Unit 4, revision

Unit 4, revision

12th Grade

10 Qs

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Unit 4, revision

Unit 4, revision

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Bayan Akylbek

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the balance of payments?

It is a record of all financial transactions between a country and the rest of the world over a specific period.

It measures the difference between a country's exports and imports of goods only.

It is a record of a country's government budget and expenditures.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a trade surplus?

When a country exports more goods and services than it imports.

When a country imports more goods and services than it exports.

When a country's government budget is in surplus.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main objective of economic integration among countries in a regional bloc like the European Union (EU)?

To establish a common currency for all member countries.

To eliminate trade barriers and promote economic cooperation among member countries.

To ensure that member countries maintain strict control over their monetary policies.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a strong domestic currency impact a country's exports and imports?

It has no impact on exports and imports.
It increases both exports and imports.
It makes exports more expensive and imports cheaper.
It makes exports cheaper and imports more expensive.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a floating exchange rate system, and how does it differ from a fixed exchange rate system?

A floating exchange rate system is determined by the government, while a fixed exchange rate system is determined by the forex market.
A floating exchange rate system pegs the currency value to another currency, while a fixed exchange rate system allows the currency value to be determined by the forex market.
A floating exchange rate system is more stable than a fixed exchange rate system.
A floating exchange rate system allows the currency value to be determined by the forex market, while a fixed exchange rate system pegs the currency value to another currency or a basket of currencies.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main arguments for implementing quotas in international trade?

Increasing unemployment rates
Encouraging foreign investment
Protecting domestic industries, reducing trade deficits, and maintaining national security
Promoting fair competition

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the difference between a common market and customs union?

A common market allows for the free movement of goods within a country, while a customs union only allows for the free movement of services
The common market allows for the free movement of goods, services, people, and capital among member countries, while a customs union eliminates tariffs and quotas on trade among member countries and establishes a common external tariff on non-member countries.
A common market eliminates tariffs and quotas on trade among member countries, while a customs union establishes a common external tariff on member countries
A common market and customs union are the same thing and can be used interchangeably

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