ECON - Unit 5 BOOM Question Preview (ID: 62330)


U5 BOOM. TEACHERS: click here for quick copy question ID numbers.

When a nation produces more total output than another country... it is known as:
a) absolute advantage
b) comparative advantage
c) ###
d) ####

The U.S. has completely banned trade with Iran. This is an example of:
a) an embargo
b) a subsidy
c) a tariff
d) a quota

A requirement that must be met before a good is imported... is called:
a) a standard
b) a subsidy
c) a quota
d) an embargo

If an American dollar equals 92.25 Russian rubles... the American dollar is:
a) stronger than the Russian ruble
b) weaker than the Russian ruble
c) ###
d) ####

If an American dollar is worth 146.12 Japanese yen in Year #1... and the American dollar is worth 141.83 Japanese yen in Year #2... the American dollar has:
a) depreciated
b) appreciated
c) ###
d) ####

An increase in the value of a currency compared to another currency... is called:
a) appreciation
b) depreciation
c) a trade surplus
d) a trade deficit

When the citizens of Japan export more than they import, it results in:
a) a trade surplus
b) a trade deficit
c) ###
d) ####

When Americans have more imports than exports, it leads to:
a) a trade deficit
b) a trade surplus
c) ###
d) ####

When a country produces a product at a lower opportunity cost than another country... it is known as:
a) comparative advantage
b) absolute advantage
c) ###
d) ####

A government payment to an exporting country... is called:
a) a subsidy
b) a standard
c) a tariff
d) a quota

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