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Unit 7 Economics Flashcards | StudBud
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Unit 7 Economics
Unit 7 Economics
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Questions
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Answers
1
What trade barrier is concerned with safety in relation to the import of goods?
Quota
Limit
Subsidy
Standard
2
NAFTA is an agreement to eliminate all tariffs and trade barriers between which countries?
Mexico, United States, China
Canada, United States, Mexico
Canada, United States, United Kingdom
Canada, United States, China
3
Concentration of the productive efforts of individuals/firms on a limited # of activities is...
Supply side economics
Macroeconomics
Monopoly
Specialization
4
The use of trade barriers to protect a nation's industries from foreign competition describes..
Protectionism
Embargo
Free Trade
Free trade zone
5
As the dollar becomes stronger, the effect on U.S exports is...
American exports rise
None of the above
American exports stay the same
American exports decline
6
An exchange rate system that allows it to be determined by supply and demand is known as
Fixed Exchange rate
Set Exchange rate
Reflexive Exchange rate
Flexible Exchange rate
7
The value of a foreign nation's currency in terms of the home nation's currency is...
Currency change
Trading price
Conversion rate
Exchange rate
8
Appreciation is the ______________ in the value of a currency.
Stagnation
Exponential growth
Decrease
Increase
9
Goods shipped abroad for sale are
Imports
Tariffs
Exports
Subsidies
10
Two USD would convert to roughly...(according to this chart)
3 GBP
4 CAD
3 Euros
3 Francs
11
When a country has comparative advantage, it can produce a good at a ___________________?
Lower opportunity cost
Lower cost
Lower cost of labor
Higher price
12
The United States has had a(n)_______________ balance of trade since the mid-1970s.
Negative
Positive
None of the above
Equal
13
World Trade Organization was founded in ____ to negotiate trade agreements & resolve disputes.
1934
1980
2001
1995
14
The currency of the European Union (EU) is the_______________.
GBP
Franc
Euro
Dollar
15
A government payment that supports a business or market is...
Quota
Standard
Subsidy
Tariff
16
An example of physical capital would be...
Welding machine
Oil and gas reserves
Freshwater lake
Middle aged worker
17
NAFTA (North American Free Trade Agreement) took effect in what year?
1994
2003
1948
1908
18
A nation has a(n)________ when it can produce more of a given product using the same resources
Comparison advantage
Comparative advantage
Overall advantage
Absolute advantage
19
The equation for PPP is...
S= P1 / P2
S=P1 + P2
S= P1 - P2
S=P1 x P2
20
ASEAN stands for
Association of Southeast Asian Nations
Alliance of Southeast Asian Nations
Alliance of Secure Exporting European Nations
Association of South European Nations
21
The result of a nation exporting more than it imports is a...
Trade surplus
Trade profit
Trade debt
Trade Deficit
22
Which of these is NOT a trade barrier?
Tariff
Subsidy
Treaty
Quota
23
The relationship between a nation's imports and exports is....
balance of surpluses
balance of trade
balance of payments
balance of deficits
24
A trade war is...
A conflict between protectionist countries
WTO mandated embargo on trade
A cycle of increasing trade restrictions
Intervention when one country won't trade with another
25
PPP stands for...
Purchasing Power Parity
Principle Price Parity
Premium Price Peak
Productive Profit Price
26
The United States placed what kind of trade barrier on Cuba in 1962?
Subsidy
Tariff
Embargo
Limit
27
A tariff can be described as a...
Limit
Safety Measure
Tax
Restriction
28
In 1948, the GATT, or ______________, was established to reduce tariffs and expand world trade.
General Agreement on Tariff and Trade
Goods Agreement of Trade and Tariff
Gross Assets Trade Treaty
Goods Agreement of Trade and Taxes
29
All of these are arguments for protectionism EXCEPT...
Safeguarding national security
Improving the economy through trade
Protecting infant industries
Projecting domestic jobs
30
The protectionist argument of protecting US jobs led to the passage of this tariff in 1930...
Robertson
Morill
Smoot-Hawley
Walter-Cronkite
