Benchmark III Question Preview (ID: 61502)
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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) get a job so that she can earn Mexican pesos
b) exchange her Brazilian reals for Mexican pesos
c) pay a travel tariff to the government of Mexico
d) pay a travel subsidy to the government of Mexico
A student decides to open his own lemonade stand in order to make money to buy an Xbox. This is an example of:
a) Human Capital
b) Capital Good
c) Natural Resource
d) Entrepreneur
What is the purpose of monetary exchange rates?
a) to compare the value of different types of goods
b) to compare the value of different types of currency
c) to help determine whether to impose a barrier to trade
d) to help determine which resources should be conserved
What is one reason for people to exchange currency?
a) Most people want to use American dollars to trade.
b) Because countries have different currencies that are valued differently.
c) Most people want to use the Brazilian real to trade.
d) They don't because people can use any currency at any business in the world.
How did adopting the euro help European Union member-states?
a) It stopped the fluctuation of currency values.
b) It allowed member-states to economically specialize.
c) It eliminated the costs of currency exchange.
d) It created another barrier to trade with nonmembers.
Why do countries need to have a system for exchanging currency with other nations?
a) to have a uniform value of currency so they can identify what the value of goods are
b) to know which countries' currency has the greatest value so they can buy goods at the lowest cost
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
Which of the following BEST explains why the euro was introduced in 1999?
a) to prevent European nations from being drawn into international conflicts
b) to encourage trade between member nations of the European Union
c) to serve as a check on the growing power of NATO and SEATO
d) to ensure the stability of democracies throughout Europe
How did NAFTA affect the US economy?
a) There were fewer agricultural jobs in the United States.
b) The price of most consumer goods increased.
c) Many manufacturing jobs were outsourced to Mexico.
d) Trade between the United States and Europe declined.
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) tariff
b) quota
c) embargo
d) subsidy
Country A charges a 35% tax on automobiles imported into the country. This is an example of
a) tariff
b) quota
c) embargo
d) specialization
What would happen if the United States placed an embargo on Colombia?
a) the price of coffee and cut flowers from Colombia would go up
b) the price of coffee and cut flowers from Colombia would go down
c) people in Colombia would not be able to sell coffee or cut flowers to other countries
d) people in the United States would not be able to buy coffee or cut flowers from Colombia
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) GDP per capita
b) Gross Domestic Product
c) Literacy Rate
d) Standard of Living
Australia has a very high rate of literacy. What is MOST LIKELY also true of Australia?
a) Australia has a high level of unemployment.
b) Australians have a high standard of living.
c) Australians pay a high income tax rate.
d) Australia has a high inflation rate.
What is true about literacy rate and the standard of living in a country?
a) The higher the literacy rate, the higher the standard of living.
b) The lower 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.
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 nationalize the country's major industries.
b) The government could significantly reduce social welfare spending.
c) The government could invest in the public education system in order to promote a high literacy rate.
d) The government could repeal environmental regulations so that businesses could earn higher profits.
What should a government do to increase literacy rates in its country?
a) encourage companies to invest in capital goods
b) invest in the human capital of its people
c) promote the creation of numerous unskilled jobs
d) reduce economic barriers to foreign trade
Which factor has historically benefited German trade?
a) the country's central location within the continent of Europe
b) the country's access to the English Channel via its eastern coast
c) the country's tropical climate and ability to grow crops year-round
d) the country's location in relation to Mediterranean shipping routes
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 natural resources
c) Investment in human capital
d) Opportunity Costs
What effect will large-scale investment in capital goods have on an economy?
a) It will increase economic specialization.
b) It will increase the unemployment rate.
c) It will increase average education levels.
d) It will increase the gross domestic product.
Why has Russia encouraged economic development in northern regions of the country?
a) Most of Russia's main trading partners are located along the country's northern border.
b) There are large deposits of oil and natural gas in the northern regions of Russia.
c) Northern Russia's climate is excellent for growing wheat and other grains.
d) Areas of northern Russia have become popular tourist destinations.
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