Chapter 26:
Comparing Economic Systems
1.
A good produced in the United States and sold elsewhere is
a(n) __________.
a.
export
b.
import
c.
comparative good
d.
quota
2.
When a country can produce a good at a lower opportunity cost than another, it has a(n) __________.
a.
absolute advantage
b.
exchange advantage
c.
comparative advantage
d.
external advantage
3.
A tax on imports is a(n) __________.
a.
quota
b.
joint venture
c.
advantage
d.
tariff
4.
The new currency of the European Union is the __________.
a.
franc
b.
pound
c.
euro
d.
lire
5.
In the 1990s, the United States, Mexico, and Canada signed the __________.
a.
North American Union
b.
North American Free Trade Agreement
c.
Union of Free Trade in the Americas
d.
Pan-American Union Agreement
6.
To determine the price of a U.S. dollar in terms of the Japanese yen, you would need to know the __________.
a.
exchange rate
b.
currency evaluator
c.
Federal Reserve evaluation system
d.
International Monetary Fund system
7.
A market economy is also known as __________.
a.
communism
b.
socialism
c.
capitalism
d.
nihilism
8.
The German thinker who believed the proletariat would revolt against the capitalists was __________.
a.
Nietzsche
b.
Hegel
c.
Barth
d.
Marx
9.
The Soviet Union collapsed in __________ because Communist leaders could no longer keep the economy going.
a.
1976
b.
1985
c.
1989
d.
1991
10.
Many developing countries with __________ economies are trying to shift to market economies.
a.
traditional
b.
socialist
c.
capitalist
d.
command
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Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
Unit 7
Unit 8
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
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