26 Jul WHICH OF THE FOLLOWING DESCRIBES A DEVELOPING NATION?
Question 1 Which position would Adam Smith most likely support during a congressional debate on tax Show more Question 1 Which position would Adam Smith most likely support during a congressional debate on tax reform? (5 points) -Income taxes should be decreased to the same rate for everyone. -Income taxes should be abolished and replaced with a national sales tax. -Income taxes should be increased regardless of ability to pay. -Income taxes should be reduced to a minimal level and be based on ability to pay. Question 2 Marx would most likely support a plan for (5 points) -government ownership of most production -creating a worldwide free trade agreement -eliminating income taxes on the wealthy -income taxes based on ability to pay Question 3 The government determines prices for goods and services in a (5 points) -market economy -traditional economy -demand economy -command economy Question 4 Which of the following describes a developing nation? (5 points) -A command economy with a low Human Development Index -A mixed economy with a high Human Development Index -A market economy with a high per capita income -A market economy with trillion-dollar gross domestic product Question 5 A nation has a high Human Development Index and a high gross domestic product. Which of the following factors might result in classification of the nation as developing rather than developed? (5 points) -A high per capita income -A command economy -Mechanization of farms -A full market economyn Question 6 Which of the following economic goals focuses on equal opportunities for education? (5 points) -Equity -Freedom -Growth -Security Question 7 Marcel takes out student loans and works part time to put himself through college. In time he earns an advanced medical degree and goes to work in an understaffed city -hospital. Marcels economic decisions benefit the goal of efficiency by (5 points) -making his own job-related decisions -paying back loans to reduce the debt -contributing to the nations productivity -taking advantage of equal opportunities Question 8 Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However Country A exports milk to Country B and Country A imports cotton from Country B. Which of the following is inferred? (5 points) -The opportunity cost of producing milk is lower for Country A. -The opportunity cost of producing cotton is higher for Country B. -Country A has a natural resource advantage in cotton. -Country B has a natural resource advantage in milk. Question 9 Worker hours to produce one unit of natural gas Worker hours to produce one unit of oil Brazil 4 9 Argentina 2 10 Mexico 3 7 United States 1 6 According to the chart which -country has the comparative advantage in oil production? (5 points) -Brazil -Mexico -Argentina -United States Question 10 The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? (5 points) -Indonesia as a developed country has a highly paid and experienced workforce. -Indonesia as a developing country has a less advanced manufacturing infrastructure. -The United States as a developing country has a high comparative advantage in manufacturing. -The United States as a developed country has a lower cost of living than Indonesia. Question 11 A group of nations establishes a free-trade zone. What is the most likely effect? (5 points) -Cost of trade increases -Exports decrease -Imports decrease -Trade increases Question 12 The United States may have a tariff on cotton products from China in order to (5 points) -prevent Chinese manufacturers from losing profit because of low prices -protect the business of the American cotton growers and manufacturers -stop trade due to political disagreement on economic policy -promote sales in the United States of cotton products from China Question 13 A Chinese international salesperson hoping to increase exports to the U.S. may worry about inflation of the U.S. dollar because the inflation may (5 points) -increase the United States supply of Chinese products -decrease tariffs on Chinese products sold to the United States -increase taxes on the United States products sold to China -reduce the United States demand for Chinese products Question 14How would a strong U.S. dollar impact the trade of grain produced in the United States? (5 points) -U.S. grain exports decrease -U.S. grain exports increase -U.S. grain imports decrease -U.S. grain imports stagnate Question 15 Which of these can be a result of inflation? (5 points) -Businesses grow cautious about spending -The government has to cut spending -The price of household items increases -Workers benefit from a lower cost of living Question 16 If the inflation rate increases faster than their income people will most likely (5 points) -use a higher proportion of their incomes on basic needs -spend a lower proportion of their incomes on basic needs -get more goods and services for less money -obtain less goods and services for less money Flag this Question Question 17 To increase your standard of living your wages must (5 points) -rise faster than the inflation rate -rise more slowly than the inflation rate -keep pace with the inflation rate -have a negative inflation rate Question 18 Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? (5 points) -The European Unions free-trade agreements are with all of the most developed nations in the world. -The European Unions free-trade agreements include agreements with both developed and developing nations. -The European Unions free-trade agreements focus on nations with access to overland trade routes. -The European Unions free-trade agreements focus on the Southern Hemisphere as distant countries have access to goods not grown in Europe. Show less
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