HPMS Global Interdependence

Worldwide markets where buying/selling of goods and services takes place by all nations is known as....

• Economics

• Corporation

• Global Economy

• Free Market

Virginia and the United States are active in this international trade to increase _________.

• Supply

• Demand

• Better prices for products

• Opportunities for wealth

Which of the following is a negative aspect of global trade?

• Consumers can buy goods at a lower price

• It can lead to some specific and profitable jobs going overseas

• We can sell our goods in other countries

• Consumers can buy goods they wouldn't otherwise be able to access

Which of the following is a reason countries participate in global trade?

• to create jobs in other countries

• to do a corporate takeover

• to obtain goods they cannot produce themselves

• to invade other countries

Which of the following is a way global trade benefits producers?

• It creates new markets for their goods and services

• Lower prices of goods and services

• They can get resources at a higher opportunity cost

• It creates new jobs in other countries

What innovation in technology contributes to the global flow of information, capital, goods, and services?

• Blogs

• U.S. Postal Service

• Internet

• Mass Media

The use of technology in the global economy can cause which of the following to happen?

• The price of goods to increase

• The cost of production to increase

• The cost of production to decrease

• The trade deficit to increase

There are many reasons countries and states trade. They include all of the following EXCEPT:

• Making money by selling goods and services

• Getting goods and services they cannot produce or provide.

• Helping other nations make money.

• Creation of jobs for the workforce

The cartoon above depicts reasons that states and nations trade. The cartoon implies that countries trade to obtain goods/services they cannot produce and to sell goods/services to other nations. What is also a benefit to global trade specifically mentioned in the cartoon?

"Your majesty, my voyage will not only forge a new route to the spices of the East but also create over three thousand new jobs."

• To create jobs

• To buy goods at a higher cost

• To obtain goods/services they cannot produce

• to sell goods/services to other nations

Which of the following is a way consumers benefit from global trade?

• It creates fewer markets for their products

• Lower prices of goods and services

• To get goods at a higher opportunity cost

• Fewer job opportunities