Economics Topic 10 Review Questions with Correct Answers (Grade
A+)
Question 1: What effect has globalization had in regards to the computerization of stock trading?
Answer: globalization
Question 2: What year did the US have the largest trade deficit?
Answer: 2005
Question 3: What do you call it when a company moves jobs overseas?
Answer: offshoring
Question 4: What country have oil imports to the US grown the most since 2005?
Answer: Canada
Question 5: What must workers do to remain competitive in a global economy?
Answer: continually advance their skills and education
Question 6: How do you compute opportunity cost when a worker makes two products?
Answer: .5 towel
Question 7: What is used to measure growth in human capital?
Answer: literacy rate
Question 8: What has happened to tariffs in the US from 1930 to present?
Answer: the government has decreased tariff rates more often than it has increased them since 1930
Question 9: Why did Europe adopt the Euro?
Answer: it simplifies trade and makes purchasing goods in neighboring countries easier
Question 10: What measurements are used to determine if a country is a developed nation?
Answer: it has a high GDP per capita
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A+)
Question 1: What effect has globalization had in regards to the computerization of stock trading?
Answer: globalization
Question 2: What year did the US have the largest trade deficit?
Answer: 2005
Question 3: What do you call it when a company moves jobs overseas?
Answer: offshoring
Question 4: What country have oil imports to the US grown the most since 2005?
Answer: Canada
Question 5: What must workers do to remain competitive in a global economy?
Answer: continually advance their skills and education
Question 6: How do you compute opportunity cost when a worker makes two products?
Answer: .5 towel
Question 7: What is used to measure growth in human capital?
Answer: literacy rate
Question 8: What has happened to tariffs in the US from 1930 to present?
Answer: the government has decreased tariff rates more often than it has increased them since 1930
Question 9: Why did Europe adopt the Euro?
Answer: it simplifies trade and makes purchasing goods in neighboring countries easier
Question 10: What measurements are used to determine if a country is a developed nation?
Answer: it has a high GDP per capita
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