Which of the following is not a developed country:
Japan, Germany, Mexico, United States
Mexico
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20
All of the following are advantages of forming economic unions EXCEPT:
a. access to larger markets.
b. value of money increases
c. access to resources
d. more efficient industries.
value of money increases.
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10
IMF
International Monetary Fund
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15
In economics, what is meant by the term productivity?
A. a measure of what is produced and what is required to produce it
B. the level at which a person, group, or nation lives
C. the percentage of the labor force that is employed
A. a measure of what is produced and what is required to produce it
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15
Which of the following is an example of a nonrenewable resource?
A. water C. trees
B. coal D. wind
B. coal
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20
Which term refers to a group of countries that trade with each other with few quotas or tariffs?
free trade
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WTO
World Trade Organization
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15
True or False: Developing countries have high infant mortality rates, high birth rates, and low levels of education.
True
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20
In which type of economy are the production and distribution of resources controlled by the government?
command economy
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25
_______ is the total value of all goods and services produced in a country during a single year.
gross domestic product (GDP)
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20
Money, buildings, machines, and tools are all considered what type of resource?
Capital
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15
True or False: Natural gas, petroleum, and coal are all considered fossil fuels.
True
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15
A country sending to another country a product that it is able to produce.