many other purposes.

A
The World Bank is a source of financial assistance.
B
The World Bank aims to improve living standards.
C
The World Bank provides low-interest loans and credit.
D
The World Bank serves people of different income levels.
13

What role does competition play in international trade?

A
It results in higher prices.
B
It discourages imports.
C
It drives down prices for consumers.
D
It does away with the need for investment.
14

How have airplanes changed the way the world does business? Choose four answers.by shipping raw materials to manufacture goods in other countriesby shortening travel timeby opening up new trade markets worldwideby connecting business partners the fastestby increasing options for travel destinations

A
by shipping raw materials to manufacture goods in other countries
B
by shortening travel time
C
by opening up new trade markets worldwide
D
by connecting business partners the fastest
E
by increasing options for travel destinations
15

A specific territory or zone that has laws and regulations different from the rest of the country is called a(n)

A
work zone.
B
border zone.
C
tax-free zone.
D
economic zone.
16

In a transitioning economy, what is a downside of rapid economic growth?

A
Rapid economic growth can be difficult to regulate.
B
Rapid economic growth benefits only the wealthy.
C
Rapid economic growth usually leads to a crash.
D
Rapid economic growth may stifle cultural growth.
17

What is the most common reason why countries create trade agreements?

A
to limit imports
B
to create free trade
C
to establish quotas
D
to decrease trade
18

One sign of transition to a mixed-market economy is the establishment of

A
a fair labor market.
B
anti-poverty regulations.
C
state-owned business.
D
a smaller middle class.
19

One social issue often facing developing countries is

A
democratic rule is easily obtainable.
B
reluctance to accept change.
C
a shortage of natural resources.
D
very high population growth.
20

What are the most likely reasons a US corporation would open a factory in China? Choose four answers.to take advantage of affordable land pricesto take advantage of abundant resourcesto take advantage of lower labor coststo take advantage of favorable tax lawsto take advantage of US employment opportunities

A
to take advantage of affordable land prices
B
to take advantage of abundant resources
C
to take advantage of lower labor costs
D
to take advantage of favorable tax laws
E
to take advantage of US employment opportunities

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