AnswersContemporary IssuesThe Modern Global Economy

The Modern Global Economy Answers

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1
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How does international trade affect consumers?

A
They are denied entry-level jobs.
B
They have more purchasing options.
C
They have access to low-quality goods.
D
They are able to avoid paying sales taxes on imports.
2
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Which situation is a negative effect of international trade?

A
competition for best prices
B
job loss due to outsourcing
C
decreased goods and services
D
specialization within countries
3

Which situations are aspects of free trade? Select three options.

A
There are no government barriers to trade.
B
The value of goods and services decreases.
C
Few taxes are placed on goods and services.
D
All countries participate in free trade agreements.
E
Goods and services move freely between countries.
4

When calculating purchasing power parity, what is being compared?

A
money needed to buy an item in different currencies
B
the number of imports and exports within one country
C
prices on the market for all goods and services available
D
total goods and services produced between two nations
5

Which situation is an example of a trade surplus?

A
Canada exports more than it imports.
B
Germany sends manufacturing jobs overseas.
C
France trades with other countries without many taxes.
D
China creates trillions of dollars’ worth of goods in one year.
6

Which statement best explains why jobs may be outsourced?

A
Labor is often found in other countries at cheaper costs.
B
Relocating manufacturing plants results in higher-quality goods.
C
Production time is often quicker when jobs are created internationally.
D
It reduces barriers to trade and goods move more freely between countries.
7

What is a country measuring when it looks at the total value of goods and services produced within its economy within a given year?

A
trade deficits
B
trade surpluses
C
gross domestic product
D
purchasing power parity
8

Which statement explains an economic outcome of international trade?

A
Competition is erased within the global marketplace.
B
Imports and exports move around the world at a slower rate.
C
Countries become dependent on one another for certain goods.
D
Jobs are lost throughout developing nations and third-world countries.
9

Which economic terms can be used to measure changes in the global economy? Select four options.

A
outsourcing
B
trade deficits
C
trade surpluses
D
gross domestic product
E
purchasing power parity
10

What was the greatest impact of social media on the revolution that followed the Iranian presidential election of 2009?

A
It was used by the public to organize political protests.
B
It was used as a platform to discuss new political campaigns.
C
It was used by the authorities to identify protesters in the uprising.
D
It was used to create a strong political bias against the elected officials.

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