Wealth - Unit Review

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  • 1/15 Questions

    HDI stands for

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About This Quiz

This 'Wealth - Unit Review' quiz evaluates understanding of globalization, multinational corporations, socialism, fair trade, and economic indicators for different country statuses. It aims to assess knowledge on economic relationships, trade ethics, and societal structures.

Economics Quizzes & Trivia

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  • 2. 

    IMR stands for

    Explanation
    IMR stands for Infant Mortality Rate. This term refers to the number of deaths of infants under one year of age per 1,000 live births in a given population. It is an important indicator of the overall health and well-being of a population, as it reflects the quality of healthcare and the social and economic conditions that influence infant survival. Monitoring IMR helps identify areas that require improvement in healthcare services, nutrition, sanitation, and education to reduce infant mortality and improve the overall health outcomes for infants.

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  • 3. 

    The HDI considered which 3 components?

    • Education, income and industry base development

    • Healthcare, Income and Population

    • Healthcare, Education and Income

    • Technology, Healthcare and Income

    Correct Answer
    A. Healthcare, Education and Income
    Explanation
    The HDI (Human Development Index) is a measure of a country's overall development and well-being. It takes into account three main components: healthcare, education, and income. These factors are considered crucial in determining the quality of life and opportunities available to individuals within a country. By considering these three components, the HDI provides a comprehensive assessment of a country's development level and helps in comparing different countries' progress over time.

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  • 4. 

    The closer to 0 on the HDI, the more developed a country is

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given statement is false. The Human Development Index (HDI) is a measure of a country's development based on factors like life expectancy, education, and income. The HDI ranges from 0 to 1, with 1 indicating the highest level of development. Therefore, the closer a country's HDI is to 1, the more developed it is, not closer to 0.

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  • 5. 

    Which best defines the Gini coefficient

    • Measures the amount of wealth within a country

    • Measures the degree of inequality in the distribution of wealth

    • Measures the total amount of rich people within a country

    Correct Answer
    A. Measures the degree of inequality in the distribution of wealth
    Explanation
    The Gini coefficient is a measure that quantifies the degree of inequality in the distribution of wealth within a country. It provides a numerical value ranging from 0 to 1, where 0 represents perfect equality and 1 represents extreme inequality. This coefficient takes into account the entire wealth distribution rather than just the total amount of rich people. Therefore, it is a more comprehensive measure of inequality than simply measuring the amount of wealth or the number of rich individuals within a country.

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  • 6. 

    The closer to 1 the Gini Coefficient is, the more equality there is with the distribution of wealth

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The Gini Coefficient is a measure of income inequality, not wealth distribution. A Gini Coefficient of 1 indicates maximum inequality, where one person has all the income and everyone else has none. Therefore, the closer the Gini Coefficient is to 0, the more equality there is in the distribution of wealth.

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  • 7. 

    Check all of the goals of fair trade discussed in class

    • Recognize the true cost of labour and production

    • Create quality products

    • Create products at the lowest cost possible

    • Promote social justice and protect children from exploitation

    Correct Answer(s)
    A. Recognize the true cost of labour and production
    A. Create quality products
    A. Promote social justice and protect children from exploitation
    Explanation
    The goals of fair trade discussed in class include recognizing the true cost of labor and production, creating quality products, and promoting social justice while protecting children from exploitation. These goals aim to ensure that workers are paid fair wages, products are made with high standards, and vulnerable populations are safeguarded from harm. By recognizing the true cost of labor and production, fair trade seeks to address the inequalities in the global supply chain. Creating quality products ensures that consumers receive goods that meet certain standards. Promoting social justice and protecting children from exploitation are essential aspects of fair trade, as they prioritize the well-being and rights of workers, especially those who are most vulnerable.

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  • 8. 

    Check the indicators of a developed country

    • Rapid industry growth

    • Weak economy

    • High % below poverty line

    • Loose labour laws

    • Modern Health care

    • poor health care + education

    • High GDP

    • Corrupt government

    • Cheap exports

    • Quality education system

    Correct Answer(s)
    A. Modern Health care
    A. High GDP
    A. Quality education system
    Explanation
    The indicators of a developed country include modern healthcare, high GDP, and a quality education system. Modern healthcare indicates that the country has advanced medical facilities and services to provide its citizens with quality healthcare. A high GDP suggests that the country has a strong and growing economy, indicating a high standard of living for its citizens. A quality education system ensures that the country has well-educated citizens who are equipped with the necessary skills and knowledge for economic and social development. These indicators collectively reflect the overall development and progress of a country.

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  • 9. 

    Select all the "pros" of globalization

    • Inequality between rich and poor

    • Cultural blending

    • Creating relationships between countries

    • Creates jobs

    • Increase in profits

    Correct Answer(s)
    A. Creating relationships between countries
    A. Creates jobs
    A. Increase in profits
    Explanation
    Some can argue that the relationships made between countries is negative, although the idea of the globe trading together is a positive idea.

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  • 10. 

    Check all of the multinational Corporations

    • McDonalds

    • Calvin Klein

    • Wal-Mart

    • Ford

    Correct Answer(s)
    A. McDonalds
    A. Calvin Klein
    A. Wal-Mart
    A. Ford
    Explanation
    These are all examples of multinational corporations. A multinational Corporation are corporations based in one country with other operations in many other countries.

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  • 11. 

    Check all that apply to socialism

    • Free enterprise

    • Classless society

    • Individual needs

    • Leads to a lack of motivation

    • Companies are owned privately

    Correct Answer(s)
    A. Classless society
    A. Leads to a lack of motivation
    Explanation
    Socialism is the economic system where the government owns the means of production, and distributes the wealth, goods and services equally.

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  • 12. 

    Check the indicators of an emerging country

    • Rapid industry growth

    • Weak economy

    • High % below poverty line

    • Loose labour laws

    • Modern Health care

    • poor health care + education

    • High GDP

    • Corrupt government

    • Cheap exports

    • Quality education system

    Correct Answer(s)
    A. Rapid industry growth
    A. High % below poverty line
    A. Loose labour laws
    A. poor health care + education
    A. Corrupt government
    A. Cheap exports
    Explanation
    The given indicators suggest that the country is an emerging economy. Rapid industry growth indicates that the country's industries are expanding quickly, which is a characteristic of emerging economies. A high percentage below the poverty line suggests that there is a significant income disparity in the country, which is common in emerging economies. Loose labor laws indicate that the country may have flexible employment regulations, which can attract foreign investments. Poor healthcare and education systems are often seen in emerging economies due to limited resources. A corrupt government is also a common characteristic of emerging economies. Lastly, cheap exports indicate that the country may have a competitive advantage in certain industries.

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  • 13. 

    Check the indicators of a developing country

    • Rapid industry growth

    • Weak economy

    • High % below poverty line

    • Loose labour laws

    • Modern Health care

    • poor health care + education

    • High GDP

    • Corrupt government

    • Cheap exports

    • Quality education system

    Correct Answer(s)
    A. Weak economy
    A. High % below poverty line
    A. poor health care + education
    A. Corrupt government
    A. Cheap exports
    Explanation
    The indicators of a developing country include a weak economy, a high percentage of people below the poverty line, poor healthcare and education, a corrupt government, and cheap exports. These factors suggest that the country is facing economic challenges, with a large portion of the population living in poverty and lacking access to basic services like healthcare and education. The presence of a corrupt government further hampers development efforts. Cheap exports indicate that the country may rely on low-cost production methods, which can be indicative of a developing economy.

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  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 15, 2016
    Quiz Created by
    GALLEN12
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