Unit 2 - test review

The exchange of goods and services is called _____

A driver, a cleaner and a nanny are an example of

• Service

• Good

• Trade

• Economy

Economy is _______

• A task that a person or group does to help one another

• A system in which people produce, buy and sell goods and services.

• Things you bring into the country

• The goods you sell to other countries

Why do countries need to import and export goods?

• They do not have those resources in their countries

• To create wealth in the country

• It's easier to ship things

Export is

• The goods that a country sells to another country

• The goods that a country brings into their country

Import is

• The goods that are brought into the country

• The goods that are sold to other countries

What's the difference between a good and a service?

• A good is a product that you can use, a service is a task someone does to help you

• A good is a task that someone does to help you, a service is a product that you can use

Usually, a high GDP means that most people in the country are working and have good salaries

• True

• False

Which countries have signed the North American Free Trade Agreement (NAFTA)

• America, Mexico, Canada

• Canada, Russia and Mexico

• Canada, America and Hong Kong

When was NAFTA (North American Free Trade Agreement) signed?

• 1994

• 1998

• 2004

• 1992