| A | B |
|---|
| What is international trade? | the exchange of goods and services between countries |
| Which is NOT a reason for importing an agricultural crop? | The crop can be produced in your own country more cheaply. |
| Which types of products do other countries mostly buy from the U.S.? | toys |
| Switch to edit mode | the difference in value of a country's imports and exports |
| Which is NOT true about specialization? | Specialization is bad for a country's economy or standard of living. |
| Which country is NOT matched with its standard currency? | Canada - dollar |
| Which is a way you pay for goods and services? | currency |
| Which is true of currency trading? | Currency is bought and sold on the foreign exchange market. |
| How can you compare exchange rates? | If a country's currency is higher than another's, it has more buying power. |
| Which is a benefit of countries competing in the same market? | Competition forces businesses to become more efficient, innovative, and productive. |
| Which is NOT true of countries with protectionist policies? | Foreign trade of any kind is prohibited. |
| Which term refers to a tax placed on imported goods? | quota |
| Which is a disadvantage to free trade? | Foreign markets can threaten domestic markets. |
| Which is NOT true of forming trade alliances? | Everyone agrees that making alliances is a positive thing. |
| Which is NOT a country involved in NAFTA? | Dominican Republic |
| What are the three levels of government in the United States? | federal, state, and local |
| To what does the term intrastate commerce refer? | business that takes place within a state |
| What is the biggest difference between a monopoly and an oligopoly? | An oligopoly is formed by a small number of companies rather than just one. |
| Which is NOT true of a monopoly? | The government can not stop or regulate a monopoly once it is has been formed. |
| What is breach of contract? | when someone fails to live up to the terms of a contract |
| Which gives you a legal right to own a song that you have written? | copyright |
| For how long are you protected from someone copying yur patented invention without asking for your permission? | 20 years |
| How is a trademark different from a copyright or a patent? | A trademark is strongly associated with and identifies a product or a company. |
| What does the FDA do? | It regulates the production and sale of drugs. |
| Which is NOT an aspect of the government's role in society? | promoting social welfare |
| Which is an example of a public good? | a highway |
| Which is NOT a way the government gets revenue? | transfer payments |
| Which is NOT true of the U.S. government? | It does not encourage the development of small businesses. |
| Which is an example of something the local government pays for? | local streets |
| Which is the temporary elimination of a tax in order to encourage an activity? | tax incentive |
| Funds set aside for emergencies, such as a rush withdrawal, are called __ . | reserves |
| Printing and maintaining U.S. paper currency is the responsibility of the _____. | Federal Reserve |
| The Federal Reserve System has ______ districts. | twelve |
| Not-for- profit banks set up by organizations for their customers to use are called _____. | credit unions |
| Commercial banks are often called _____ banks. | full-service |
| A loan used to buy a house is called a __ . | mortgage |
| If you store money in a savings account you will likely earn ____. | interest |
| The money you put into your savings account is called a ____. | deposit |
| Making a copy of a $100 bill with the intention of using it to make a purchase is an example of __. | counterfeiting |
| Currency and coins are available in multiple denominations because money needs to be ____. | divisible |
| Modern society uses coins, currency, checks, and debit cards as part of the ___ system. | monetary |
| Anything that is generally accepted as a measure of value and of wealth is called a ___. | medium of exchange |
| Trading goods or services directly for other goods and services is called ___? | bartering |
| A standard of value and means of exchange or payment is called __. | money |
| Definition: Organization for managing money. | financial institution |
| Definition: A record of how much money a person has put into and taken out of a bank. | bank accounts |
| Definition: Financial intuitions that offer a full range of banking services. | commercial banks |
| Definition: Something valuable put up for a bank loan that the bank can take if the borrower fails to pay. | collateral |
| Definition: Money taken out of a bank account. | withdrawal |
| Definition: The transfer of money from one account to another using computers. | electronic funds transfer |
| NAFTA combines the economies of the United States, Mexico, and _____. | Canada |
| _____ usually are used for political or military reasons. | Embargos |
| _____ occurs when there are few or no limits on trade between countries. | Federal Trade |
| Protectionism is the practice of the government putting _____ on foreign trade to protect businesses at home. | limits |
| When a country exports more than it imports, it has a trade _____. | surplus |
| In July 2006, U.S. exports to Mexico were worth $15 million and imports were worth $10 million. During that month, the United States had an unfavorable _____ with Mexico. | balance of trade |
| A balance of trade is the difference in ______between a country’s imports and exports over a period of time. | value |
| _____ trade involves the exchange of goods and services between nations. | International |
| The development of global economy is often called ______. | globalization |
| Which term refers to the price relationship between the currencies of two different countries? | exchange rate |
| Which term refers to products sold by one country to another? | export |
| Which term refers to company that has offices and conducts business in many countries? | multinational corporation |
| Which term refers to a tax placed on imported goods? | tariff |
| What is a balance of trade? | the difference in value of a country's imports and exports |
| Credit union customers are called _____. | members |
| Not-for- profit banks set up by organizations for their customers to use are called _____. | credit unions |
| The Small Business Administration offers _____ to people who want to open small businesses. | advice |
| Commercial banks are often called _____ banks. | full-service |
| A loan used to buy a house is called a __ . | mortgage |
| If you store money in a savings account you will likely earn ____. | interest |
| The money you put into your savings account is called a ____. | deposit |
| Making a copy of a $100 bill with the intention of using it to make a purchase is an example of __. | counterfeiting |
| Currency and coins are available in multiple denominations because money needs to be ____. | divisible |
| Modern society uses coins, currency, checks, and debit cards as part of the ___ system. | monetary |
| Anything that is generally accepted as a measure of value and of wealth is called a ___. | medium of exchange |
| Trading goods or services directly for other goods and services is called ___? | bartering |
| A standard of value and means of exchange or payment is called __. | money |
| Definition: A place at the bank to store valuable items. | safe-deposit box |
| Definition: Organization for managing money. | financial institution |
| Definition: A record of how much money a person has put into and taken out of a bank. | bank accounts |
| Definition: The central bank of the United States. | Federal Reserve System |
| Definition: Financial intuitions that offer a full range of banking services. | commercial banks |
| Definition: Something valuable put up for a bank loan that the bank can take if the borrower fails to pay. | collateral |
| Definition: Exchanging goods and services for other goods and services indirectly using money. | monetary system |
| Definition: Money taken out of a bank account. | withdrawal |
| Definition: Money put into a bank account. | deposit |
| Definition: The transfer of money from one account to another using computers. | electronic funds transfer |
| Definition: Property put up for a loan that the lender can take if the loan is not repaid. | mortgage |
| Definition: Anything that people accept as a standard of payment. | money |
