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Benchmark III
Test Description: Review for Benchmark III
Instructions: Answer all questions to get your test result.
1) Why has Russia encouraged economic development in northern regions of the country?
A
Northern Russia's climate is excellent for growing wheat and other grains.
B
There are large deposits of oil and natural gas in the northern regions of Russia.
C
Areas of northern Russia have become popular tourist destinations.
D
Most of Russia's main trading partners are located along the country's northern border.
2) Which factor has historically benefited German trade?
A
the country's location in relation to Mediterranean shipping routes
B
the country's central location within the continent of Europe
C
the country's tropical climate and ability to grow crops year-round
D
the country's access to the English Channel via its eastern coast
3) Mr. Cunningham decides to send each of his new employees to a training to teach them how to become better salesmen. This is an example of:
A
Investment in capital goods
B
Investment in human capital
C
Investment in natural resources
D
Opportunity Costs
4) What effect will large-scale investment in capital goods have on an economy?
A
It will increase the gross domestic product.
B
It will increase the unemployment rate.
C
It will increase average education levels.
D
It will increase economic specialization.
5) What should a government do to increase literacy rates in its country?
A
reduce economic barriers to foreign trade
B
promote the creation of numerous unskilled jobs
C
encourage companies to invest in capital goods
D
invest in the human capital of its people
6) What would be the MOST effective way that the government of Australia could improve the standard of living of its citizens?
A
The government could repeal environmental regulations so that businesses could earn higher profits.
B
The government could invest in the public education system in order to promote a high literacy rate.
C
The government could nationalize the country's major industries.
D
The government could significantly reduce social welfare spending.
7) Australia has a very high rate of literacy. What is MOST LIKELY also true of Australia?
A
Australia has a high inflation rate.
B
Australians pay a high income tax rate.
C
Australians have a high standard of living.
D
Australia has a high level of unemployment.
8) What is true about literacy rate and the standard of living in a country?
A
The lower the literacy rate, the higher the standard of living.
B
The higher the literacy rate, the higher the standard of living.
C
The higher the literacy rate, the lower the standard of living.
D
The lower the literacy rate, the lower the standard of living.
9) This term describes the amount of money a country makes in a year divided by the population, to find how much money a country has made per person.
A
Standard of Living
B
GDP per capita
C
Gross Domestic Product
D
Literacy Rate
10) What would happen if the United States placed an embargo on Colombia?
A
people in Colombia would not be able to sell coffee or cut flowers to other countries
B
the price of coffee and cut flowers from Colombia would go down
C
the price of coffee and cut flowers from Colombia would go up
D
people in the United States would not be able to buy coffee or cut flowers from Colombia
11) When the United States placed a ban on importing and exporting goods to Cuba after the Cuban Missile Crisis, this was an example of which of the following trade barriers?
A
embargo
B
subsidy
C
tariff
D
quota
12) Country A charges a 35% tax on automobiles imported into the country. This is an example of
A
embargo
B
specialization
C
tariff
D
quota
13) How did NAFTA affect the US economy?
A
Many manufacturing jobs were outsourced to Mexico.
B
Trade between the United States and Europe declined.
C
There were fewer agricultural jobs in the United States.
D
The price of most consumer goods increased.
14) Which of the following BEST explains why the euro was introduced in 1999?
A
to ensure the stability of democracies throughout Europe
B
to prevent European nations from being drawn into international conflicts
C
to serve as a check on the growing power of NATO and SEATO
D
to encourage trade between member nations of the European Union
15) Why do countries need to have a system for exchanging currency with other nations?
A
to know which countries' currency has the greatest value so they can buy goods at the lowest cost
B
to have a uniform value of currency so they can identify what the value of goods are
C
to know the value of their money compared to the value of other countries' money so they can trade goods
D
to have an international bank that converts the money of each country so countries can buy and sell goods
16) How did adopting the euro help European Union member-states?
A
It created another barrier to trade with nonmembers.
B
It eliminated the costs of currency exchange.
C
It allowed member-states to economically specialize.
D
It stopped the fluctuation of currency values.
17) What is one reason for people to exchange currency?
A
Most people want to use the Brazilian real to trade.
B
They don't because people can use any currency at any business in the world.
C
Most people want to use American dollars to trade.
D
Because countries have different currencies that are valued differently.
18) What is the purpose of monetary exchange rates?
A
to help determine whether to impose a barrier to trade
B
to compare the value of different types of goods
C
to compare the value of different types of currency
D
to help determine which resources should be conserved
19) A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of:
A
Natural Resource
B
Human Capital
C
Capital Good
D
Entrepreneur
20) Adriana lives in Brazil. She is planning a trip to visit her sister, who recently moved to Mexico. She plans to take a taxi from the airport when she arrives in Mexico. What must she do in order to pay for the taxi?
A
pay a travel tariff to the government of Mexico
B
exchange her Brazilian reals for Mexican pesos
C
pay a travel subsidy to the government of Mexico
D
get a job so that she can earn Mexican pesos
*select an answer for all questions
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