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Economy
Test Description: Economy
Instructions: Answer all questions to get your test result.
1) Outsourcing by the United States has become an important source of income in India. One reason for outsourcing is that compared to the United States, India has
A
higher wages
B
lower wages
C
better technology
D
higher taxes
2) What is an effect of a country having a literacy rate?
A
a low standard of living
B
a trade deficit
C
a trade surplus
D
a high standard of living
3) What is the main reason that Japan imports most of the materials it needs for manufacturing?
A
It seeks a favorable balance of trade.
B
It has advanced shipping.
C
It has a stable economic system.
D
It lacks abundant natural resources.
4) The economies of South Africa and Nigeria are
A
market economies
B
traditional economies
C
mixed economies
D
command economies
5) Why has Saudi Arabia assumed a lead role in the economic fortunes of Southwest Asia?
A
because of Saudi Arabia's massive supertanker fleet
B
because of Saudi Arabia's large share of the world's oil reserves
C
because of the stability of Saudi family
D
because of Saudi Arabia's opposition to Israeli reforms
6) A person who is willing to take risks to start a new business is called
A
an inventor
B
a manager
C
an entrepreneur
D
a banker
7) After North Korea tested nuclear weapons, members of the United Nations agreed to refuse to sell certain products to North Korea. What is this an example of?
A
an embargo
B
specialization
C
a quota
D
a tariff
8) What is called when someone is loaned money for a fee?
A
spending
B
investing
C
saving
D
credit
9) Which term BEST explains the economic system in North Korea today?
A
traditional
B
mized
C
market
D
command
10) The U.S refusal to sell weapons to Sudan is an example of
A
a quota
B
a sale
C
an embargo
D
a tariff
11) Countries that import more than they export have a
A
trade deficit
B
trade suprlus
C
outsourcing
D
specializaton
12) The value of Algeria's exports exceeds its import. This is a
A
trade suprlus
B
importing
C
trade deficit
D
specialization
13) Which of the following is a main goal of the African Union?
A
increase tariffs on farm products
B
reduce enironmental laws
C
end aparatheid
D
eliminate trade barriers
14) Algeria makes nearly all of its export earning from oil and gas. This is an example of
A
a quota
B
specialization
C
a trade barrier
D
currency integration
15) What is one important benefit of the currency exchange rate?
A
It acts as a trade barrier.
B
It make international trade possible.
C
It eliminates embargoes between countries.
D
It stays the same from day to day.
16) Today Nigeria and South Africa BOTH have
A
command economies
B
traditional economies
C
mixed economies
D
pure market economies
17) An entrepreneur is
A
a person in charge of international trade
B
a person who takes risks by starting a new business
C
a head of state in control of resources
D
a dictator
18) The total value of all the goods and services produced by a country each year is known as the country's
A
gross domestic product
B
total export earnings.
C
trade balance
D
national debt
19) What is the purpose of a currency exchange rate?
A
It acts as a barrier between countries that want to trade.
B
It enables trade between countries that have different currencies.
C
It increases the gross domestic product for one country while lowering it for another.
D
It puts an end to trade barriers.
20) The economy of Nigeria is heavily dependent on the sale of
A
oil
B
diamonds`
C
uranium
D
gold
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