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UB GEO 103LEC - geo 103 extra credit

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Exam 4: Extra Credit1. What does GDP per capita measure?A) the sum of domestic goods, after the Gini coefficient is taken into accountB) the projected level of development multiplied by the current wealth of a countryC) the monetary value of the people, resources, and industrial output of a countryD) total of the value of goods and services produced by a national economy divided by its populationE) the amount of international trade that takes place for a country in a given year 2. What does GDP fail to measure?A) value of goods (such as mining ores)B) value of low-skill services (such as data entry)C) value of high-skill services (such as banking and accounting)D) barter, subsistence production, and household domestic laborE) It fails to measure all of the above.3. What is the best description of activities of the secondary sector?A) assembling raw materials and manufacturingB) extraction of materials from the earthC) provision of services, including wholesaling and retailing, and transportationD) management of informationE) none of the above4. What is NOT a characteristic problem of less developed countries?A) Lack of natural resourcesB) Rapid population growthC) Low labor productivityD) Lack of capital and investment5. What are terms of trade?A) The series of international agreements that a country agrees to abide to in the world economyB) The relative values of its exports and importsC) The network of functions that connect a country to the international economyD) Laws that a country must skirt if it is to make a profitE) The surplus items that a country has available for export6. According to the chart below, state which country has a comparative advantage in each product and an absolute advantage in each product. US UKWheat (bushels/hour) 6 1Cloth (yards/hour) 4 2Comparative advantage in wheat: __United States______Comparative advantage in cloth: ___United Kingdom_______Absolute advantage in wheat: __United States____Absolute advantage in cloth: __United States_____7. Which theory is a double comparison between products and countries?A) CompetitiveB) ComparativeC) AbsoluteD) All of the above8. If the U.S. increases its purchases of Japanese goods, then demand for the yen will [increase/decrease]. The Japanese yen will [appreciate/depreciate] and the U.S. dollar will [appreciate/depreciate]. 9. Each of the following are ways for a country to manipulate currency and lower its currency value except:A) Increase money supplyB) Lower interest ratesC) Increase interest ratesD) All of the above are ways to lower currency value10. Which of the following is a drawback of FDI?A) Repatriations to home countryB) Enclave developmentC) Transfer of low-grade technologyD) All of the aboveE) None of the above11. Why do firms outsource?A) Cope with occasional surges in demandB) Diversification of riskC) Cost savingD) All of the above12. EPZ stands for: ___Export Processing zones__In China, EPZs are referred to as: ___Special Economic Zones_____In Mexico, EPZs are referred to as: _Maquilas______13. What is one measure of economic growth? ___Real National Income_____What is one measure of economic development? __Improvement in Quality of Life_____14. What are two of the Sustainable Development Goals (SDGs)?(1)_____No Poverty_______(2)_____Affordable and Clean Energy___________15. What are the two main countries involved in the currency war?(1)____United


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