BAC 106 Quiz 1

Historians believe the first long-distance trade occurred between Mesopotamia and the Harappan civilization of Indus Valley around 3000 BC.

• True

• False

In ancient times, the most efficient way to transport goods from one place to another was by land.

• True

• False

The domestication of camels around 1000 BC helped encourage trade routes over land, called caravans, and linked India with the Mediterranean.

• True

• False

From the very beginning of Greek civilization to the fall of the Roman Empire in the 5th century, the Silk Road facilitated trade of valuable spice to Europe from the Far East, including China.

• True

• False

The Vikings established trade relations not only with the states in the Malay Archipelago but also with China and India.

• True

• False

The galleon, Spanish sailing vessel that made an annual round trip (one vessel per year) across the Pacific between Manila and what city?

• Hawaii

• Los Angeles

• Acapulco

• Barcelona

GATT was designed by the UN in 1946 aimed to increase trade by tariff reduction. It stands for

• General Assignment on Tariffs and Trade

• General Agreement on Tariffs and Trade

• General Assignment on Tourism and Trade

• General Agreement on Trades and Tourism

This is the total value of all final goods and services produced in a country in a given year equal to total consumer, investment, and government spending, plus the value of exports, minus the value of imports.

• Gross National Product

• Gross National Income

• Gross Domestic Product

• Gross Domestic Income

The relative ability of two countries' currencies to buy the same basket of goods in those two countries is called ________.

• gross national product

• gross domestic product

• purchasing power

• purchasing power parity

This is how well a country does in terms of social liberties, life expectancy, and literacy rates.

• Gross Domestic Product

• Human Development Index

• Inflation Rate

• Unemployment Rate