← Week 5 Test Test
5 Written Questions
5 Matching Questions
- Consumer Price Index (CPI)
- Other Countries influence on Cultural Imperialism
- Benjamin Franklin
- Balance of Trade
- a Quote "No nation was ever ruined by trade"
- b The US government tracks changes in price levels with CPI, which measures the monthly average change in prices of goods and services.
- c Salsa dancing, Pokeman, Soccer, Ultra-lightweight cell phones, Import Beers, U2
- d The rising prices caused by a combination of excessive consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production.
- e The difference between its exports and imports.
5 Multiple Choice Questions
- The law of supply states that the higher the price, the larger the quantity supplied. The quantities the sellers will offer for sale, regardless of demand.
- These limit the amount of a products that can be imported over a specified time period. These also prevent dumping.
- Another form of Administrative Trade Restriction. Imposed through central banks or government agencies to regulate the buying and selling of currency to shape foreign exchange in accordance with national policy.
- Taxes, surcharges, or duties on foreign products (imported goods).
- The study of small economic units such as individual consumers, families, and businesses.
5 True/False Questions
Size of the Marketplace → The US population is growing larger; The US population growth rate is slowing from past years; The US population is becoming more diverse.
Non Tariff Barriers (Administrative Barriers) → The US government tracks changes in price levels with CPI, which measures the monthly average change in prices of goods and services.
Oligopoly → The type of market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.
Foreign Corrupt Policy Act → Forbids US companies from bribing foreign officials, political candidates, or government representatives.
Gross Domestic Product (GDP) → The sum of all goods and services produced within its boundaries. The GDP is based on total national output divided by the total number of citizens.