unit 2. the ____ is the difference between the value of a nation’s exports and its imports. ...
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Economical Systems Review
Unit 2
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The ____ is the difference between the value of a nation’s exports and its imports.
a. trade surplus b. balance of trade c. exchange rate d. trade barrier
Review
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____ is a country’s ability to produce a good at a lower opportunity cost than another country can.
a. Quota b. Tariff c. Comparative advantage d. Productive capacity
Review
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The WTO is an international organization that
a. institutes trade barriers. b. sets discount rates. c. oversees trade. d. sets the exchange rate.
Review
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This organization allows for the free movement of goods, services, and workers among 15 countries.
a. EU b. WTO c. WWF d. NAFTA
Review
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What is the name for a system in which private citizens own the factors of production?
a. mixed economy b. traditional economy c. command economy d. market economy
Review
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____ goods give Americans access to products they might not have otherwise been able to enjoy.
a. Imported b. Exported c. Quota d. Domestic
Review
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A small percentage of goods produced in the United States are ____, or sold to other countries.
a. exported b. tariffed c. traded d. imported
Review
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What combines basic elements of a pure market economy and a command economy?
a. traditional economy b. mixed economy c. market economy d. command economy
Review
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____ is the belief that the means of production should be owned by society, either directly or through the government.
a. Capitalism b. Fascism c. Socialism d. Communism
Review
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A ____, or customs duty, is a tax on an imported good.
a. quota b. tariff c. trade barrier d. restriction
Review
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What eliminated all trade barriers among the United States, Canada, and Mexico?
a. NAFTA b. WTO c. NASCAR d. EU
Review
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Which of the following is a result of a trade deficit?
a. communism fails b. trade is balanced c. the currency gains value d. the currency loses value
Review
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The ____ is the price of one nation’s currency in terms of another nation’s currency.
a. currency trade b. exchange rate c. currency rate d. free trade
Review
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What is a limit placed on the amount of foreign goods imported?
a. tariff b. key trade c. sanction d. quota
Review
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A country has a trade ____ when the value of the products it imports exceeds the value of the products it exports.
a. surplus b. barrier c. deficit d. balance
Review
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What is the belief in a classless, ungoverned society in which property would all be held in common?
a. capitalism b. socialism c. communism d. fascism
Review
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A ____ is a system in which the major economic decisions are made by the central government.
a. mixed economy b. traditional economy c. command economy d. market economy
Review
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This measure expresses GDP in terms of each person in a country.
a. per capita GDP b. real GDP c. balanced GDP d. market GDP
Review
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What term refers to a system in which things are done “the way they have always been done.”
a. mixed economy b. command economy c. market economy d. traditional economy
Review
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____ refers to convincing countries not to pass laws that block or limit trade.
a. Free trade b. Market economy c. Developing economy d. Economic diplomacy
Review