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Duplicate of Economics Unit 5 - Globalization Flashcards | StudBud
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Duplicate of Economics Unit 5 - Globalization
Duplicate of Economics Unit 5 - Globalization
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1
A tariff is
a tax on exported goods.
a tax on imported goods.
a tax on imports and exports.
an excise tax.
2
Globalization leads to
increased interest rates.
increased tension between foreign countries.
closer connections between countries through trade.
spread of socialism in the world.
3
Matt has a comparative advantage in
both meals and web pages.
web pages.
neither meals nor web pages.
meals.
4
Tariffs and quotas
raise money for the government.
reduce the prices consumers pay.
make domestic producers worse off.
increase the price consumers pay.
5
A positive balance of trade exists when
countries population and real GDP grow at similar rates.
a country's exports exceed its imports.
a country's exports equals its imports.
a country's imports exceed its exports.
6
The infant-industry agrument
says companies making baby products should be protected.
says new companies need to be protected until they can compete.
is used by new companies for only a short period of time.
says that companies making kids clothes should be protected.
7
When a tariff is applied to a good, the price of the good
exceeds the cost in the domestic country.
is unaffected.
decreases.
increases.
8
Restrictions to trade are usually imposed to protect
domestic producers.
foreign producers.
domestic consumers.
foreign consumers.
9
A society benefits from trade because
jobs are offshored.
people can specialize.
products are cheaper.
a wider variety of goods become available.
10
What is it called when people are affected by events elsewhere in the world?
globalization
trade
economic development
comparative advantage
11
Critics of globalization argue that
trade will increase too rapidly.
technology will lag.
large corporations will take over.
tariff rates will increase.
12
Obstacles to economic development include
low savings rate.
high tax rates.
cultural differences.
rapid population growth.
13
The opportunity cost of one meal for Debbie is
20 web pages.
1 web page.
1 meal.
1/20 web page.
14
Which of the following is NOT a result of globalization?
The world is becoming "smaller."
Countries that never communicated before are trading.
Countries tend to associate with their "own kind."
People are affected by events elsewhere in the world.
15
The opportunity cost of one meal for Matt is
1/2 web pages.
4 web pages.
4 meals.
2 web pages.
16
If exchange rates change from 10 Mexican pasos per U.S. dollar to 15 pesos per dollar
nothing has happened.
the dollar has depreciated.
the dollar lost its purchasing power.
the dollar has appreciated.
17
Factors that aid economic growth and development include
strong price and wage controls.
strong private property rights.
incentives to invest.
investment in a country's infrastructure.
18
Imports are
goods produced here and sold elsewhere.
goods produced and sold elsewhere.
goods produced and sold here.
goods produced elsewhere and sold here.
19
With globalization, the world is moving toward
50 dominant economies.
10 major economies.
1 large economy.
3 powerful economies.
20
If a dollar depreciates, it means that
foreign goods become more expensive.
foreign goods become less expensive.
domestic goods will become less expensive.
domestic goods will sell for more in foreign markets.
21
Globalization has
decreased people's ability to communicate.
expanded everyone's ability to potentially sell more.
raised prices for consumers.
reduced the variety of products available in the world.
22
Absolute advantage compares
the balance of trade between nations.
one nation's trade deficit to another's.
one nation's productivity to another's.
one nation's opportunity cost to another's.
23
Factors that aid economic growth and development include
free trade.
protecting private property.
political instability.
low savings rates.
24
If the exchange rate is 25 Russian rubles per U.S. dollar, we know that there are
25 rubles per euro.
25 rubles per dollar.
25 dollars per ruble.
4 cents per ruble.
25
Outsourcing is the term used to describe
work done for a company by employees in another country.
work done by unionized labor.
work done by nonunion labor.
work done for a company by employees of another company.
26
There is a strong correlation between globalization and
international debt.
income equality.
life expectancy.
American job growth.
27
Economists believe that
production of weapons is not important to nat'l security
protecting industries critical to nat'l defense is important
ALL industries want protections
industries not necessary to nat'l defense want protection
28
Exports are
goods produced and sold elsewhere.
goods produced elsewhere and sold here.
goods produced and sold here.
goods produced here and sold elsewhere.
29
Offshoring refers to
work done for a company by people other than its employees.
work done by dock workers.
work done for a company by people in another country.
work done by foreigners in their own country.
30
Trade can
make the importing country better off.
make the exporting country better off.
eliminate a country's comparative advantage.
make both countries better off.
31
Debbie has a comparative advantage in
web pages.
both meals and web pages.
neither meals nor web pages.
meals.
