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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 high standard of living
B
a trade surplus
C
a trade deficit
D
a low 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 a stable economic system.
C
It has advanced shipping.
D
It lacks abundant natural resources.
4) The economies of South Africa and Nigeria are
A
command economies
B
market economies
C
traditional economies
D
mixed economies
5) Why has Saudi Arabia assumed a lead role in the economic fortunes of Southwest Asia?
A
because of the stability of Saudi family
B
because of Saudi Arabia's massive supertanker fleet
C
because of Saudi Arabia's large share of the world's oil reserves
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
a banker
B
an inventor
C
a manager
D
an entrepreneur
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
a quota
C
specialization
D
a tariff
8) What is called when someone is loaned money for a fee?
A
credit
B
investing
C
saving
D
spending
9) Which term BEST explains the economic system in North Korea today?
A
mized
B
market
C
command
D
traditional
10) The U.S refusal to sell weapons to Sudan is an example of
A
an embargo
B
a tariff
C
a sale
D
a quota
11) Countries that import more than they export have a
A
specializaton
B
trade suprlus
C
outsourcing
D
trade deficit
12) The value of Algeria's exports exceeds its import. This is a
A
importing
B
specialization
C
trade suprlus
D
trade deficit
13) Which of the following is a main goal of the African Union?
A
reduce enironmental laws
B
end aparatheid
C
increase tariffs on farm products
D
eliminate trade barriers
14) Algeria makes nearly all of its export earning from oil and gas. This is an example of
A
specialization
B
currency integration
C
a quota
D
a trade barrier
15) What is one important benefit of the currency exchange rate?
A
It stays the same from day to day.
B
It make international trade possible.
C
It acts as a trade barrier.
D
It eliminates embargoes between countries.
16) Today Nigeria and South Africa BOTH have
A
command economies
B
traditional economies
C
pure market economies
D
mixed economies
17) An entrepreneur is
A
a person in charge of international trade
B
a head of state in control of resources
C
a dictator
D
a person who takes risks by starting a new business
18) The total value of all the goods and services produced by a country each year is known as the country's
A
total export earnings.
B
trade balance
C
gross domestic product
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 increases the gross domestic product for one country while lowering it for another.
C
It enables trade between countries that have different currencies.
D
It puts an end to trade barriers.
20) The economy of Nigeria is heavily dependent on the sale of
A
gold
B
uranium
C
diamonds`
D
oil
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