Answer: The Global Economy Unit test
1. wheat and soybeans
2. The country could only achieve this through trade.
3. Advances in technology have led to lower costs, which leads to lower prices. These lower prices push smaller, less profitable farms out of business.
4. tariff
5. The subsidy will increase exports of lumber because it will effectively raise lumber prices for both domestic consumers and domestic producers.
6. Widget Town is now a monopoly. It can raise its prices to earn a larger profit.
7. to reduce tariffs among member countries
8. International trade agreements usually mitigate protectionist trade policies by reducing barriers to trade.
9. -intellectual property rights
-agricultural trade
10. Territorial sovereignty is the right of a country to exercise its authority within its political boundaries.
11. The expectation of an appreciating euro increases the demand for euros and decreases the supply of euros on the foreign exchange market. The result is a higher exchange rate in the near future.
12. - infant mortality rate
- life expectancy
13. Country B is more developed because it produces $2,000 per person, while Country A only produces $1,500 per person.
14. Domestic investors direct capital to foreign countries through the purchase of securities issued by foreign entities.
15. The United States and China differ in how evenly income is distributed among individuals.
16. - an increase in the value of knowledge and information
- technological advancement
17. Consumers in both countries will benefit. Oil producers in Canada and auto part manufacturers in the U.S. will benefit. Oil producers in the U.S. and auto part manufacturers in Canada will be at a disadvantage.
18. Essay
Explanation:
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