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Economics Unit 4 Review Flashcards | StudBud
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Economics Unit 4 Review
Economics Unit 4 Review
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global economy test review
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What part of the business cycle is this?
depression
recession
peak
growth
2
Agency that offers monetary advice and provides loans to developing nations
PPACA
IMF
WTO
NAFTA
3
Minimum income that defines the poverty line
exchange rate
tariff
poverty threshold
minimum wage
4
A complete stoppage of trade with another country
exchange
embargo
excommunication
diplomacy
5
1 USD = .69 GBP. If an item is 10 British pounds is that more or less than $10 US?
less
more
6
The largest trade agreement in the world is . . . ?
IMF
TPP
NAFTA
WTO
7
Which is a benefit of a nation having a higher GDP per capita?
longer life expectancy
more widespread poverty
higher infant mortality rate
lower quality of life
8
Major slowdown of economic activity during which millions are out of work & businesses may fail
recession
depression
retaliation
boom
9
GDP stands for . . .
Gross Domestic Product
Gross Dependent Product
Gross Domestic Purchase
Grand Dependent Product
10
NAFTA stands for . . . .
North American Free Trade Agreement
North American Federal Trade Agreement
Nonsense About Free Trade Association
Never Attend Trade Foolishness Americans
11
Which nation has the highest GDP per capita?
India
United States
Japan
China
12
Which would count toward GDP?
you buy a movie ticket
plumber fixes his own sink
brand new imported car
sale of your shares in Walmart
13
Trade agreement designed to reduce trade barriers between Canada, Mexico and the US
TPP
WTO
NAFTA
IMF
14
Which is NOT a category of GDP?
consumer spending
net export
off shore investments
investments
15
Ability of a country to produce a product at a lower opportunity cost than another country
comparative advantage
communism
absolute advantage
capitalism
16
Price of one nation's currency in terms of another nation's currency
exchange rate
recession
IMF
poverty threshold
17
Part of the business cycle in which the nation's output does not grow for at least 6 months
growth
recession
peak
depression
18
A nation should produce and export just the goods its really good at producing
trade
specialization
comparative advantage
absolute advantage
19
Which is NOT something that would GDP to be unreliable?
inflation
unpaid work
depreciation of goods
government shutdowns
20
Total dollar value of all final goods and services produced in a nation in a single year
exchange rate
GDP
IMF
poverty threshold
21
WTO stands for . . .
World Tariff Organization
World Trade Offertory
Why Trade Openly
World Trade Organization
22
The American government can levy tariffs on . . .
net exports
imports
immigration
exports
23
How does one calculate a nation's net export?
exports - imports
imports - exports
exports + imports
net exports - exports
24
Prolonged decline in the general price level
inflation
decontamination
poverty
deflation
25
A tax placed on an imported product
inflation
deflation
tarriff
exchange rate
