Font size
WorksheetsGlobal Economics (2020)
Total questions: 45
Worksheet time: 25mins
A tax put on goods imported from other countries.
tariff
subsidy
quota
embargo
A limit on the amount of a good that is imported
poverty
quota
tariff
economy
What three countries are part of NAFTA (USMCA)?
US, Mexico, and Canada
US, Greenland, and El Salvador
Mexico, Canada, and Cuba
US, Bolivia, Paraguay
When one country refuses to trade with another country.
tariff
quota
embargo
market
What are protectionist policies?
policies that restrict international trade.
trade without government interference
rules that govern markets where goods are sold
policies that control a nation's currency
Government payments to assist an industry so that the price of a good or service can remain low or competitive
subsidies
tariffs
outsourcing
embargoes
In which economic sector would you find an automobile assembly line worker?
Primary
Secondary
Tertiary
Quaternary
What is an embargo?
banning trade with a particular nation or on a particular good
a tax on imports
setting a maximum amount of goods bought from a nation
The government giving money to help producers export their goods
The value of ALL goods and services of a country
gross domestic product
gross national income
human capital
standard of living
What is economic globalization?
US policies toward other nations
another name for multinational corporations
the increasing interdependence of the world's economies
another name for US trade policy
A high demand for bananas + low supply of bananas =
expensive bananas
cheap bananas
high demand for apples
low tariffs on bananas
Which of the following is NOT an example of infrastructure
the electric power grid and water treatment plants
roads and bridges
churches and grocery stores
rail systems and ports
One of the strategies used by countries under the self-sufficiency approach was
the government would buy up excess goods
signing free trade agreements
increasing trade
requiring permits for all business activities
Which of the following are protectionist policies? (CHECK ALL THAT APPLY)
tariff
subsidy
quota
administrative barrier
structural adjustment
Goods brought into a country for sale
embargo
export
domestic goods
import
Products made in one country and shipped out to another country for sale
imports
exports
foreign goods
outsourced goods
The systems and services that a country or organization needs to function effectively
domestic goods
subsidies
trade barriers
infrastructure
The self-sufficiency model of development had many problems including: (CHECK ALL THAT APPLY)
it led to high rates of unemployment
it encouraged inefficient industries
it promoted a lack of competitiveness within industries
it created black markets for some goods
A low demand for bananas + high supply of bananas =
high tariffs
expensive bananas
cheap apples
cheap bananas
What is the biggest challenge to development for most LDCs?
high tariffs on imported goods
high levels of debt
low worker productivity
low literacy rates
An area, usually in an LDC, where corporations can produce or assemble goods before exporting them for final sale is called
an export processing zone
a protectionist zone
a fair trade zone
an international trade zone
When a country can produce an item cheaper and more efficiently than another country, this is called
supra-nationalism
economics
globalization
comparative advantage
Which of the following are fair trade certification requirements? (CHECK ALL THAT APPLY)
safe working conditions
workers have the right to organize a union
worker housing needs to be provided by employer
workers are paid fair wages
Structural adjustment programs often require which of the following? (CHECK ALL THAT APPLY)
raising taxes
reducing government spending
selling off public resources
closing EPZs within the country
Which of the following is a common criticism made of structural adjustment programs in developing countries?
They make it impossible to get loans from banks and other countries
They cut government funding for programs like medical care and education
They lead to corruption by local governments
They slow economic growth
They cause hyperinflation
Export-processing zones are most often located in
regions that are not accessible by mass transportation like buses and trains
MDCs
countries with low rates of unemployment
LDCs
countries with strict government regulations to protect worker safety
The purpose of maquiladoras is to manufacture goods at low cost for
the South American market
the US market
the Mexican market
the Latin American market
the European market
Which of the following statements about NAFTA (USMCA) are true? (CHECK ALL THAT APPLY)
It led to an increase in wages for American workers
It led to increased trade between member nations
It led to the loss of some manufacturing jobs in the US
it led to the creation of maquiladoras in Mexico
Trade blocs increase trade by
creating trade deficits
removing or reducing restrictions like tariffs and quotas
ensuring fair trade practices
decreasing the number of exports
giving loans to LDCs
What name is given to the transfer of production and basic service-level jobs to other countries?
industrialization
free trade
fair trade
outsourcing
globalization
The benefits of EPZs to developing countries:
(CHECK ALL THAT APPLY)
they create jobs
they grow the LDC's economy
they protect the local environment
they protect worker safety
Most maquiladoras are located in northern Mexico to take advantage of
abundant natural resources and low labor costs
abundant natural resources and low shipping costs
tax money from the government of Mexico and low labor costs
low transportation costs and low taxes
low labor costs and low shipping costs
People in the least developed countries of the world have jobs that fall mainly into which economic sector?
primary
secondary
tertiary
quaternary
quinternary
How are EPZs beneficial to the countries in which they are located?
they create jobs and help grow the economy
they give tax cuts to wealthy citizens
they are designed to protect the environment in LDCs
they protect businesses from foreign competition
they allow countries to be self-sufficient
Increasing interdependence of nations and peoples across the globe.
Infrastructure
Globalization
Interdependence
Specialization
Which of the following are criticisms of the international trade approach to development? (CHECK ALL THAT APPLY)
natural resources aren't distributed equally so some countries are at a disadvantage
to lower costs, some industries use child and/or forced labor
the overall economic growth from trade is very low
to lower costs, some industries have damaged the environment
it gives too much power to MDCs and multinational corporations
The benefits of EPZs to foreign businesses and corporations: (CHECK ALL THAT APPLY)
tax breaks & incentives
increase profits
cheap labor
exempt from some government regulations
free shipping
What are the main benefits of outsourcing to businesses? (CHECK ALL THAT APPLY)
higher wages for US employees
lower labor costs
reducing amount of money spent by businesses on factories and equipment
increased profits for companies
there can be fewer government regulations on employee and environmental issues
What data is used to calculate HDI? (CHECK ALL THAT APPLY)
life expectancy
literacy rate
gross national income per capita
average years of schooling
expected years of schooling
When a group of neighboring countries adopt policies to promote trade with each other, this is called
a protectionist policy
a subsidy
an embargo
a trading bloc
comparative advantage
The international organization that provides loans to countries in financial distress
The International Monetary Fund
The Global Development Bank
The UN Financial Crisis Fund
The Federal Reserve Bank
Which of the following is the best example of outsourcing?
An American retail store imports goods from China.
An American company closes its factory in Illinois and contracts with a company in Bangladesh to do the same job for 1/4 the cost
A European worker moves to the USA and gets a high paying job at a tech company.
An American company decides to change it's steel contracts from Japanese companies to Chinese companies
