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ECON - Unit 5A
Test Description: SSEIN1
Instructions: Answer all questions to get your test result.
1) International trade...
A
is helpful to economic systems
B
has no effects on economic systems
C
####
D
is harmful to economic systems
2) When a country can more efficiently carry out an economic activity than others... it is called:
A
a comparative advantage
B
####
C
###
D
an absolute advantage
3) When a nation produces goods at a lower opportunity cost than others... it is called:
A
###
B
a comparative advantage
C
####
D
an absolute advantage
4) A tax on imported goods is called:
A
an embargo
B
a subsidy
C
a quota
D
a tariff
5) A limit on imported goods is called:
A
a quota
B
a tariff
C
a standard
D
an embargo
6) Banning trade with another country is known as:
A
a tariff
B
a subsidy
C
a standard
D
an embargo
7) A requirement that must be met for a good to be imported... is called:
A
a quota
B
a tariff
C
a standard
D
a subsidy
8) A government payment to an exporting nation is called:
A
a standard
B
a subsidy
C
an embargo
D
a quota
9) Enhancing the flow of ideas AND increasing the variety of goods available... are:
A
benefits of trade
B
####
C
###
D
arguments against trade
10) Savannah and Brunswick are examples of:
A
Georgia cities with huge embargoes imposed on them
B
ports in Georgia
C
organizations within the World Trade Organization
D
international companies based in Augusta
11) The state of Georgia has had:
A
###
B
little impact on international trade
C
####
D
a significant impact on international trade
*select an answer for all questions
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