Econ- Unit 10

What is the purpose of quotas? to ban all imports from a country to restrict the availability of a good from a certain country to limit how much of a good can be imported to keep prices on domestic goods low

Which best describes how standards help domestic producers? Standards require goods to meet basic requirements. Standards provide financial support for producers. Standards restrict the import of cheap goods. Standards offer incentives to ensure high quality.

Which type of trade barrier is explicitly used for political purposes? standards embargoes quotas tariffs

Customs duty on cars produced overseas is a type of positive incentive and subsidy. negative incentive and subsidy. positive incentive and tariff. negative incentive and tariff.

How are subsidies similar to tariffs? Both are types of taxes. Both aim to lower the price of domestic goods. Both try to raise the price of imported goods. Both aim to disadvantage imports.

Which group directly benefits from subsidies? exporters sellers producers importers

Tariffs and subsidies are both types of import restrictions. benefits. economic penalties. incentives.

What is the government's aim in setting quotas? to create more competition in the market to increase sales of domestic goods to keep tariffs high to limit export of domestic goods

What term describes a ban or restriction on trade with another country?

On which country has the United States imposed an embargo since 1960? Cuba Iran North Korea Syria

Trade agreements are helpful because they allow countries to trade for necessary goods. increase trade tax revenue. influence foreign trade. help create new trade barriers

The Free Trade Agreement Tariff Tool allows US businesses to request that tariffs be limited. access tariff rates when planning to export. know which countries are entering trade associations. access new trade agreements as they are developed.

Which best describes ASEAN? an international organization promoting free trade a regional organization promoting growth in Southeast Asia an international organization trying to establish a common currency a regional organization establishing free trade between Canada and Mexico

Trade agreements can cause jobs to go to countries that provide those jobs efficiently. expensively. freely. gradually.

International trade organizations promote free trade by encouraging countries to maintain tariffs. establish trade quotas. remedy trade surpluses. develop products.

Countries establish internal economic zones in order to limit foreign investment. make solving disputes easier. have fewer economic restrictions. create manageable amounts of imports.

Which group primarily helps settle trade disputes? European Union World Trade Organization Association of Southeast Asian Nations North American Free Trade Agreements

Which group works to help members establish internal political stability? European Union World Trade Organization Association of Southeast Asian Nations North American Free Trade Agreements

What is one stated purpose of the World Trade Organization? to create a common currency to encourage the expansion of exports to monitor trade policies of many countries to establish direct trade agreements between countries

How do trade agreements of international organizations affect trade? by encouraging the development of trade policies by eliminating tariffs and taxes on imports and exports by encouraging countries to balance imports and exports by helping smaller countries compete in the world market

One social issue often facing developing countries is democratic rule is easily obtainable. reluctance to accept change. a shortage of natural resources. very high population growth.

Which statement accurately describes a developing country? The country's population has a high growth rate. The country has a high standard of living. The country's population has a high life expectancy. The country has a high GDP per capita.

What does the International Monetary Fund (IMF) seek to accomplish for developing countries? The IMF establishes industries and technologies in developing countries. The IMF helps a developing country's citizens establish bank accounts. The IMF gives college aid to qualified individuals in developing countries. The IMF provides economic advice and loans to developing countries.

The Czech Republic's decision in 2003 to join the European Union indicated that the Czech Republic was now equal in wealth to all other European nations. would give all economic control to the European Union. was willing to forge economic ties with other nations. would eventually achieve a mixed-market economy

In a transitioning economy, what is a downside of rapid economic growth? Rapid economic growth can be difficult to regulate. Rapid economic growth benefits only the wealthy. Rapid economic growth usually leads to a crash. Rapid economic growth may stifle cultural growth.

How might foreign investment be problematic for a transitioning economy? Foreign investment can temporarily slow economic growth. It may be difficult to adjust to another nation's influence. A foreign government may seize control of the country. The transitioning economy must adopt a foreign currency.

"GDP per capita" means that the GDP is calculated per country. day. dollar. person.

What steps must countries take to transition to a mixed-market economy? Check all that apply. They must establish state-owned businesses. They must decrease private ownership. They must establish a fair labor market. They must discourage foreign investment. They must open up trade to other countries.

A country with a _______ economy generally has a high standard of living

Which best describes the effect negative incentives have on a certain course of action? They make the action impossible. They make the action less profitable. They make the action difficult. They make the action less likely.

Why does an increase in literacy rates often accompany an increase in per capita income? People who have higher-paying jobs often have the time available to develop literacy skills. Developing countries have higher-than-average literacy rates, which typically leads to higher income. People who can read and who receive an education are eligible for higher-paying jobs. Developed countries often attempt to raise low literacy rates to improve income.

Why do developing countries usually have less variety in their economic activities? Limited access to education means that people are not trained to work in industry or technology. Focusing on one or two economic activities leads to more rapid economic development. Developing countries are usually small and have limited populations and resources. People prefer the lifestyle that accompanies traditional activities such as farming.

What type of economic growth do most developed economies experience? rapid growth unpredictable growth moderate growth slow growth

In developed economies, less-educated workers have more jobs to choose from. are often more highly skilled than other workers. may be outsourced to other nations. can have difficulty finding work.

What should be included in an outline for an informative essay? Check all that apply. a thesis statement a final opinion several subtopics parenthetical citations secondary sources

The _____________ is designed to help increase US productivity, GDP, and employment

A tariff is a type of tax. punishment. subsidy. grant.

How did NAFTA affect the economies of participating countries? by creating unrestricted trade benefits by raising employment rates and standards of living by creating a balance of exports and imports by increasing the overall volume of production

An economic incentive is best described as something that benefits producers or consumers when taking action. pushes producers or consumers to act on the government's behalf. motivates producers or consumers to take action. forces producers or consumers to act in a certain way

What are standards designed to do? Check all that apply. protect consumers support domestic industries limit imports ensure safety offer domestic industries an advantage

Which statement explains the main reason to create an outline for an informative essay? An outline can help a writer find evidence for a claim. An outline can help a writer avoid the need to make revisions. An outline can help a writer arrange the references to be cited. An outline can help a writer select an approach to a topic.

What should be included in an informative essay? Check all that apply. properly cited sources emotional language parenthetical citations smooth transitions supporting details

When revising an informative essay, it is most important to make sure the language is ___________ for the audience

What is the purpose of the US International Trade Association? to help countries establish free trade to help businesses create viable exports to limit levels of investment in trade opportunities to limit trade opportunities for competing companies