Question 6 Which of the following economic goals focuses on equal opportunities

Question

Question 6 Which of the following economic goals focuses on equal opportunities for education? (5 points)

-Equity

-Freedom

-Growth

-Security

Question 7 Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city -hospital. Marcel's economic decisions benefit the goal of efficiency by (5 points)

-making his own job

-related decisions

-paying back loans to reduce the debt

-contributing to the nation's productivity

-taking advantage of equal opportunities

Question 8 Two countries produce milk and dairy products efficiently. Neither has an absolute advantage. However, Country A exports milk to Country B, and Country A imports cotton from Country B. Which of the following is inferred? (5 points)

-The opportunity cost of producing milk is lower for Country A.

-The opportunity cost of producing cotton is higher for Country B.

-Country A has a natural resource advantage in cotton.

-Country B has a natural resource advantage in milk.

Question 9 Worker hours to produce one unit of natural gas Worker hours to produce one unit of oil Brazil 4 9 Argentina 2 10 Mexico 3 7 United States 1 6 According to the chart, which -country has the comparative advantage in oil production? (5 points)

-Brazil

-Mexico

-Argentina

-United States

Question 10 The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? (5 points)

-Indonesia, as a developed country, has a highly paid and experienced workforce

-Indonesia, as a developing country, has a less advanced manufacturing infrastructure

-The United States, as a developing country, has a high comparative advantage in manufacturing.

-The United States, as a developed country, has a lower cost of living than Indonesia

Question 11 A group of nations establishes a free-trade zone. What is the most likely effect? (5 points)

-Cost of trade increases

-Exports decrease

-Imports decrease

-Trade increases

Question 12 The United States may have a tariff on cotton products from China in order to (5 points)

-prevent Chinese manufacturers from losing profit because of low prices

-protect the business of the American cotton growers and manufacturers

-stop trade due to political disagreement on economic policy

-promote sales in the United States of cotton products from China

Question 13 A Chinese international salesperson hoping to increase exports to the U.S. may worry about inflation of the U.S. dollar because the inflation may (5 points)

-increase the United States' supply of Chinese products

-decrease tariffs on Chinese products sold to the United States

-increase taxes on the United States' products sold to China

-reduce the United States' demand for Chinese products

Question 14How would a strong U.S. dollar impact the trade of grain produced in the United States? (5 points)

-U.S. grain exports decrease

-U.S. grain exports increase

-U.S. grain imports decrease

-U.S. grain imports stagnate

Question 15 Which of these can be a result of inflation? (5 points)

-Businesses grow cautious about spending

-The government has to cut spending

-The price of household items increases

-Workers benefit from a lower cost of living

Question 16 If the inflation rate increases faster than their income, people will most likely (5 points)

-use a higher proportion of their incomes on basic needs

-spend a lower proportion of their incomes on basic needs

-get more goods and services for less money

-obtain less goods and services for less money

Question 17 To increase your standard of living, your wages must (5 points)

-rise faster than the inflation rate

-rise more slowly than the inflation rate

-keep pace with the inflation rate

-have a negative inflation rate

Question 18 Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? (5 points)

-The European Union's free-trade agreements are with all of the most developed nations in the world.

-The European Union's free-trade agreements include agreements with both developed and developing nations.

-The European Union's free-trade agreements focus on nations with access to overland trade routes

. -The European Union's free-trade agreements focus on the Southern Hemisphere, as distant countries have access to goods not grown in Europe.

Explanation / Answer

6-Growth focusses on equal opportunities for education because education would create skilled manpower and an efficient human resource which would trigger production process in the economy, which, in turn, increase growth rate.

7-In this question, the goal of efficiency is surely benefitted by contributing to the nation's productivity (no other option is directly related to efficiency)

8-from the question, it is inferred that the opportunity cost of producing milk is lower for country A, that means the country  has a comparative advantage over another in producing milk because they can produce it at a lower relative opportunity cost or autarky price in comparison to country B.

9. THE CHART IS NOT CLEARLY SPECIFIED

10.  The reason could be -Indonesia, as a developing country, has a less advanced manufacturing infrastructure (other reasons could be clearly stress on comparative advantage of the country)

11. When a group of nations establishes a free-trade zone, the most likely effect would be increase in trade because free-trade zone would create more opportunities for growth of trade.

12. The United States may have a tariff on cotton products from China in order to protect the business of the American cotton growers and manufacturers (policy of protectionism)

13. A Chinese international salesperson hoping to increase exports to the U.S. may worry about inflation of the U.S. dollar because the inflation may reduce the United States' demand for Chinese products (inflation would have reduced the purchasing power of consumers due to high prices and hence the demand would have been decreased)

14. U.S. grain exports increase due to strong U.S. dollar

15. The price of household items increases as a result of inflation

16. If the inflation rate increases faster than their income, people will most likely use a higher proportion of their incomes on basic needs ( naturally, fulfilment of basic needs comes first in terms of priorities of consumer)

17. To increase your standard of living, your wages must rise faster than the inflation rate (if the wages rise faster than the price rise, then only a higher standard of living could be maintained)

18. Map is not provided in the question....

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