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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
better technology
C
higher taxes
D
lower wages
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 has advanced shipping.
B
It lacks abundant natural resources.
C
It has a stable economic system.
D
It seeks a favorable balance of trade.
4) The economies of South Africa and Nigeria are
A
market economies
B
command 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 Saudi Arabia's opposition to Israeli reforms
B
because of Saudi Arabia's massive supertanker fleet
C
because of the stability of Saudi family
D
because of Saudi Arabia's large share of the world's oil reserves
6) A person who is willing to take risks to start a new business is called
A
an entrepreneur
B
a banker
C
a manager
D
an inventor
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
specialization
B
a tariff
C
an embargo
D
a quota
8) What is called when someone is loaned money for a fee?
A
saving
B
credit
C
spending
D
investing
9) Which term BEST explains the economic system in North Korea today?
A
command
B
market
C
traditional
D
mized
10) The U.S refusal to sell weapons to Sudan is an example of
A
an embargo
B
a quota
C
a sale
D
a tariff
11) Countries that import more than they export have a
A
outsourcing
B
trade deficit
C
specializaton
D
trade suprlus
12) The value of Algeria's exports exceeds its import. This is a
A
trade suprlus
B
trade deficit
C
specialization
D
importing
13) Which of the following is a main goal of the African Union?
A
reduce enironmental laws
B
increase tariffs on farm products
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 trade barrier
B
a quota
C
currency integration
D
specialization
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
mixed economies
C
pure market economies
D
traditional economies
17) An entrepreneur is
A
a person who takes risks by starting a new business
B
a dictator
C
a person in charge of international trade
D
a head of state in control of resources
18) The total value of all the goods and services produced by a country each year is known as the country's
A
trade balance
B
gross domestic product
C
total export earnings.
D
national debt
19) What is the purpose of a currency exchange rate?
A
It increases the gross domestic product for one country while lowering it for another.
B
It acts as a barrier between countries that want to trade.
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
oil
B
diamonds`
C
gold
D
uranium
*select an answer for all questions
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