AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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1
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The chart shows a circular flow model describing the movement of goods and services.

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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.
2
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is the process of an economy’s increasing industrialization, standard of living, and economic wealth.

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3

Which technologies have made global communication instant and more effective? Choose three answers.social mediawireless devicessmart phonesautomobilesprinted newspapers

A
social media
B
wireless devices
C
smart phones
D
automobiles
E
printed newspapers
4

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
5

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.
6

"GDP per capita" means that the GDP is calculated per

A
country.
B
day.
C
dollar.
D
person.
7

How has globalization made countries more interdependent? Choose five answers.Countries now rely on one another for vital resources.Countries now rely on each other for new industries.Countries now rely on one another for chances to import and export.Countries now rely on one another to lower their GDP.Countries rely on each other for cheaper products.Countries now rely on one another for an employment base.

A
Countries now rely on one another for vital resources.
B
Countries now rely on each other for new industries.
C
Countries now rely on one another for chances to import and export.
D
Countries now rely on one another to lower their GDP.
E
Countries rely on each other for cheaper products.
F
Countries now rely on one another for an employment base.
8

The graph shows gross domestic product in the US private sector from 2009 to 2017.

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A
The economy suffered a setback in 2009 before rebounding in 2011.
B
The economy suffered a setback in 2009 before rebounding in 2010.
C
The economy suffered a setback in 2009 and had not recovered by 2011.
D
The economy suffered setbacks in the years 2009, 2010, and 2011.
9

Which is the best example of outsourcing?

A
A US shoe company opens a factory in China and hires Chinese workers to make shoes.
B
A US shoe company opens a factory in the US and hires US workers to make shoes.
C
A US shoe company opens a factory in the US and hires Chinese workers to make shoes.
D
A Chinese shoe company opens a factory in China and hires Chinese workers to make shoes.
10

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.
11

Which statement best describes how globalization connects the world?

A
Globalization helps create new forms of transportation, communication, and technology.
B
Globalization helps expand old forms of transportation, communication, and technology.
C
Globalization helps mandate new forms of transportation, communication, and technology.
D
Globalization helps share old forms of transportation, communication, and technology.
12

Global trade provides consumers with

A
more options and lower prices.
B
fewer options and lower prices.
C
more options and higher prices.
D
fewer options and higher prices.
13

Recent improvements in have increased the pace of globalization.

Answer not available
14

What does the International Monetary Fund (IMF) seek to accomplish for developing countries?

A
The IMF establishes industries and technologies in developing countries.
B
The IMF helps a developing country’s citizens establish bank accounts.
C
The IMF gives college aid to qualified individuals in developing countries.
D
The IMF provides economic advice and loans to developing countries.
15

The Czech Republic’s decision in 2003 to join the European Union indicated that the Czech Republic

A
was now equal in wealth to all other European nations.
B
would give all economic control to the European Union.
C
was willing to forge economic ties with other nations.
D
would eventually achieve a mixed-market economy.
16

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

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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.
17

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

A
advanced
B
command
C
free-market
D
developed
18

Why are environmental problems common in developing countries?

A
The citizens of developing countries have not been educated about the dangers of pollution and the need to protect resources.
B
People in developing countries travel long distances by car to get to work and school, leading to air pollution and habitat destruction.
C
Rapid growth of new industries and technology has led to an enormous increase in environmental woes in developing countries.
D
Developing countries often specialize in manufacturing and providing raw materials, which can seriously harm the environment.
19

One factor that indicates a developed economy's standard of living is its

A
growth in outsourcing rates.
B
strong social connections.
C
high levels of education.
D
low GDP per capita.
20

The map shows the world’s gross domestic product.Based on the map, which is the best conclusion that can be drawn about the economies of the US and Western Europe?

Question illustration
A
The US and Western Europe are strong because they have high GDPs.
B
The US and Western Europe are weak because they have low GDPs.
C
The US and Western Europe are strong because they have low GDPs.
D
The US and Western Europe are weak because they have high GDPs.

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