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Economical Systems Review

Economical Systems Review. Unit 2. Review. The ____ is the difference between the value of a nation’s exports and its imports. a. trade surplus b. balance of trade c. exchange rate d . trade barrier. Review.

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Economical Systems Review

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  1. Economical Systems Review Unit 2

  2. Review • The ____ is the difference between the value of a nation’s exports and its imports. • a. trade surplus • b. balance of trade • c. exchange rate • d. trade barrier

  3. Review • ____ is a country’s ability to produce a good at a lower opportunity cost than another country can. • a. Quota • b. Tariff • c. Comparative advantage • d. Productive capacity

  4. Review • The WTO is an international organization that • a. institutes trade barriers. • b. sets discount rates. • c. oversees trade. • d. sets the exchange rate.

  5. Review • This organization allows for the free movement of goods, services, and workers among 15 countries. • a. EU • b. WTO • c. WWF • d. NAFTA

  6. Review • What is the name for a system in which private citizens own the factors of production? • a. mixed economy • b. traditional economy • c. command economy • d. market economy

  7. Review • ____ goods give Americans access to products they might not have otherwise been able to enjoy. • a. Imported • b. Exported • c. Quota • d. Domestic

  8. Review • A small percentage of goods produced in the United States are ____, or sold to other countries. • a. exported • b. tariffed • c. traded • d. imported

  9. Review • What combines basic elements of a pure market economy and a command economy? • a. traditional economy • b. mixed economy • c. market economy • d. command economy

  10. Review • ____ is the belief that the means of production should be owned by society, either directly or through the government. • a. Capitalism • b. Fascism • c. Socialism • d. Communism

  11. Review • A ____, or customs duty, is a tax on an imported good. • a. quota • b. tariff • c. trade barrier • d. restriction

  12. Review • What eliminated all trade barriers among the United States, Canada, and Mexico? • a. NAFTA • b. WTO • c. NASCAR • d. EU

  13. Review • Which of the following is a result of a trade deficit? • a. communism fails • b. trade is balanced • c. the currency gains value • d. the currency loses value

  14. Review • The ____ is the price of one nation’s currency in terms of another nation’s currency. • a. currency trade • b. exchange rate • c. currency rate • d. free trade

  15. Review • What is a limit placed on the amount of foreign goods imported? • a. tariff • b. key trade • c. sanction • d. quota

  16. Review • A country has a trade ____ when the value of the products it imports exceeds the value of the products it exports. • a. surplus • b. barrier • c. deficit • d. balance

  17. Review • What is the belief in a classless, ungoverned society in which property would all be held in common? • a. capitalism • b. socialism • c. communism • d. fascism

  18. Review • A ____ is a system in which the major economic decisions are made by the central government. • a. mixed economy • b. traditional economy • c. command economy • d. market economy

  19. Review • This measure expresses GDP in terms of each person in a country. • a. per capita GDP • b. real GDP • c. balanced GDP • d. market GDP

  20. Review • What term refers to a system in which things are done “the way they have always been done.” • a. mixed economy • b. command economy • c. market economy • d. traditional economy

  21. Review • ____ refers to convincing countries not to pass laws that block or limit trade. • a. Free trade • b. Market economy • c. Developing economy • d. Economic diplomacy

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