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Nov 8, 2023
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2023 CH.13 GLOBAL ECONOMICS POST - TEST FOR FINAL (RAMSEY) WRITTEN UPDATE All of the following are barriers to trade except: - Exports Exports and imports are a huge factor in the economy of the United States. - True NAFTA stands for what? - North American Free Trade Agreement Because of inflation . . . - -Things cost more year to year. -Your money is worth less in the future -You can't buy as much as you used to. Which of the following is not a factor of production? - Produce When one country buys goods or services from another country, it's called an . . . - Import Which of the following countries has the largest gross domestic product (GDP)? - United States The fourth sector in the chain of production is the quaternary sector. - True The study of how all the different economies of the world work together: - Global economics When one country sells goods or services to another country, it's an . . . - Export When supply and demand are equal, what word is used to describe the economy? - Equilibrium Which of the following economic systems describes the way the United States operates? - Mixed An economic system in which a large part (if not all) is controlled by a central power (such as the government): - Command Real GDP is an inflation-adjusted figure. - True An economic system where capitalism and competition characterize how goods and services are sold: - Market Services are tangible items such as food, clothing, shoes, and anything you can touch and buy. - False
Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement? - Market Which of the following is not an example of a capital good? - Athletic shoes GDP stands for . . . - Gross Domestic Product Embargoes are fees and taxes on exports and imports. - False Global interdependence means countries depend on one another to provide goods and services they need in exchange for money or a trade of resources. - True All of the things necessary to produce goods or services: - Factors of production The development and movement of goods and services through an economic system: - Chain of production A system of economics based on the private ownership of business and the products made and sold: - Capitalism What term describes lacking the financial resources to meet a minimum standard of living? - Poverty 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 Which of the following is an economic system based on "the way things have always been done"? - Traditional When something is in short supply, it is referred to as what? - Scarcity The United States is a global leader in exporting mobile phones. - True Which of the following is not an example of competitive advantage? - Departmental advantage Macroeconomics is the study of individual and small business economic decisions. - False A fee or tax on exported and imported goods and services: - Tariff Marginal business costs are the costs that stay the same every month. - False The rate at which the prices for goods and services rise: - Inflation
The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from. - False
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