21. The EU is an example of a trading bloc, or _______, that has a common external tariff
and no internal tariffs, and that coordinates laws to facilitate trade between member
countries.
A. strategic alliance
B. joint venture
C. common market
D. multinational export assistance center
22. The five factors of production include land, _______, capital, entrepreneurship, and
_______.
A. effort; education C. energy; application
B. knowledge; effort D. labor; knowledge
23. When the value of exports from a country exceeds the value of imports into that
country, there’s
A. a trade surplus. C. an imbalance of trade.
B. no balance of payments. D. a trade deficit.
24. The number of businesses owned by immigrants, minority groups, and women has
_______ in recent years.
A. declined C. increased
B. stabilized D. been dramatically reduced
25. The _______ denotes a common pattern wherein there’s a period of rapid growth in
the economy when supply and demand stimulate each other, alternating with a period
of decline accompanied by diminishing demand and supply.
A. macroeconomic system C. unemployment rate
B. free market system D. business cycle
21.C
22. either B or D but i believe D
23.A
24.C
25.B
number 22 is D.
25. D
These are the correct answers:
21. C. common market
22. D. labor; knowledge
23. A. a trade surplus
24. C. increased
25. D. business cycle
To find the answer to question 21, we can eliminate options A, B, and D as they do not accurately describe the EU. The correct answer is C, a common market, as it describes a trading bloc with a common external tariff, no internal tariffs, and coordinated laws to facilitate trade between member countries.
For question 22, the five factors of production are land, labor, capital, entrepreneurship, and knowledge. Since option D includes labor and knowledge, it is the correct answer.
To determine the answer to question 23, we can eliminate options B and C as they do not accurately describe a trade surplus. A trade surplus occurs when the value of exports exceeds the value of imports, so the correct answer is A.
To find the correct answer to question 24, we need to consider recent trends. The number of businesses owned by immigrants, minority groups, and women has increased in recent years, making option C the correct answer.
To answer question 25, we can eliminate options A, C, and D as they do not accurately describe the described pattern. The correct answer is B, a business cycle, as it refers to the alternating periods of rapid growth and decline in the economy that lead to fluctuations in supply and demand.