Trade, Literacy Rate, Standard of Living, GDP, currency

What are some benefits of being a member country of the European Union?

(choose all that apply)

• member countries trade freely--no tariffs or quotas

• promote peace

• provides opportunity to travel to the United States to attend college

• able to live, work, and travel across member countries

How does imposing a tariff on imported goods encourage citizens to buy domestic products?

• tariff decreases the price of imported goods

• tariff increases price of imported goods

• it limits the amount of goods so it raises prices

• it limits the amount on goods so it lowers prices

The country of Cragin doesn't believe in assigning homework every night, so the country of Cragin refuses to trade with the country of Tharpe.

• quota

• embargo

• tariff

• river

The country of Miller wants to trade with the country of Cragin. The country of Cragin charges a tax for any items imported to its country from the country of Miller.

• embargo

• quota

• mountain

• tariff

Higher _________ = Higher standard of living= Higher GDP

Trade barrier that limits the amount imported

the percentage of people that can read and write

• standard of living

• literacy rate

• GDP

• GDP per capita

Having a common currency makes it easier to trade. What is the common currency most EU member countries use?

• pound

• ruble

• dollar

• euro

Typically, developed and industrialized countries have high____.

(choose all that apply)

• literacy rates

• GDP

• populations

• standard of living

Which best describes GDP per capita?

• amount of goods and services produced in one year

• the amount of people who can read and write

• how well people live

• amount of goods and services divided by total population