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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Transcript of Unit 2. The ____ is the difference between the value of a nation’s exports and its imports. ...

Page 1: Unit 2. 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.

Economical Systems Review

Unit 2

Page 2: Unit 2. 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.

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

Page 3: Unit 2. 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.

____ 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

Page 4: Unit 2. 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.

The WTO is an international organization that

a. institutes trade barriers. b. sets discount rates. c. oversees trade. d. sets the exchange rate.

Review

Page 5: Unit 2. 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.

This organization allows for the free movement of goods, services, and workers among 15 countries.

a. EU b. WTO c. WWF d. NAFTA

Review

Page 6: Unit 2. 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.

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

Page 7: Unit 2. 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.

____ goods give Americans access to products they might not have otherwise been able to enjoy.

a. Imported b. Exported c. Quota d. Domestic

Review

Page 8: Unit 2. 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.

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

Page 9: Unit 2. 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.

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

Page 10: Unit 2. 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.

____ 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

Page 11: Unit 2. 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.

A ____, or customs duty, is a tax on an imported good.

a. quota b. tariff c. trade barrier d. restriction

Review

Page 12: Unit 2. 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.

What eliminated all trade barriers among the United States, Canada, and Mexico?

a. NAFTA b. WTO c. NASCAR d. EU

Review

Page 13: Unit 2. 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.

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

Page 14: Unit 2. 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.

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

Page 15: Unit 2. 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.

What is a limit placed on the amount of foreign goods imported?

a. tariff b. key trade c. sanction d. quota

Review

Page 16: Unit 2. 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.

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

Page 17: Unit 2. 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.

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

Page 18: Unit 2. 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.

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

Page 19: Unit 2. 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.

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

Page 20: Unit 2. 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.

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

Page 21: Unit 2. 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.

____ 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


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