AnswersAA - F26 Personal Finance and EconomicsUnit Test

Unit Test — Unit test Answers

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1
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difficultvagueappropriateeasy

A
difficult
B
vague
C
appropriate
D
easy
2
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best

b
benefits producers or consumers when taking action.
p
pushes producers or consumers to act on the government's behalf.
m
motivates producers or consumers to take action.
f
forces producers or consumers to act in a certain way.
3

best

T
They make the action impossible.
T
They make the action more profitable.
T
They make the action difficult.
T
They make the action less likely.
4

Which process helps countries import things they cannot make while allowing them to specialize in exports?

a
absolute advantage
i
isolation
c
competition
i
international trade
5

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

A
An outline can help a writer find evidence for a claim.
B
An outline can help a writer avoid the need to make revisions.
C
An outline can help a writer arrange the references to be cited.
D
An outline can help a writer select an approach to a topic.
6

An exchange rate table makes it easy to compare the

A
different currency denominations used by a single country.
B
cost to produce the currency used by a single country.
C
value of the currencies for two or more countries.
D
unemployment rates for two or more countries.
7

Why might a country choose to devalue its currency?

A
to please its trading partners
B
to encourage exports
C
to encourage imports
D
to reduce taxes
8

Globalization is the process of

l
limiting exhange of goods and services.
c
connecting the world over time.
r
requiring or relying on something.
f
focusing on certain goods and services.
9

most

M
Most countries use the dollar as their currency.
C
Countries in Asia use the euro as their currency.
D
Different countries use different currencies.
A
All countries are required to use the same currency.
10

The graph shows US trade with China from 1990 to 2018.

Question illustration
A
The United States has a trade surplus with China.
B
China’s economy is declining, which has harmed trade.
C
The United States has a trade deficit with China.
D
China’s economy is improving, which has helped trade.
11

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

i
it is less expensive to make shirts there.
i
it is worth paying more for foreign labor.
w
workers in Pakistan are more skilled.
w
workers in Pakistan work fewer hours.
12

A reason that countries trade with each other is

t
to help their neighbors.
t
to get products they cannot produce.
t
to sell goods they do not need.
t
to share excess resources.
13

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

A
helicopters
B
high-speed trains
C
tractor trailers
D
cargo ships
14

If the value of the US dollar declines in relation to other currencies, goods imported into the United States will

A
not be allowed to enter the country.
B
become less expensive.
C
remain the same in price.
D
become more expensive.
15

Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
16

What are standards designed to do? Check all that apply.protect consumerssupport domestic industrieslimit importsensure safetyoffer domestic industries an advantage

p
protect consumers
s
support domestic industries
l
limit imports
e
ensure safety
o
offer domestic industries an advantage
17

A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.
18

What should be included in an informative essay? Check all that apply.properly cited sourcesemotional languageparenthetical citationssmooth transitionssupporting details

A
properly cited sources
B
emotional language
C
parenthetical citations
D
smooth transitions
E
supporting details

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