Unit Review example #69813

Which of these statements most accurately describes the use of currencies in different parts of the world? Most countries use the dollar as their currency. Countries in Asia use the euro as their currency. **Different countries use different currencies.** All countries are required to use the same currency.

Globalization is the process of limiting exhange of goods and services. **connecting the world over time.** requiring or relying on something. focusing on certain goods and services.

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because **it is less expensive to make shirts there.** it is worth paying more for foreign labor. workers in Pakistan are more skilled. workers in Pakistan work fewer hours.

Which process helps countries import things they cannot make while allowing them to specialize in exports? absolute advantage isolation competition **international trade**

A reason that countries trade with each other is to help their neighbors. **to get products they cannot produce.** to sell goods they do not need. to share excess resources.

What conclusion can be drawn about trade between the United States and China? The United States has a trade surplus with China. China's economy is declining. **The United States has a trade deficit with China.** China's economy is improving.

If the value of the US dollar declines in relation to other currencies, goods imported into the United States will not be allowed to enter the country. become less expensive. remain the same in price. **become more expensive.**

An exchange rate table makes it easy to compare the different currency denominations used by a single country. cost to produce the currency used by a single country. **value of the currencies for two or more countries.** unemployment rates for two or more countries.

Which best explains how globalization offers an advantage to businesses? Businesses can take advantage of favorable laws to make products cheaply. Businesses can take advantage of favorable taxes to make products cheaply. **Businesses can take advantage of new forms of technology to make products cheaply.** Businesses can take advantage of new forms of democracy to make products cheaply.

Why might a country choose to devalue its currency? to please its trading partners **to encourage exports** to encourage imports to reduce taxes

Which form of transportation has led to more efficient business in a global market? helicopters high-speed trains tractor trailers **cargo ships**

Which describes the difference between a trade surplus and a trade deficit? **A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.** A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports. A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production. A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.