1) Which of the following economic institutions aids less developed countries by providing loansfor economic development?United Nations Development ProgramWorld BankInternational Monetary FundFederal...

1) Which of the following economic institutions aids less developed countries by providing loansfor economic development?United Nations Development ProgramWorld BankInternational Monetary FundFederal Reserve Board2) The International Monetary Fund assists countries by providingmoney.food and clothing.advice and technical assistance.portable housing.3) Which of the following countries is NOT a developed nation?United StatesCanadaAustraliaMexico 4) Which of the following is NOT a characteristic of a developed country?low life expectancyhigh literacy ratesmany educated peoplelow unemployment5) What is it called when countries block the importation of certain products into their country?importation blockadetrade barriertrade inhibitordomestic protection act6) Which of the following is NOT a major import of the United States?vehiclesclothingpower-generating machineryairplane parts7) Which of the following is NOT a major export of the United States?agricultural productsscientific instrumentstelecommunication equipment electrical machinery8) What is it called when a country can produce an item at a lower opportunity cost?absolute advantageefficient advantagecomparative advantageconsistent advantage9) Which exchange rate system has made international trade easier and allows for fluctuationsin currency values on a day-to-day basis?fixed exchange rate systemvariable exchange rate systemsecure exchange rate systemflexible exchange rate system10) Which of the following countries is NOT involved in the North American Free TradeAgreement?United StatesMexicoNicaraguaCanada11) One goal of the United Nations Development Program is to rid the world of poverty. TrueFalse12) The World Bank gets its funds through the sale of bonds in financial markets.TrueFalse13) Countries are required to make donations to the World Bank.TrueFalse14) In developed countries, a large percentage of the population is made up of subsistencefarmers.TrueFalse15) Tariffs are taxes placed on imported goods.TrueFalse16) Japan is a major trading partner of the United States.TrueFalse17) Technology assistance is one U.S. export.TrueFalse18) Countries trade primarily to foster diplomatic relations between each other.True False19) Fixed rate exchange systems are calculated according to supply and demand.TrueFalse20) Countries that have a traditional economy often develop at a faster pace than free marketeconomy countries.TrueFalse21) In an essay of at least two well-developed paragraphs, explain the global benefits ofinternational trade and multinational corporations.22) In complete sentence format, explain (a) two of the three types of trade barriers, (b) thereasons why countries sometimes establish trade barriers, and (c) the effects trade barrierssometimes have on the economy.23) In an essay of at least two well-developed paragraphs, analyze four of the factors that canaffect economic development in some countries.24) In an essay of at least two well-developed paragraphs, explain why countries enter into freetrade agreements. Provide the names of three trade agreements and provide a brief descriptionof each. The Reciprocal Trade Agreement Act, North American Free Trade Agreement, andThe World Trade Organization.25) In an essay of at least three well-developed paragraphs, (a) explain one economic difficultyfor people traveling and conducting business between countries, and (b) describe the twoexchange rate systems and how they function in alleviating these problems.