Answers EAP-Economics and Personal Finance BUnit Test

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Which form of transportation has led to more efficient business in a global market?

helicopters

high-speed trains

tractor trailers

cargo ships

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The graph shows US trade with China from 1990 to 2018.

The United States has a trade surplus with China.

China’s economy is declining, which has harmed trade.

The United States has a trade deficit with China.

China’s economy is improving, which has helped trade.

Which describes the difference between a trade surplus and a trade deficit?

A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.

A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.

A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.

A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.

Which statements best explain how globalization offers an advantage to businesses? Choose four answers.Businesses can take advantage of favorable laws to make products cheaply.Businesses can take advantage of favorable taxes to make products cheaply.Businesses can take advantage of new forms of technology to make products cheaply.Businesses can take advantage of new forms of democracy to make products cheaply.Businesses can take advantage of faster technology to make products faster.

Businesses can take advantage of favorable laws to make products cheaply.

Businesses can take advantage of favorable taxes to make products cheaply.

Businesses can take advantage of new forms of technology to make products cheaply.

Businesses can take advantage of new forms of democracy to make products cheaply.

Businesses can take advantage of faster technology to make products faster.

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

Limited access to education means that people are not trained to work in industry or technology.

Focusing on one or two economic activities leads to more rapid economic development.

Developing countries are usually small and have limited populations and resources.

People prefer the lifestyle that accompanies traditional activities such as farming.

Why does an increase in literacy rates often accompany an increase in per capita income?

People who have higher-paying jobs often have the time available to develop literacy skills.

Developing countries have higher-than-average literacy rates, which typically leads to higher income.

People who can read and who receive an education are eligible for higher-paying jobs.

Developed countries often attempt to raise low literacy rates to improve income.

What type of economic growth do most developed economies experience?

rapid growth

unpredictable growth

moderate growth

slow growth

In developed economies, less-educated workers

have more jobs to choose from.

are often more highly skilled than other workers.

may be outsourced to other nations.

can have difficulty finding work.

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