APHG Review 4

Fill in the blank: __________ are advantages created when producing goods that are consumed together.

• Complementary Advantage

• Absolute Advantage

• Comparative Advantage

• Competitive Advantage

Fill in the blank: __________ refers to advantages to locations that combine lower operating costs resulting in trade opportunities that produce goods and services for a lower price.

• Comparative Advantage

• Absolute Advantage

• Economies of Scale

• Monetary Policy

Fill in the blank: __________ is a situation in which a country is unable to pay back its government debt caused when spending exceeds revenues for a prolonged period of time.

• Debt crisis

• Trade surplus

• Currency appreciation

• Economic boom

Fill in the blank: __________ is a theory that maintains that less developed countries are kept in a position of dependency due to the existing economic and political power structures sustained by more developed countries.

• Dependency Theory

• Modernization Theory

• World-Systems Theory

• Neoliberalism

Fill in the blank: __________ originally began as an economic union and has evolved into a political organization encompassing security, human rights, climate, environment, health and political issues.

• European Union

• United Nations

• African Union

• ASEAN

Fill in the blank: __________ are treaties between two or more countries to establish a free trade zone where goods and services can be conducted across common borders, without tariffs but labor or capital may not move freely.

• Free Trade Agreements

• Customs Unions

• Economic Unions

• Monetary Unions

Fill in the blank: __________ is an organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

• International Monetary Fund

• World Health Organization

• United Nations Educational, Scientific and Cultural Organization

• World Trade Organization

Fill in the blank: __________ is an economic union of oil producing countries that coordinates and unifies the policies of member countries to ensure the stabilization of oil markets in order to secure an efficient supply of oil.

• OPEC

• NATO

• ASEAN

• EU

Fill in the blank: __________ is a theory that assumes all countries are capable of development along the same trajectory which encompasses five stages of linear development towards self-sustained economic growth and high levels of mass consumption.

• Rostow's Stages of Economic Growth

• Dependency Theory

• World-Systems Theory

• Modernization Theory

Fill in the blank: __________ is a tax imposed by a government on goods imported from other countries that serves to increase the price and make imports less desirable/less competitive compared to domestic goods.

• Tariffs

• Subsidies

• Quotas

• Exports