SS6E2 & SS6E3 Flashcard (2)

Front

Why does currency exchange exist?

Back

Because different countries have different currencies

Front

What are the three trade barriers?

Back

Tariff, embargo, and quota

Front

True or False. Trade must be voluntary.

Back

True

Front

What is the main purpose of NAFTA?

Back

To increase trade between Mexico, Canada and the United States

Front

What does NAFTA stand for and which countries are involved in NAFTA?

Back

North American Free Trade Agreement. Canada, United States and Mexico.

Front

Which is/are an example(s) of human capital? Training, Health, Education, All of the Above

Back

All of the Above

Front

Which is/are an example(s) of capital? Iron Ore, Factory Machinery, Natural Gas, All of the above

Back

Factory Machinery

Front

What is the definition of literacy rate?

Back

the percentage of people in a population over 15 that can read and write

Front

What is the definition of standard of living?

Back

the level of wealth and material comfort available to a people.

Front

True or False. Entrepreneurs are not needed to grow a country's GDP.

Back

False