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WorksheetsConsumers in the Global Economy quiz
Total questions: 23
Worksheet time: 12mins
Which of the following characteristics does NOT describe a developing nation?
Improving educational systems
Expanding industries
Strong infrastructure
Increasing national income
The three main characteristics of this economic systems are private property, profit motive and a free, competitive marketplace.
Command
Market
Mixed
None of these
Which of the following does NOT reflect a country's level of economic development?
Literacy level
Technology
Agricultural dependency
Economic system
True or False: Trade surplus (deficit) is always a viable indicator of economic health.
True
False
Inadequate housing, poor health care, and political instability are all characteristics of which level of economic development?
Industrialized
Developing
Less-developed
None of these
Which of the following is NOT a factor of production?
Natural resources
Economic resources
Human resources
Capital resources
True or False: When a country has an unfavorable balance of trade it must use future income to pay for current and past spending.
True
False
Going to college and giving up the opportunity to earn money at a job right now is an example of which economic principle?
Scarcity
Supply & Demand
Opportunity Cost
Gross Domestic Product (GDP)
A country deciding whether to produce its own food or import agricultural products is an example of which economic principle?
Scarcity
Supply & Demand
Opportunity Cost
Gross National Product (GNP)
This metric of economic progress is important because no money means no purchases and a strong economy relies on a constant flow of money.
Consumer Price Index (CPI)
Unemployment Rate
Gross Domestic Product (GDP)
Gross National Product (GNP)
In this type of economic system, the government regulates the amount, distribution and price of everything produced.
Command
Market
Mixed
None of these
Target running out of a popular video game during the holiday season is an example of which economic principle?
Market price
Surplus
Scarcity
Shortage
Which of the following does NOT influence a country's balance of trade?
Foreign exchange rates
Differing production costs between countries
Political barriers to trade
Natural resources
Which of the following would be the best example of forming an economic community between countries?
North American Free Trade Agreement (NAFTA)
International Trade
World Trade Organization (WTO)
Balance of Trade
Norway's exports in 2019 were $185.101 billion, and imports were $158.037 billion. Which of the following best describes their balance of trade?
Trade surplus of $370.138 billion
Trade surplus of $27.064 billion
Trade deficit of $370.138 billion
Trade deficit of $27.064 billion
Which of the following would be the best example of forming an economic community between countries?
North American Free Trade Agreement (NAFTA)
International Trade
World Trade Organization (WTO)
Balance of Trade
What is the historical process driven by the dual forces of innovation and technology?
Increase investment
Increase economies of scale
Economic globalization
Movement of labour
These are the key factors that influence and affect how well the global economy works: EXCEPT?
Infrastructure
Human capital
Free trade
Technology
It is a problem caused by the credit crunch and related banking crisis?
International problem
Global problem
Long term problem
Short term problem
It is a problem that require a strategic approach to finding solutions.
International problem
Global problem
Long term problem
Short term problem
GLOBALIZATION:
The process by which businesses or other organizations develop international influence or start operating on an international scale.
The wealth and resources of a country or region
None of them
DEVELOPING COUNTRIES:
None of them
The action of buying and selling goods and services.
A poor agricultural country that is seeking to become more advanced economically and socially.
ECONOMIC OUTPUT:
Great results in economy areas.
Outcomes of money
None of them
