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Social Studies 1201 Unit 8 (Trade) Flashcards | StudBud
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Social Studies 1201 Unit 8 (Trade)
Social Studies 1201 Unit 8 (Trade)
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Answers
1
_________________ compares the quantity produced—output, —to the input, or all that was used to manufacture it
produce
productivity
advantage
average
2
Which of the following is defined as “All the profits that an individual/business/country takes in”?
imports
exports
revenue
surplus
3
All the items that sold that are produced in one country and sold to other countries are known as _____________
exports
imports
tariffs
advantages
4
A trade ________________________ occurs when the value of a country's imports exceeds the value of its exports
surplus
deficit
embargo
war
5
Which of the following is a tax on imports that governments impose to protect domestic industries and jobs?
subsidy
sanction
quota
tariff
6
Opportunity cost is best defined as ______________
The cost of a decision expressed in terms of the next best alternative
The financial cost associated with the production of goods and services
How an economy suffers when in a recession
The cost of a decision expressed in monetary terms
7
What is depicted in the source?
Fair trade international
Globalization
Free trade international
Multinationals
8
What concept is pictured in the source?
productivity
export
LEDCs
tariff
9
One possible outcome of ____________________ has been the creation of one interdependent, peaceful planet
productivity
advantage
competition
globalization
10
What is shown in the source?
Challenge of globalization
Productivity
Surpluses
Tourism, a form of trade
11
Fairtrade International is a partnership of workers, producers and businesses, and consumers, making ____________
trade more fair for everyone.
negotiations difficult
trade a contentious issue indeed
politics more polarized
12
Which of the following is a benefit of globalization?
job loss
inflation
rising interest rates
consumer choice
13
Globalization ______________
has always been happening
is a brand new concept
none of the above
has been around for quite a while
14
When our dollar is weak ______
we should tax more
it makes it easy to buy foreign goods
we must raise tariffs
it makes it difficult to buy foreign goods
15
____________are factories were wages and working conditions are poor and workers have no power to change things
Mills
Outlets
Sweatshops
Malls
16
The difference in value between a country's imports and exports is known as the ____________________
trade deficit
trade surplus
balance of power
balance of trade
17
Trading one item for another instead of using cash is known as __________
production
bartering
advantage
equilibrium
18
What goes in the blank in the source?
productivity
output
production
input
19
Multinational corporations, companies that do business in many nations at the same time; ____________________
have been outlawed by the United Nations
have grown larger and more influential than many countries
only operate in Asia and Africa
have grown so large that they are more influential than any governments
20
Both imports and exports contribute to our ______. Our lives would be very different if we were not a trading nation.
taxation
feelings of nationalism
debt
standard of living
21
_________ is when a nation or individual concentrates its productive efforts on producing a limited variety of goods.
Sanctions
Specialization
Advantage
Productivity
22
What concept is pictured in the source below?
unionization
division of labour
sweatshop
opportunity cost
23
Which of the following is one of the challenges of globalization?
social injustice
more understanding of cultural differences
peaceful relations among nations
improved global communication
24
What is missing form the blank in the source?
productivity
output
production
input
25
Productivity is associated with which of the following terms?
opportunity
trade
efficiency
capital
26
Canada has negotiated and continues to negotiate many agreements to remove _______. These agreements promote freer trade
populations
taxes
trade barriers
stigma
27
Countries have negotiated trade agreements with other countries in order to ________________
open diplomatic channels
stabilize economies
open up more markets for their products.
end military aggression
28
Countries who are desperate for trade will sacrifice their __________________ in order to promote economic growth.
politics
ideology
environment
none of the above
29
Which is our #1 export?
vehicles
lumber
computer software
oil and minerals
30
What economic concept is shown in the source?
production
economic advantage
opportunity cost
free trade
31
Canada is ____________
an MEDC
an LEDC
a transnational
an MNC
32
What is pictured in the source?
tariffs
elements of fair trade
challenges of globalization
free trade agreements
33
The value of a country’s ____________________ is affected when imports and exports are imbalanced
currency
taxes
subsidies
balance of power
34
When we export products, we _________________
decrease jobs at home.
force the value of the Canadian dollar down
create uncertainty in the marketplace
increase jobs at home.
35
Which is the most appropriate caption for the source?
Challenges of increasing global trade
Perils of Globalization
Benefits of increasing global trade
Imports versus Exports
36
Trade ____________________ is when the revenue from exports is greater than the revenue from imports.
war
embargo
deficit
surplus
37
_____________ figures measure the total quantity of something that has been produced
Productivity
Equilibrium
Commerce
Production
38
Who is pictured in the source?
Clifford the big red dog
John Green
Mr. Jacob
Mr. Clifford
