Day #4 ACP Review DOL

What is the main goal of globalization?

• To increase local trade only

• To connect economies and cultures worldwide

• To stop international trade

• To reduce communication between countries

Which of the following best defines outsourcing?

• Hiring employees from within the company

• Sending jobs or services to another company, often in another country

• Buying products from a local store

• Selling goods only in your own country

What is a Free Trade Zone?

• An area where trade is restricted

• An area where goods can be imported, stored, and exported without paying customs duties

• A place where only local products are sold

• A region with no businesses

Offshoring refers to:

• Moving business operations to another country

• Selling products at sea

• Hiring only local workers

• Importing goods from other countries

What does specialization mean in economics?

• Producing all types of goods

• Focusing on making one type of product or service

• Selling products in only one country

• Avoiding trade with other countries

Which of the following is a result of changes in trade patterns?

• All countries produce the same goods

• Some countries export more while others import more

• No country trades with another

• Trade laws remain the same forever

A free enterprise economy is characterized by:

• Government control of all businesses

• Private ownership and competition

• No private businesses allowed

• Only one company in the market

What does NAFTA stand for?

• North American Free Trade Agreement

• National Association for Trade Advancement

• North Atlantic Free Trade Area

• National American Financial Trade Association

Which of the following is an example of globalization?

• A local farmer selling only to neighbors

• A company in the USA buying parts from China

• A store refusing to sell imported goods

• A country banning all foreign products

Which country is NOT a member of NAFTA?

• United States

• Canada

• Mexico

• Brazil