Global Economies Review

True or false: In developing countries, most of the population lives in poverty

True or false: One disadvantage of trade is that it can sometimes create unemployment.

Which term refers to a group of countries that trade with each other with few quotas or tariffs?

• global trade

• gross domestic product

• global economy

• free trade

The U.S., Canada, and France are all examples of which type of country?

• Developed Country

• Newly Industrialized Country

• Developing Country

India, Brazil, and Mexico are all examples of which type of country?

• Developed Country

• Newly Industrialized Country

• Developing Country

Haiti, Peru, and Venezuela are all examples of which type of country?

• Developed Country

• Newly Industrialized Country

• Developing Country

What are some benefits of trade? (three answers)

• Countries can get all the resources they need but don't have

• Goods can be made for less in other countries and then cost less

• Countries can make money selling goods to other countries

• People choose to buy goods from other countries causing local businesses to close

What do governments do in order to encourage people to buy things from their country?

• Put tariffs on imported goods, making them cost more

• Advertise the local goods more

• Have sales of local goods

• Ban imported goods

Increased trade throughout the world has led to what?

• trade

• economic globalization

• fewer imports

• smaller governments

What organization provides financing, advice, and research to developing nations?

• The World Trade Organization

• The World Bank

• The International Monetary Fund

• The European Union