AnswersPersonal Finance and EconomicsInternational Economics

Practice Test Answers

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1
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Which statement explains the main reason to create an outline for an informative essay?

A
An outline can help a writer select an approach to a topic.
B
An outline can help a writer find evidence for a claim.
C
An outline can help a writer arrange the references to be cited.
D
An outline can help a writer avoid the need to make revisions.
2
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Globalization is the process of

A
limiting exhange of goods and services.
B
requiring or relying on something.
C
focusing on certain goods and services.
D
connecting the world over time.
3

What should be included in an outline for an informative essay? Choose two correct answers.

A
parenthetical citations
B
a thesis statement
C
several subtopics
D
a final opinion
E
secondary sources
4

An economic incentive is best described as something that

A
forces producers or consumers to act in a certain way.
B
benefits producers or consumers when taking action.
C
pushes producers or consumers to act on the government's behalf.
D
motivates producers or consumers to take action.
5

A reason that countries trade with each other is

A
to help their neighbors.
B
to sell goods they do not need.
C
to share excess resources.
D
to get products they cannot produce.
6

What is a benefit associated with free trade?

A
limited market access for domestic industries
B
increased government revenue from tariffs
C
higher inflation due to import competition
D
enhanced innovation and technology
7

Which form of transportation has led to more efficient business in a global market?

A
tractor trailers
B
helicopters
C
cargo ships
D
high-speed trains
8

Which of these statements most accurately describes the use of currencies in different parts of the world?

A
Different countries use different currencies.
B
Countries in Asia use the euro as their currency.
C
Most countries use the dollar as their currency.
D
All countries are required to use the same currency.
9

Which best describes the effect negative incentives have on a certain course of action?

A
They make the action less likely.
B
They make the action impossible.
C
They make the action less profitable.
D
They make the action difficult.
10

An exchange rate table makes it easy to compare the

A
value of the currencies for two or more countries.
B
cost to produce the currency used by a single country.
C
unemployment rates for two or more countries.
D
different currency denominations used by a single country.
11

How did NAFTA affect the economies of participating countries?

A
by increasing the overall volume of production
B
by creating unrestricted trade benefits
C
by creating a balance of exports and imports
D
by raising employment rates and standards of living
12

Based on the graph, what conclusion can be drawn about trade between the United States and China?

A
The United States has a trade deficit with China.
B
China’s economy is improving, which has helped trade.
C
The United States has a trade surplus with China.
D
China’s economy is declining, which has harmed trade.

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