Civics Today: Citizenship, Economics, & You

Chapter 26: Comparing Economic Systems

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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