ch. 13

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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


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