Economy: Question Preview (ID: 30984)

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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.

The total value of all the goods and services produced by a country each year is known as the country's
a) gross domestic product
b) national debt
c) trade balance
d) total export earnings.

What is one important benefit of the currency exchange rate?
a) It make international trade possible.
b) It acts as a trade barrier.
c) It eliminates embargoes between countries.
d) It stays the same from day to day.

Today Nigeria and South Africa BOTH have
a) pure market economies
b) command economies
c) mixed economies
d) traditional economies

An entrepreneur is
a) a head of state in control of resources
b) a dictator
c) a person in charge of international trade
d) a person who takes risks by starting a new business

Algeria makes nearly all of its export earning from oil and gas. This is an example of
a) specialization
b) a trade barrier
c) currency integration
d) a quota

The value of Algeria's exports exceeds its import. This is a
a) trade deficit
b) trade suprlus
c) specialization
d) importing

Which of the following is a main goal of the African Union?
a) end aparatheid
b) reduce enironmental laws
c) eliminate trade barriers
d) increase tariffs on farm products

The U.S refusal to sell weapons to Sudan is an example of
a) a quota
b) a tariff
c) a sale
d) an embargo

What is called when someone is loaned money for a fee?
a) saving
b) spending
c) credit
d) investing

Which term BEST explains the economic system in North Korea today?
a) mized
b) market
c) command
d) traditional

Countries that import more than they export have a
a) trade deficit
b) trade suprlus
c) outsourcing
d) specializaton

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) a tariff
b) a quota
c) an embargo
d) specialization

A person who is willing to take risks to start a new business is called
a) a manager
b) an entrepreneur
c) a banker
d) an inventor

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 large share of the world's oil reserves
c) because of Saudi Arabia's opposition to Israeli reforms
d) because of Saudi Arabia's massive supertanker fleet

The economies of South Africa and Nigeria are
a) mixed economies
b) traditional economies
c) command economies
d) market economies

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 seeks a favorable balance of trade.
d) It has a stable economic system.

What is an effect of a country having a literacy rate?
a) a high standard of living
b) a low standard of living
c) a trade deficit
d) a trade surplus

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) better technology
b) lower wages
c) higher wages
d) higher taxes

The economy of Nigeria is heavily dependent on the sale of
a) gold
b) diamonds`
c) uranium
d) oil

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