Eco. Unit 1 Quiz 2

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Swiss chocolates and Japanese electronics are shipped into harbors around our country every week. We call these products brought in from other countries. __
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Imports
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A tax on imported goods
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Tariff
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affluence or superabundance
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Prosperity
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strategy used to entice the consumer to make a purchase
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Sales tactic
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adding up the value of all of a nation’s goods and services in a given year
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Gross National Product
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When American cars sales were suffering due to _____ imports, the government instituted an exchange rate.
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Japanese
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Both K-Mart® and Wal-Mart® businesses battle for the consumer’s purchasing choices. They are engaged in a healthy _______
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Competition
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South African diamond mining companies use some of the diamonds they mine in their drill bits. The diamonds that are used for that purpose are known as _____
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Capital Goods
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The strength of the dollar against foreign currencies is known as the:
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Exchange Rate
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Saudi Arabia enjoys wealth from its vast oil fields. This country is still enjoying great _________
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Prosperity
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organized fellowships of workers with similar work experience or talents
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Unions
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a workplace where only union members may be hired
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Closed Shop
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to encircle a plant or confront a plant entrance with unionists carrying signs or placards expressing their concerns
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Picket
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laws which regulate or curtail business monopolies or dominant financial organizations
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Anti-Trust laws
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an organized work stoppage and walkout
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Strike
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A member of a feudal class in Europe which was owned by the heads of the estates where they worked
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Serfs
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Cities such as Venice and Genoa that became hubs of economic activity in Europe were known as
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Trading Centers
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During medieval times, the Western countries were largely composed of manorial
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Estates
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______ designed the first all-iron bridge constructed in England and his factory cast the iron for it.
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Wilkinson
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The CIO, or Congress of Industrial Organization, was started in ____
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1936
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Burghers
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townspeople of the Middle Ages.
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Lands owned by a nobleman or lord for whom the serfs labored and to whom they owed their allegiance.
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memorial estates
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the regional collection of markets and tradesmen for the purpose of purchasing goods and services
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medieval fair
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cities such as Venice and Genoa that became hubs of economic activity in Europe.
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Trading centers
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a member of a feudal class in Europe who were owned by the heads of the estates where they worked.
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Serfs
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the financial standing which finds a person in the median income range; not poor but not rich.
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Middle Class
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Two of the largest CIO unions are the:
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United Automobile, Aerospace and Agricultural Implement Workers of America ® United Steelworkers of America
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the act of keeping accounts, balances, and transactions of a business
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Bookkeeping
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end of the Middle Ages brought about in the quest for new trade routes and raw materials is called ________________
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Age of Exploration
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a monetary unit that was a strong universal standard in the Middle Ages
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gold coinage
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An office developed by kings in order to weaken nobility; answerable only to the king
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Sherrif
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In 2000, Microsoft ® founder William H. Gates III was listed by Forbes ® magazine as being worth __ billion.
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$60
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A search for gold was begun in the New World. New sources were discovered in ______ and in the Western Hemisphere.
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Africa
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A medium of exchange is a good that all people accept as a means of ______
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payment
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The Crusades had whetted the European appetite for Eastern goods. When were the Crusades?
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(ca. 1095-1204)
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a region ruled by a duke or duchess
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Duchies
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a good that all people would accept as a means of payment
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Medium of exchange
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an established and regulated exchange for business between buyers and sellers on a regular basis
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Market Economy
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one who commits money or capital in hopes of receiving a future financial benefit
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Investor
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_____ rounded the Cape of Good Hope in 1487.
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Bartholomew Diaz
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By ___, _____ circumnavigated the globe.
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1522, Ferdinand Megellan
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_____ discovered the Western Hemisphere in 1492.
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Coloumbus
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During the 1400s and 1500s, wealth was defined by the amount of _____ one’s country had.
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Gold
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The Western Hemisphere created for Europe a source of _________, gold and silver, and colonial markets.
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Raw materials

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