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Unit 6 Review
Test Description: World Economies
Instructions: Answer all questions to get your test result.
1) The amount of income a household or individual has to invest, save, or spend after taxes and necessities are paid.
A
Discretionary Income
B
Income Stock
2) The difference in total value between payments into a country and out of a country over a period of time.
A
budget deficit
B
balance of payments
3) The emigration of highly trained or highly educated people from a country is often referred to as:
A
brain drain
B
inequality
4) An investment made by a company based in one country into another country.
A
Monetary policy
B
Foreign direct investment
5) The ratio of the number of deaths in the first year of life to the number of live births in a population over a period of time is known as the:
A
Literacy rate
B
Infant mortality rate
6) Improvements in health care in less developed countries (LDCs) can produce
A
Death rates to rise
B
Life expectancy to rise.
7) The WTO provides a forum to resolve trade disputes.
A
False
B
True
8) When a multinational corporation (MNC) establishes a facility in a less developed country (LDC) to produce goods
A
Workers in LDC receive new training.
B
All Investment gets channeled back to the LDC.
9) The following statement best reflects the concept known as protectionism:
A
Government actions that protect consumers.
B
Government actions that regulate the stock markets.
10) A government-imposed trade policy that limits the number of goods and services that can be imported or exported is known as a:
A
quota
B
ban
11) The IMF is part of the following international organization:
A
The United Nations.
B
The World Trade Organization.
12) The goods and services made by firms are purchased by households in:
A
Product market
B
Factor market
13) The economic and political system based on public or collective ownership of the means of production is known as:
A
Capitalism
B
Socialism
14) The main players in a free market system are:
A
Households and Firms
B
workers and the government
15) The economic and political system in which a country's trade and industry are controlled by private owners is known as:
A
Socialism
B
CApitalism
16) The economic and social system theorized by Karl Marx in which the means of production are owned in common is known as:
A
Socialism
B
Communism
17) Savings held by households and firms to be prepared for unexpected catastrophes.
A
tax revenues
B
currency reserves
18) was the location of a major nuclear power plant accident in 1986 in Soviet-controlled Ukraine.
A
Chernobyl
B
Kiev
19) The following statement best reflects changes in Soviet currency reserves in the 1980s:
A
Devaluation of the ruble led to a decline in currency reserves.
B
An increase in Soviet exports led to a sharp increase in currency reserves.
20) Efforts to improve the well-being of a community by promoting economic growth are known as
A
industrialization
B
development
*select an answer for all questions
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