Global Economic Awareness Practice Quiz

What is the term used to describe the total value of all goods and services produced within a country in a given time period?

• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Foreign Direct Investment (FDI)
• Balance of Trade

What is the term used to describe the monetary value of all final goods and services produced within a country in a given time period?

• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Foreign Direct Investment (FDI)
• Trade Deficit

What is the term used to describe the measure of how much one currency is worth in relation to another currency?

• Exchange rate
• Interest rate
• Inflation rate
• Growth rate

What is the term used to describe the economic system in which individuals and businesses have the freedom to buy and sell goods and services in a competitive market?

• Capitalism
• Communism
• Socialism
• Fascism

What is the term used to describe the agreement between countries to remove trade barriers and promote economic cooperation?

• Globalization
• Protectionism
• Free trade
• Isolationism

What is the term used to describe the measure of how much one country's imports exceed its exports?

• Trade balance
• Trade deficit
• Trade surplus
• Trade embargo

What is the term used to describe the total market value of all goods and services produced within a country in a given time period?

• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Exchange Rate
• Inflation Rate

What is the term used to describe the economic system in which the government owns and controls the means of production?

• Market economy
• Command economy
• Mixed economy
• Traditional economy

What is the term used to describe the measure of how much one country's exports exceed its imports?

• Trade deficit
• Trade surplus
• Balance of trade
• Current account

What is the term used to describe the economic system in which resources are owned and controlled by both the government and private individuals?

• Mixed economy
• Command economy
• Free market economy
• Socialist economy