08 Jun Question 1. Which of the following economic institutio
Question
1. Which of the following economic institutions aids less developed countries by providing 2. 3. 4. 5. loans for economic development?
A. United Nations Development Program
B. World Bank
C. International Monetary Fund
D. Federal Reserve Board
The International Monetary Fund assists countries by providing.
A. One currency
B. Food and clothing
C. Advice and technical assistance
D. Portable housing
Which of the following countries is NOT a developed nation?
A. United States
B. Canada
C. Australia
D. Mexico
Which of the following is NOT a characteristic of a developed country?
A. Low life expectancy
B. High literacy rates
C. Many educated people
D. Low unemployment
What is it called when countries block the importation of certain products into their country?
A. Importation blockade
B. Trade Barrier
C. Trade inhibitor
D. Domestic protection act
6. Which of the following is NOT a major import of the United States?
A. Vehicles
B. Clothing
C. Power-generating machinery
D. Airplane parts
7. Which of the following is NOT a major export of the United States?
A. Agricultural products
B. Scientific instruments
C. Comparative advantage
D. Electrical machinery
8. What is it called when a country can produce an item at a lower opportunity cost?
A. Absolute advantage
B. Efficient advantage
C. Comparative advantage
D. Consistent advantage
9. Which exchange rate system allows for fluctuations in currency values on a day-to-day
basis?
A. Fixed exchange rate system
B. Variable exchange rate system
C. Secure exchange rate system
D. Flexible exchange rate system
10. Which of the following countries is NOT involved in the North American Free Trade
Agreement?
A. United States
B. Mexico
C. Nicaragua
D. Canada
11. One goal of the United Nations Development Program is to rid the world of poverty.
A. True
B. False
12. The World Bank gets its funds through the sale of bonds in financial markets.
A. True
B. False
13. Countries are required to make donations to the World Bank.
A. True
B. False
14. In developed countries, a large percentage of the population is made up of subsistence
farmers.
A. True
B. False
15. Tariffs are taxes placed on imported goods.
A. True
B. False
16. Japan is a major trading partner of the United States.
A. True
B. False
17. Technology assistance is one U.S. export.
A. Tre
B. False
18. Countries trade primarily to foster diplomatic relations between each other.
A. True
B. False
19. Fixed rate exchange systems are calculated according to supply and demand.
A. True
B. False
20. Countries that have a traditional economy often develop at a faster pace than free market
economy countries. A. True
B. False
21. In an essay of at least two well-developed paragraphs, explain the global benefits of
international trade and multinational corporations.
22. In complete sentence format, explain (a) two of the three types of trade barriers, (b) the
reasons why countries sometimes establish trade barriers, and (c) the effects trade barriers
sometimes have on the economy.
23. In an essay of at least two well-developed paragraphs, analyze four of the factors that can
affect economic development in some countries.
24. In an essay of at least two well-developed paragraphs, explain why countries enter into
free trade agreements. Provide the names of three trade agreements you have studied in
this unit, and provide a brief description of each.
25. In an essay of at least three well-developed paragraphs, (a) explain one economic
difficulty for people traveling and conducting business between countries, and (b)
describe the two exchange rate systems and how they function in alleviating these
problems.
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