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WGU D270 Final Exam Quizzes & Ans!!
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WGU D270 Final Exam Quizzes & Ans!!
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Name: Score:91 Multiple choice questions
Definition 1 of 91
requires an importer to apply to a government agency to secure the foreign currency to pay for
the product
command economy
foreign-exchange control
currency devalutation
quota
Definition 2 of 91
mostly private ownership of resources
capitalism
market economy
mixed economy
command economy
Definition 3 of 91
tariffs that are collected by importing country, most common
subsidy
transit tariff
import tariff
import quota
,Term 4 of 91
ad valorem duty
a tariff assessed a percentage of the item's value
applies the visible hand of the state, central planning, and collectivism
another name for a tariff
a specific type of quota that prohibits all trade
Definition 5 of 91
another name for a tariff
quota
tariff
subsidy
duty
Definition 6 of 91
debt owed to foreign creditors and denominated in foreign currency; results when a government
borrows money from lenders outside the country
external debt
intellectual property rights
stakeholder
state capitalism
,Term 7 of 91
base of the pyramid
the largest, but poorest, socioeconomic group in the world; the billions of poor people that
are seen as inaccessible and unprofitable yet arguably represent the next market frontier
of the global economy
estimates the extent to which a government constrains free choice and free enterprise for
reasons that go beyond the need to protect property, liberty, safety, and efficiency
the broadest measure of a country's economy. It measures the value of all production in the
domestic economy together with the income that the country receives from other
countries, minus similar payments it has made to other countries.
the government owns and controls resources, commanding the authority to decide what
products to make in what quantity, at what price, and in what way
Definition 8 of 91
state that a foreign producer will lower its prices if the importing country places a tax on its
products
effective tariff
deflation
essential-industry argument
optimum-tariff theory
, Term 9 of 91
dumping
applies the invisible hand, laissez fair, property rights, and individualism
a practice when companies sometimes export below cost or below their home-country
price
the most common type of trade control, a tax that governments levy on a good shipped
internationally
increasing the money supply and reducing taxed to accelerate economic activity - to
combat deflation
Definition 10 of 91
bias toward large-scale, capital-intensice production
mixed economy
command economy
capitalism
market economy
Definition 11 of 91
a variation of an import quota, essentially country A asks country B to reduce its companies
exports to country A, otherwise theyll impose a tariff or something
purchasing power parity (ppp)
export embargo
gross national product (gnp)
voluntary export restraint (VER)
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