Global Economy Test Review

Goods Americans buy from other countries.

• Import

• Export

Goods Americans sell to other countries.

• Import

• Export

A term that refers to the knowledge and skills that enable a worker to be productive.

• human Capital

• absolute advantage

• white collar

• symbolism

The ability of one country to produce more goods than another

• comparative

• human capital

• absolute advantage

• right to work law

Two countries that have benefitted the most from the U.S. outsourcing

• Japan and mars

• India and China

• India and Japan

• Russia and India

The ability to produce a good with a lower opportunity cost is

• comparative advantage

• trade barrier

• infrastructure

• outsource

The current trend of union membership in the United States is

• Increasing

• Decreasing

The practice of moving American jobs to other countries to reduce cost is called

• Insourcing

• Interstate infrastructure

• Outsourcing

• Trading

Granting millions of dollars in tax breaks to wealthy corporations is called

• corporate welfare

• infrastructure

• hiring practices

• outsourcing

A benefit foreign countries have gained from the U.S. operating in the global economy.

• EU

• goals

• improved infrastructure

• corporate welfare