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Chapter 17 Vocabulary Review

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

How was your day yesterday?

4 lines
2.

Have you paid your senior dues yet?

a)

Yes

b)

No

3.

Have you ordered your cap and gown yet?

a)

Yes

b)

No

4.

The __________________ is an international organization that makes loans and provides financial assistance and advice to developing countries.

a)

Cartel

b)

Free trade area

c)

World Bank

d)

Customs union

5.

A _________________ is known to be at a relatively early stage in the process of economic development.

a)

Customs union

b)

Developing country

c)

Free trade area

d)

Cartel

6.

A _________________ eliminates trade barriers between member countries and adopts a common external trade policy.

a)

Customs union

b)

Cartel

c)

Free trade area

d)

Developing country

7.

A figure indicating on average how many years a person is expected to live is called _________________.

a)

Developing country

b)

External debt

c)

Privatization

d)

Life expectancy

8.

Order these four countries from highest to lowest life expectancy.

a)

Japan

b)

Germany

c)

United States

d)

Argentina

1)
2)
3)
4)
9.

_________________ is money that a country owes to foreign countries and banks.

a)

Privarization

b)

External debt

c)

Customs union

d)

World Bank

10.

How much external debt do you think the United States has? (Hint: It's A LOT!)

a)

$50 billion

b)

$300 billion

c)

$24 trillion

d)

$35 trillion

11.

The EU is an example of a _________________ because eliminates trade barriers between member countries and adopts a common external trade policy with outside countries.

a)

Free trade area

b)

Cartel

c)

Customs union

d)

Developing country

12.

A ________________ is a group of countries committed to removing all trade barriers between each other, but pursuing independent external trade policies.

a)

Customs union

b)

Cartel

c)

Free trade area

d)

Developing country

13.

A _____________ is a formal organization of producers that agree to coordinate prices and production.

a)

Customs union

b)

Cartel

c)

Free trade area

d)

Developing country

14.

The change from government or public ownership/control to private ownership/control is called ____________________.

a)

Cartel

b)

Customs union

c)

Free trade area

d)

Privatization

15.

NAFTA is an example of a ________________ because the countries removed trade barriers with each other, but each country has independent external trade policies.

a)

Cartel

b)

Free trade area

c)

Customs union

d)

Developing country

16.

OPEC is an example of a _____________ because the member countries coordinate oil prices worldwide.

a)

Developing country

b)

Custom union

c)

Free trade area

d)

Cartel