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Globalization — Unit test Answers

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1
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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.
2
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An economic incentive is best described as something that

A
benefits producers or consumers when taking action.
B
pushes producers or consumers to act on the government's behalf.
C
motivates producers or consumers to take action.
D
forces producers or consumers to act in a certain way.
3

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
4

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.
5

four

B
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
B
Businesses can take advantage of new forms of technology to make products cheaply.
B
Businesses can take advantage of new forms of democracy to make products cheaply.
B
Businesses can take advantage of faster technology to make products faster.
6

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.
7

What is a benefit associated with free trade?

i
increased government revenue from tariffs
e
enhanced innovation and technology
l
limited market access for domestic industries
h
higher inflation due to import competition
8

National Export InitiativeFTA Tariff ToolEuropean UnionAssociation of Southeast Asian Nations

A
National Export Initiative
B
FTA Tariff Tool
C
European Union
D
Association of Southeast Asian Nations
9

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.
10

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.
11

The North American Free Trade Agreement created a free trade zone between Canada, the United States, and .

Answer not available
12

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.
13

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
14

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.
15

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.
16

A reason that countries trade with each other is

A
to help their neighbors.
B
to get products they cannot produce.
C
to sell goods they do not need.
D
to share excess resources.
17

A tariff is a type of

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

What is a benefit associated with free trade?

A
increased government revenue from tariffs
B
enhanced innovation and technology
C
limited market access for domestic industries
D
higher inflation due to import competition
19

How did NAFTA affect the economies of participating countries?

A
by creating unrestricted trade benefits
B
by raising employment rates and standards of living
C
by creating a balance of exports and imports
D
by increasing the overall volume of production
20

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

A
protect consumers
B
support domestic industries
C
limit imports
D
ensure safety
E
offer domestic industries an advantage

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