Quiz
Unit 3 Test
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1What is the definition of outsourcing?
- AUsing less developed countries to supply products and services in order to reduce costs.
- BThe transport of goods in standard sized shipping containers.
- CA general agreement
- DForeign owned factories
2The world bank is an [blank_start]international[blank_end] bank that provides loans to [blank_start]countries[blank_end] that need it. This organization promotes [blank_start]financial[blank_end] growth in [blank_start]low[blank_end] and middle class economies.
- Ainternational
- Bcountries
- Cfinancial
- Dlow
3International Money Markets facilitates trade in different [blank_start]currencies[blank_end] between countries. It is a way to open a freely traded [blank_start]exchange[blank_end] market.
- Acurrencies
- Bexchange
4A tariff is a [blank_start]tax[blank_end] or [blank_start]duty[blank_end] on a specific type of [blank_start]import[blank_end] or export.
- Atax
- Bduty
- Cimport
5When a plot of land is considered [blank_start]arable[blank_end] it is capable of farming and [blank_start]producing[blank_end] crops.
- Aarable
- Bproducing
6A recession is the temporary decline of [blank_start]economic[blank_end] prosperity in a country or state. When a [blank_start]recession[blank_end] happens [blank_start]trade[blank_end] and industrial activity is reduced and the country experiences a fall in [blank_start]GDP[blank_end]. The country or state’s government should increase [blank_start]spending[blank_end] and reduce [blank_start]taxes[blank_end].
- Aeconomic
- Brecession
- Ctrade
- DGDP
- Espending
- Ftaxes
7In [blank_start]1944[blank_end] the Breton Woods Agreement produced two new systems of monetary management; the [blank_start]International Monetary Fund[blank_end] (IMF) and the [blank_start]World Bank[blank_end]. They also came up with a set of rules for [blank_start]commercial[blank_end] and financial relations. The countries that were involved in this decision were [blank_start]Canada[blank_end], the US, Western Europe, Australia and Japan. It was sponsored by the newly developed [blank_start]UN[blank_end]. Afterwards, the [blank_start]General Agreement on Tariffs and Trade[blank_end] (GATT) was signed in [blank_start]1947[blank_end]. This agreement promoted international trade as member countries started to slowly dismantle [blank_start]tariffs[blank_end] and other trade barriers. Eventually bringing around the [blank_start]World Trade Organization[blank_end] (WTO) into existence in [blank_start]1995[blank_end]. The purpose of the WTO was to form ground rules for [blank_start]trade[blank_end] between countries.
- A1944
- BInternational Monetary Fund
- CWorld Bank
- Dcommercial
- EUN
- Ftariffs
- GGeneral Agreement on Tariffs and Trade
- H1947
- IWorld Trade Organization
- J1995
- KCanada
- Ltrade
8Inflation is the [blank_start]increase[blank_end] in the general price level of [blank_start]currency[blank_end] over a period of time.
- Aincrease
- Bcurrency
9The idea of communism, or a “[blank_start]centrally planned economy[blank_end]” means that the investment of money is [blank_start]equally[blank_end] spread between the citizens of the nation. This is allocated depending on economy wide [blank_start]production[blank_end] and economic [blank_start]plans[blank_end].
- Acentrally planned economy
- Bequally
- Cproduction
- Dplans
10The [blank_start]European Union[blank_end] (EU) is a [blank_start]political[blank_end] and economic area with [blank_start]28[blank_end] member states. It uses one linking currency (the [blank_start]euro[blank_end]) and countries who are apart of the EU must hold some [blank_start]value[blank_end] to the rest and follow strict [blank_start]rules[blank_end]/guidelines. People can easily travel across [blank_start]borders[blank_end] once they are inside the boundaries of the EU which primarily covers [blank_start]Europe[blank_end].
- AEuropean Union
- Bpolitical
- C28
- Deuro
- Evalue
- Frules
- Gborders
- HEurope
11A free market economy, or [blank_start]capitalism[blank_end], is based on supply and [blank_start]demand[blank_end] and has [blank_start]little[blank_end] government involvement. This is so that in theory there is more unobstructed [blank_start]competition[blank_end].
- Acapitalism
- Bdemand
- Clittle
- Dcompetition
12A crown corporation is a company that is owned and [blank_start]run[blank_end] by the [blank_start]government[blank_end]. It is usually a [blank_start]public[blank_end] service such as mail.
- Arun
- Bgovernment
- Cpublic
13[blank_start]Urbanization[blank_end] is the process of making more developed land, such as expanding a [blank_start]city[blank_end].
- AUrbanization
- Bcity
14Economic globalization describes the international [blank_start]mobility[blank_end] of people, [blank_start]capital[blank_end], technology, and goods. Usually in relation with their [blank_start]impact[blank_end] on the global [blank_start]economy[blank_end].
- Amobility
- Bcapital
- Cimpact
- Deconomy
15John Maynard [blank_start]Keynes[blank_end] was a british economist who believed that the government should be [blank_start]heavily[blank_end] involved in their countries [blank_start]economy[blank_end]. He said that this would mean that [blank_start]more[blank_end] people would be hired because of laws imposed by the government. This would ensure people had more [blank_start]spending money[blank_end], thus increasing [blank_start]demand[blank_end].
- AKeynes
- Bheavily
- Ceconomy
- Dmore
- Espending money
- Fdemand
16When something exists everywhere and is shared by all [blank_start]people[blank_end] it is called [blank_start]universality[blank_end].
- Apeople
- Buniversality
17A company with [blank_start]headquarters[blank_end] in one country and [blank_start]stores[blank_end] and production sites all over the world is called a transnational corporation. These types of companies can bring good and bad to the world. On one hand it brings many [blank_start]jobs[blank_end] and [blank_start]economic[blank_end] growth to places where none existed before, but they usually pay [blank_start]low[blank_end] wages resulting in wide spread [blank_start]poverty[blank_end]. Sometimes transnational corporations also pay little attention t the [blank_start]environmental[blank_end] impacts of their endeavours.
- Aheadquarters
- Bstores
- Cjobs
- Deconomic
- Elow
- Fpoverty
- Genvironmental
18The [blank_start]International Monetary Fund[blank_end] (IMF) was one of two organizations that came from the [blank_start]Bretton Woods[blank_end] meetings. Its purpose is to promote [blank_start]foreign trade[blank_end] by providing short term emergency [blank_start]loans[blank_end] and dependable [blank_start]currency[blank_end] exchange rates as well as getting rid of [blank_start]corrupt[blank_end] governments.
- AInternational Monetary Fund
- BBretton Woods
- Cforeign trade
- Dloans
- Ecurrency
- Fcorrupt
19The [blank_start]currency[blank_end] price of a nation depends on supply and demand relative to other countries. When currency price [blank_start]changes[blank_end], or “floats” around like that it is called “[blank_start]floating exchange rate[blank_end]”. This is the [blank_start]opposite[blank_end] to a fixed exchange rate.
- Acurrency
- Bchanges
- Cfloating exchange rate
- Dopposite
20The [blank_start]North American Free Trade Agreement[blank_end] (NAFTA) is a free trading area covering [blank_start]Canada[blank_end], the [blank_start]US[blank_end], and [blank_start]Mexico[blank_end]. By eliminating [blank_start]tariffs[blank_end] there is higher [blank_start]investment[blank_end] opportunity between the countries. There are pros and cons to this. For instance, thousands of jobs are [blank_start]created[blank_end], but many jobs move out of the [blank_start]US[blank_end] and [blank_start]Canada[blank_end] and into [blank_start]Mexico[blank_end].
- ANorth American Free Trade Agreement
- BCanada
- CUS
- DMexico
- Etariffs
- Finvestment
- Gcreated
- HUS
- ICanada
- JMexico
21A sovereignty is a extreme power or [blank_start]authority[blank_end] that has control of a [blank_start]country[blank_end] with no outside influence.
- Aauthority
- Bcountry
22When tariffs and restrictions are lifted it is called trade [blank_start]liberalization[blank_end]. This helps goods move across borders [blank_start]easier[blank_end] and expands [blank_start]globalization[blank_end].
- Aliberalization
- Beasier
- Cglobalization
23Currency speculation is a way to make a profit off of buying, selling, and holding [blank_start]currencies[blank_end]. Someone who does this looks for [blank_start]favourable[blank_end] fluctuations in exchange rates.
- Acurrencies
- Bfavourable
24Milton [blank_start]Freeman[blank_end] believed in the concept of a free market with [blank_start]little[blank_end] government control. He said that people will [blank_start]adapt[blank_end] to changing markets when they are given the freedom of choice.
- AFreeman
- Blittle
- Cadapt
25[blank_start]Gross Domestic Product[blank_end] (GDP) is one of the factors used to measure the strength of an economy. It represents the value of all goods and services a country makes in a [blank_start]year[blank_end].
- AGross Domestic Product
- Byear
26A [blank_start]maquiladora[blank_end] is a foreign owned factory that is along the border between the [blank_start]US[blank_end] and [blank_start]Mexico[blank_end]. Although it provides millions of [blank_start]jobs[blank_end], the people who work in maquiladoras often have long [blank_start]hours[blank_end], low [blank_start]wages[blank_end] and poor [blank_start]working[blank_end] conditions. This keeps costs [blank_start]low[blank_end] for companies.
- Amaquiladora
- BUS
- CMexico
- Djobs
- Ehours
- Fwages
- Gworking
- Hlow
27A persons ecological footprint is the area of the [blank_start]earths surface[blank_end] required to sustain their activities and [blank_start]waste[blank_end].
- Aearths surface
- Bwaste
28Sustainable prosperity is when someone takes [blank_start]responsibility[blank_end] for the environment in the name of ensuring [blank_start]prosperity[blank_end] for future [blank_start]generations[blank_end].
- Aresponsibility
- Bprosperity
- Cgenerations
29Most ships are made in [blank_start]South[blank_end] Korea, [blank_start]Japan[blank_end], and China in an attempt to lower the costs as ship building is very cost and [blank_start]labour[blank_end] intensive. It takes a big area to build ships which means there’s a high potential for [blank_start]pollution[blank_end] and uses lots of [blank_start]energy[blank_end], water and waste. Toxic [blank_start]chemicals[blank_end] are also leached into the environment.
- ASouth
- BJapan
- Clabour
- Dpollution
- Eenergy
- Fchemicals
30Privatization and [blank_start]nationalization[blank_end] are opposites of each other. The first happens when a government [blank_start]sells[blank_end] a company that own. That service becomes [blank_start]private[blank_end] instead of public. The latter happens when a government [blank_start]buys[blank_end] a company that was originally private. An example of this is the Kindermorgan pipeline.
- Anationalization
- Bsells
- Cprivate
- Dbuys
31[blank_start]Deregulation[blank_end] is the process of removing or reducing regulations and is usually talked about in an economic sense.
- ADeregulation
32A protectionist is someone who advocates for [blank_start]taxes[blank_end] on [blank_start]foreign[blank_end] imports so their country’s industry is protected from foreign [blank_start]competition[blank_end]. Such as when India’s fabric was banned from the British industry.
- Ataxes
- Bforeign
- Ccompetition
33Communication technologies connect people more then ever. It is specifically helpful for [blank_start]e-commerce[blank_end] that is used by Amazon and Ebay, but also a variety of brick-and-mortar stores. Unfortunately, this is restricted to [blank_start]developed[blank_end] countries.
- Ae-commerce
- Bdeveloped
34The [blank_start]Organization for Economic Cooperation[blank_end] [blank_start]and Development[blank_end] (OECD) is an organization that stimulates [blank_start]economic[blank_end] progress and world trade. Many governments work together to [blank_start]promote[blank_end] economic growth, prosperity and development.
- AOrganization for Economic Cooperation
- Band Development
- Ceconomic
- Dpromote
35The [blank_start]Organization of Petroleum Exporting[blank_end] [blank_start]Countries[blank_end] (OPEC) regulates the amount of [blank_start]oil[blank_end] each country can produce. They also have the ability to “[blank_start]turn off[blank_end] the oil taps”. Some countries that are apart of OPEC are Saudi [blank_start]Arabia[blank_end], Iran, and [blank_start]Iraq[blank_end].
- AOrganization of Petroleum Exporting
- BCountries
- Coil
- Dturn off
- EArabia
- FIraq
36Th gold standard is a [blank_start]monetary[blank_end] system solely based on a [blank_start]fixed amount[blank_end] of gold.
- Amonetary
- Bfixed amount
37People who use research, education, new [blank_start]ideas[blank_end], information technologies, and knowledge for practical purposes are part of the [blank_start]Knowledge Economy[blank_end].
- Aideas
- BKnowledge Economy
38Internationalism is a political principal that goes beyond a [blank_start]nation[blank_end] (international). It involves the political and [blank_start]economic[blank_end] cooperation of nations.
- Anation
- Beconomic
39The [blank_start]Human Development Index[blank_end] (HDI) ranks countries based on how successful they are in human development. It consists of [blank_start]4[blank_end] tiers and is a composite measure of [blank_start]life[blank_end] expectancy, [blank_start]education[blank_end], and [blank_start]per capita[blank_end] income indicators.
- AHuman Development Index
- B4
- Clife
- Deducation
- Eper capita
40[blank_start]Stewardship[blank_end] is accepting responsibility for the sustainability of the earth.
- AStewardship
Informationen
- Beschreibung
- Grade 10 Social (Social 10) Quiz am Unit 3 Test, erstellt von Stephanie Macfarlane am 23/05/2019.
- Autor
- Stephanie Macfarlane
- Sprache
- English
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