31 Jan D. The new technology

Question
Question 1

1. If The United States has proven supplies of natural gas in the ground, but France doesn’t, the United States has what kind of advantage in terms of trade?

A. Absolute advantage

B. Price advantage

C. Natural resource advantage

D. Comparative advantage

Question 2

2. _______ is a situation in which the economy produces more goods and services than it did the year before.

A. Economic productivity

B. Economic growth

C. Recession

D. Trough

Question 3

3. A country would place a tariff on imported steel to

A. make the market as fair as possible for all steel manufacturers around the world.

B. increase the standard of living for all citizens in the country.

C. lower prices for domestic steel consumers.

D. protect domestic steel manufacturers from foreign competition.

Question 4

4. A reason to trade with other nations is that trade

A. reduces demand for goods and services.

B. forces consumers to buy goods and services at a higher cost.

C. allows consumers to buy goods and services at a lower cost.

D. reduces the supply of goods and services.

Question 5

5. Which of the following is characteristic of a developing nation?

A. Long life expectancy

B. Well-educated

C. Not yet fully industrialized

D. High standard of living

Question 6

6. Exchange rates have an impact on which of the following?

A. The amount distributed in Social Security benefits

B. The price of imported goods

C. The quality of imported goods

D. The price of domestic goods

Question 7

7. A large continuous chain of cities and suburbs is known as a

A. megalopolis

B. municipality

C. large city

D. metropolis

Question 8

8. How is real GDP different from GDP?

A. GDP takes inflation into account.

B. Real GDP uses utility rather than dollars as a unit of measurement.

C. GDP only uses dollars as a measurement.

D. Real GDP takes inflation into account.

Question 9

9. Why might raising taxes be a risk for struggling cities?

A. Higher taxes lead to higher crime rates.

B. It’s unconstitutional for cities to raise taxes.

C. People may leave to avoid the taxes.

D. New taxes are difficult to put in place.

Question 10

10. What’s the goal of production control agricultural government programs?

A. Increase investment in agriculture

B. Increase crop surpluses

C. Reduce crop surpluses

D. Decrease investment in agriculture

Question 11

11. Areas of poorly maintained housing in cities are known as

A. apartments.

B. projects.

C. slums.

D. high rises.

Question 12

12. Advances in farm technology have led to what result for US agriculture?

A. More people working in agriculture than ever before

B. Farmers enjoying higher incomes than ever before

C. No change in productivity

D. Greatly increased productivity

Question 13

13. Why would a large crop surplus be a problem for farmers?

A. Surpluses drive down prices.

B. Surpluses are destroyed by the government.

C. Surpluses drive up the price of agriculture equipment.

D. Surpluses drive up prices.

Question 14

14. The ¬¬_______ is an example of a regional trading bloc.

A. World Trade Organization

B. Russian Federation

C. European Union

D. North Atlantic Treaty Organization

Question 15

15. Which of the following is taken into account when assessing the official poverty level?

A. Cash income

B. Medical benefits

C. Housing assistance

D. Food stamps

Question 16

16. Why are governmental services more expensive in cities compared to other areas?

A. Cities have a higher concentration of poor people.

B. State government doesn’t help cities.

C. Cities have more expensive tax rules than other areas.

D. Federal government doesn’t t help cities.

Question 17

17. Which of the following is a challenge faced by developing nations?

A. Increased saving and investing

B. Declining population

C. Growing population

D. Lack of effort

Question 18

18. If a country were to place a limit on the number of cars that could be imported in a year, it would be an example of what kind of trade regulation?

A. Currency control

B. Quota

C. Subsidy

D. Tariff

Question 19

19. What is a possible negative aspect of new farming technology?

A. New technology needs to be made legal by the government.

B. Famers have a hard time learning how to work machinery.

C. The high cost of purchasing modern equipment

D. The new technology slows productivity.

Question 20

20. Which of the following is a way developing nations are trying to raise living standards?

A. Raise population growth

B. Return to traditional ways of farming

C. Increased tariffs

D. Attract investment