AnswersGA-GSE Personal Finance and EconomicsCurrencies and Exchange Rates

Currencies and Exchange Rates — Unit test Answers

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1
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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.
2
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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
3

A tariff is a type of

t
tax.
p
punishment.
s
subsidy.
g
grant.
4

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

Answer not available
5

In developed economies, less-educated workers

h
have more jobs to choose from.
a
are often more highly skilled than other workers.
m
may be outsourced to other nations.
c
can have difficulty finding work.
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

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
8

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
9

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
11

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
12

What type of economic growth do most developed economies experience?

A
rapid growth
B
unpredictable growth
C
moderate growth
D
slow growth
13

Why does an increase in literacy rates often accompany an increase in per capita income?

P
People who have higher-paying jobs often have the time available to develop literacy skills.
D
Developing countries have higher-than-average literacy rates, which typically leads to higher income.
P
People who can read and who receive an education are eligible for higher-paying jobs.
D
Developed countries often attempt to raise low literacy rates to improve income.
14

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.
15

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.
16

A tariff is a type of

A
tax.
B
punishment.
C
subsidy.
D
grant.
17

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.
18

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.
19

Which statements best explain how globalization offers an advantage to businesses? Choose four answers.

A
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
C
Businesses can take advantage of new forms of technology to make products cheaply.
D
Businesses can take advantage of new forms of democracy to make products cheaply.
E
Businesses can take advantage of faster technology to make products faster.
20

Globalization is the process of

A
limiting exhange of goods and services.
B
connecting the world over time.
C
requiring or relying on something.
D
focusing on certain goods and services.
21

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

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