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GRADE 9 EMS 6 Flashcards | StudBud
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GRADE 9 EMS 6
GRADE 9 EMS 6
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1
If you have a complaint about a product, the first person you should contact is
the place you purchased the product
the Consumer's Union
the Better Business Bureau
President of the company that made the product
2
Of which of the following is Australia a member?
The Group of 8 (G8)
The Group of 20 (G20)
The Association of South-East Asian Nations (ASEAN)
The North American Free Trade Agreement (NAFTA)
3
Which of these, describe recent trends in global protection levels?
Manufacturing has fallen, agricultural eliminated
Higher in manufacturing, agricultural eliminated
Higher in manufacturing, agricultural fallen
Manufacturing has fallen, agricultural still high
4
This type of warranty is imposed by law and is understood to apply even though not stated
Unwritten Warranty
Implied Warranty
Guaranteed Warranty
Express Warranty
5
Limits the amount of products imported
Tariff
trade ceiling
Quota
Embargo
6
A company that does business and has facilities in many countries.
Multinational Corporation
World Business
Global Industry
World Power
7
What do the World Bank and the IMF do, respectively?
Monitor global money supply, maintain financial stability
Maintain financial stability, promote economic growth
Maintain financial stability, monitor global money supply
Promote economic growth, maintain financial stability
8
In which of the following circumstances could the IMF be called in to assist a country?
An infrastructure funding shortage
A foreign investment dispute
A trade dispute
A financial crisis
9
which of the following represents a reduction in protection levels?
An increase in local content under a local content rule
An increase in a quota
An increase in a tariff
An increase in a subsidy
10
Read the following question.
Increase in import quota, decrease in subsidies to Aus firms
Decrease in import quota, increase in subsidies to Aus firms
Increase in import quota, increase in subsidies to Aus firms
Decrease in import quota, decrease in subsidies to Aus firms
11
Tax placed on imports to increase their price domestically.
Quota
Import Tax
Tariff
Embargo
12
A promise by a manufacturer or dealer that a product is of a certain quality is called a
Pledge
Title
Claim
Guarantee
13
The
Consumers Union
publishes articles evaluating products and services in a
magazine
called
Product Testing Info.
Consumer Reports
Product Reports
Consumer Advice
14
What is the consequence of a subsidy?
Higher government revenue
Economic resources move towards protected product
Domestic producers reduce quantity produced
Higher supply and price for the product
15
A sale used to clear merchandise a store no longer wishes to carry
red-tag sale
Black Friday sale
clearance sale
promotional sale
16
What does the WTO do?
Reduce global poverty and inequality
Maintain stability of global financial system
Resolve trade disputes between nations
Coordinate global economic policy
17
When is it advantageous to trade?
When one economy produces at a lower cost
When one economy can produce a surplus
When one economy produces at a lower opportunity cost
When one economy has a lower exchange rate
18
When a government decides to stop an import or export of a product.
embargo
tariff
trade barrier
quota
19
The practice of putting limits on foreign trade.
Protectionism
Restricted Trade
Domestic Favoritism
Exchange Cooling
20
Which of the following would be considered a convenience store?
JC Penny
Wal-Mart
Turkey Hill
Sam's Club
21
Which industries will grow most strongly from a shift to free trade policies?
Sunset industries
Export industries
Import-competing industries
Infant Industries
22
Some nations choose to devalue their own currency on purpose.
true
false
23
Read the following question.
Equilibrium price rises, equilibrium quantity falls
Equilibrium price falls, equilibrium quantity rises
Equilibrium price rises, equilibrium quantity rises
Equilibrium price falls, equilibrium quantity rises
24
Read the following question.
Increased job opportunities around the existing airport
Increased traffic congestion around the second airport
Reduced traffic congestion around the existing airport
Reduced job opportunities around the second airport
25
Which store is considered a
specialty store
?
Both A & B
Kohl's
David's Bridal
Ashley Furniture
26
The difference between the value of imports versus the value of exports
Trade Surplus
Trade Deficit
Trade Differential
Balance of Trade
27
The main purpose of the food and drug administration is to?
Prevent unfair competition amoung businesses
Regulate foods for safety
Sell food products to consumers
Regulate both foods and drugs for safety
28
Which of the following is an example of a monetary union?
APEC
EU
NAFTA
ASEAN
29
Read the following question.
Public institutions more developed in Country A than B
Population growth rate in Country A higher than Country B
Adult literacy rates are higher in Country A than Country B
Level of urbanisation is greater in Country A than Country B
30
Pres. JFK created
Consumer Bill of Rights
to describe what consumers can expect from
all of the above
government run businesses
the state
any business
31
Any time trade crosses national borders we call that a...
International Business
Global Marketplace
Free Trade
World Exchange
32
How is a trading bloc different to a trade agreement?
Trading blocs are regional, agreements are between 2 nations
Trading blocs impose protection on non-members
Trading blocs don't impose protection on non-members
Trading blocs are in regional areas, agreements are global
33
A benefit of free trade is that it forces businesses to be more productive.
false
true
34
A traditional retailer that has a extensive product line and emphasizes service
Department Store
Discount Store
Warehouse Store
Supermarket
35
Goods and services one country SELLS to another country.
Exports
National Sales
Imports
Trade
36
A name given to a product or service to distinguish it from similar products
unique name
brand name
store name
code name
37
The term used when a shopper evaluates price, quality, and services of products
full-service shopping
impulse buying
convenience shoppings
comparison shopping
38
The buying and selling of goods and services within your own country.
domestic trade
business
sales
commerce
39
An
unbranded
product sold at a reduced price
generic brand
national brand
private label brand
store brand
40
Which of these promotes economic growth in advanced economies?
The World Bank
The United Nations
The International Monetary Fund
The Organisation for Economic Cooperation and Development
41
A name for money used in economics.
Moolah
Cash
Scratch
Currencey
42
In the U.S. this department regulates advertising
Consumer Reports Organization
FDA
Better Business Bureau
Federal Trade Commission
43
Product labels tell consumers the
how to care for the product
all of the above
what product is made of
the product content
44
Which indicators are used to calculate the Human Development Index (HDI)?
Population growth, per capita GDP, life expectancy
Life expectancy, educational attainment, per capita GDP
Current account balance, infant mortality rate, education
Population growth, infant mortality rate, malnutrition
45
What is the size of the subsidy in the diagram?
LB
PP1
CP
CP1
46
Which of these is a multilateral trade agreement?
The Asia-Pacific Economic Co-operation
The South East Asian Treaty Organisation
The North American Free Trade Agreement
The Closer Economic Relations Trade Agreement
47
A no-frills outlet that emphasizes the sale of large quantities at reasonable prices
Specialty Store
Factory Outlet
Warehouse Club
Superstore
48
Which of the following is most likely to slow the process of globalisation?
An increase in the world price of oil
Higher labour mobility
A reduction in export subsidies by advanced economies
Lower costs of communication
49
Which of the following could be a negative impact of FDI in an emerging economy?
An increase in the country's HDI from 0.6 to 0.8
Increased spending on transport infrastructure
Increase in the influence of TNCs on government regulation
Increase provision of public goods
50
Read the following question.
Difficulty for foreign producers to access domestic market
Market share of domestic producers would decline
Domestic price of cars would increase
Supply of cars in the domestic market would decrease
51
Read the following question.
An increase in Australia's import quotas
An increase in Australia's recognition of IEQs
A decrease in Australia's regulation of TNCs
A decrease in Australia's level of protection
52
In the last 25 years the amount of world trade has leveled off.
true
false
53
What is the formal term used when a consumer is given false info. so a sale will be made?
Dishonesty
Larceny
Theft
Fraud
54
Which country has the most TNCs within the global economy?
Japan
USA
Germany
France
55
Comparison shoppers compare
Brands
All answers all correct
Services
Price & Quality
56
This
federal agency
has the power to set safety standards and ban or recall hazardous products
Better Business Bureau
Both Consumers Union & BBB are correct
Consumer Product Safety Commission
Consumers Union
57
What does the G20 do?
Coordinate global efforts to sustain economic growth
Assist the UN in reducing poverty in developing economies
Increase world trade by reducing protection
Redistribute income from developed to developing economies
58
The sales and exchange of goods and services between a buyer and a seller.
Imports
Trade
Sales
Exports
59
Read the following question.
Redistribution of income from importers to local producers
Tariff revenue will increase
Tariff revenue will remain unchanged
Redistribution of income from local producers to importers
60
Read the following question.
Consumer spending falls, household savings rate rises
Consumer spending rises, household savings rate rises
Consumer spending falls, household saving rate falls
Consumer spending rises, household savings rate falls
61
Which country is NOT a member of the EU?
Sweeden
Lithuania
Norway
Poland
62
The exchange of goods and services between countries.
Sales
International Commerce
Domestic Trade
World Trade
63
Which of the following is most likely to increase gross world product?
Increased rates by central banks
Increased migration to developing countries
Increased investment by TNCs in developing countries
Increase protection by advanced economies
64
Which of the following is a trading bloc?
World Trade Organisation (WTO)
European Union (EU)
Organisation for Economic Cooperation and Development (OPEC)
General Agreement on Tariffs and Trade (GATT)
65
Goods and services one country BUYS from another country.
Imports
Exports
Trade
National Purchase
66
Which of the following statements best applies to public goods?
Consumers must pay to use these goods
Consumers can access these goods without paying for them
These goods are subject to over-pricing
There are fixed supplies of these goods
67
A(n)__ warranty is a made orally or written; a(n) __ warranty applies even if not stated.
implied; express
express; limited
express; implied
limited; express
68
The following are all parts of the
five
decision making steps for consumers
Know options and choices
Evaluate the store
Determine desired satisfaction
Identify needs and wants
69
"Great Value" is a ___ brand and "Kraft" is a ___ brand
local, national
store, national
promotional, national
cheap, expensive
70
Unit price is calculated by dividing the price by
cost per unit
number of ounces
number of units
number of packs
71
Which of the following is most likely to occur as a country becomes more economically developed
Agricultural production as a share of GDP increases
Reliance on foreign aid increases
Labour productivity increases
Education levels decrease
72
Buying too rapidly without much thought
buying on a urge
buying on a whim
impulse buying
driven buying
73
In the business world, a
monopoly
is
when a firm sells illegal products
a board game
the term for a business with one owner
when a business has no competitors and controls the market
74
The
main
purpose of an advertisement is to
None of the above
Both encourages you to buy and give the necessary info.
Encourage you to buy the product
give you the necessary information needed about the product
75
What is the consequence of calling me Damo?
A lunchtime or after-school detention
Suspension or expulsion
A demerit
You gain my utmost respect
76
Why might a government adopt protectionism?
To promote competition in particular industries
To encourage more efficient management practices
To gain access to new and improved technology
To preserve local jobs in particular industries
77
What is the common reason given for a country to increase tariff protection?
To maintain domestic employment
To reduce the rate of domestic inflation
To increase trade volumes
To lower the level of domestic interest rates
78
Which of the following is most likely to increase a manufacturing firm's productivity?
An increase in personal income tax rates
An increase in investment in capital goods
A decrease in demand by consumers for the firm's product
Decrease in the size of the import quota for similar product
79
Which of the following is a monetary union?
Economies with no trade barriers
Economies with a common budget
Trade unions influencing government policy
Economies with a common currency
80
Read the following question.
A positive externality and a reduction in social benefits
A positive externality and a reduction in social costs
A negative externality and an increase in social costs
A negative externality and an increase in social benefits
81
Read the following question.
The International Monetary Fund
The Organisation for Economic Cooperation and Development
The World Bank
The World Trade Organisation
82
Which of these are a reduction in protection?
Licenses required for iPhone imports
Tighter health regulations on US drugs
Higher quotas for French wine in Australia
Increase tax on imported steel
83
What is dumping?
Foreign firms selling goods in a domestic market
Foreign firms selling more goods than locals in the market
Foreign firms selling foods in a domestic market
Foreign firms selling goods cheaper than in their market
84
A benefit of protectionism is that it allows countries to raise their standard of living.
true
false
85
The following are
all
rights under the
Consumer Bill of Rights
except
The right to be heard
The right to receive your money back
The right to consumer education
The right to be informed
86
This is made of of banks where different currencies are exchanged.
World Bank
Gas 'n' Go
Foreign Exchange market
Global Money Exchange
87
Disagreements on whether there should be limits on trade are a cause of…
embargos
trade agreements
protectionism
trade disputes
