Level 1
Which statement below DOES NOT apply to the World Trade Organization (WTO)?:
A. settles trade disputes
B. criticized for effect on workers
C. organizes negotiations and trade rules
B. Criticized for effect on workers
If Mexico removed all tariffs, embargos, subsidies and quotas. What is MOST LIKELY to happen to the value of the peso?:
A. Depreciate
B. stay the same
C. go up
D. Fluctuate rapidly
A. Depreciate
The lowest point of the business cycle is known as the:
Trough
Nations who work together internationally across barriers of distance, culture and technology are participating in?:
Globalization
What 2 factors influence the flexible exchange rate used by most of the worlds countries?:
A. Quantity and quality
B. Supply and demand
C. Surplus and scarcity
D. Wants and needs
B. Supply and demand
A country that makes a product more efficiently would then do this for other countries:
A. import the product from another country
B. export the product to another country
C. tax the product
D. ban the product
B. Export product to another country
Trade will MOST LIKLEY occur when two countries have a(n) _______ ________ against each other
A. embargo act
B. price incentive
C. levy law
D. comparative advantage
D. Comparative advantage
The _______ deals with issues surrounding false advertising and product claims:
A. FDA
B. FTC
C. FCC
D. AAA
FTC (federal trade commission)
Founder of Socialism and Communism:
A. Friedrich Engels
B. Adam Smith
C. Karl Marx
D. John Locke
C. Karl Marx
What is the danger of specialization?
A. You become too good at producing something
B. You have to pay your workers more
C. You have to tax the product more
D. You rely on one product to0 much
D. You rely on one product to much