ch. 13
Because of inflation...
All of these
An economic system in which a large part (if not all) is controlled by a central power (such as the government)
Command
Which of the following is not an example of competitive advantage?
Departmental advantage
When supply and demand are equal, what word is used to describe the economy.?
Equilibrium
When one country sells goods and services to another. It's an...
Export
All of the following are barriers to trade except:
Exports
All of the things necessary to produce good or services:
Factors of production
Embargoes are fees and taxes on exports and imports. (T-F)
False
Macroeconomics is the study of individual and small business economic decisions. (T-F)
False
Marginal business costs are the costs than stay the same every month. (T-F)
False
Services are tangible items such as food, clothing, shoes, and anything you can touch and buy. (T-F)
False
The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from. (T-F)
False
The study of how all the different economies of the world working together:
Global economics
A fee or tax on exported and imported good and services:
Tariff
Exports are imports are a huge factor in the economy of the U.S. (T-F)
True
Global interdependence means countries depend on one another to provide goods and the services they need in exchange for money or a trade of resource. (T-F)
True
The United States is a global leader in exporting mobile phones. (T-F)
True
The fourth sector in the chain of production is the quaternary sector. (T-F)
True
real GDP is an inflation-adjusted figure (T-F)
True
What form describes lacking the financial resources to meet a minimum standard of living?
poverty
Which of the following is an economic system based on the way things have always been
traditional
Which of the following is not an example if a capital good?
Athletic shoes
A system of economics based on the private ownership of business and the products.
Capitalism
The development and movement of goods and services through an economic system:
Chain of production
When someone is in short supply, it is referred to as what?
Scarcity
GDP stands for...
Gross Domestic Product
When one country buys goods, or services from another country, it's called an...
Import
The rate at which the prices for goods and services rise:
Inflation
An economic system where capitalism and competition characterize how good and services are sold :
Market
Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement?
Market
Which of the following economic systems describes the way the United States operates?
Mixed
NAFTA stands for what?
North American Free Trade Agreement
Which of the following is not a factor of production?
Produce
Which of the following countries has the largest gross domestic production (GDP)?
United States
Which of the following is an economic system where the government controls all the aspects of production and income generated by the most valuable resources?
command
