chapter 13

Question 1

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?

Answer 1

command

Question 2

Embargoes are fees and taxes on exports and imports(t/f)

Answer 2

false

Question 3

Which of the following countries has the largest gross domestic product (GDP)

Answer 3

united states

Question 4

An economic system where capitalism and competition characterize how goods and services are sold:

Answer 4

market

Question 5

The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from.(t/f)

Answer 5

false

Question 6

Which of the following is not a factor of production?

Answer 6

produce

Question 7

When something is in short supply, it is referred to as what?

Answer 7

scarity

Question 8

A fee or tax on exported and imported goods and services:

Answer 8

tariff

Question 9

Exports and imports are a huge factor in the economy of the United States.(T/f)

Answer 9

true

Question 10

The study of how all the different economies of the world work together:

Answer 10

global economics

Question 11

Which of the following is not an example of a capital good?

Answer 11

athletic shoes

Question 12

Which of the following is an economic system based on “the way things have always been done”?

Answer 12

traditional

Question 13

Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement

Answer 13

market

Question 14

A system of economics based on the private ownership of business and the products made and sold

Answer 14

capitalism

Question 15

When one country sells goods or services to another country, it’s an

Answer 15

import

Question 16

The development and movement of goods and services through an economic system

Answer 16

chain of production

Question 17

Macroeconomics is the study of individual and small business economic decisions(t/f)

Answer 17

false

Question 18

Real GDP is an inflation-adjusted figure.(t/f)

Answer 18

true

Question 19

What term describes lacking the financial resources to meet a minimum standard of living?

Answer 19

proverty

Question 20

Which of the following is not an example of competitive advantage

Answer 20

department advantage

Question 21

GDP stands for

Answer 21

gross domestic product

Question 22

The rate at which the prices for goods and services rise:

Answer 22

inflation

Question 23

When supply and demand are equal, what word is used to describe the economy?

Answer 23

equilibrium

Question 24

Which of the following economic systems describes the way the United States operates?

Answer 24

mixed

Question 25

When one country buys goods or services from another country, it’s called an

Answer 25

export

Question 26

An economic system in which a large part (if not all) is controlled by a central power (such as the government):

Answer 26

command

Question 27

Services are tangible items such as food, clothing, shoes, and anything you can touch and buy(t/f)

Answer 27

false

Question 28

Because of inflation

Answer 28

all of these

Question 29

The fourth sector in the chain of production is the quaternary sector(t/f)

Answer 29

true

Question 30

All of the following are barriers to trade except:

Answer 30

exports

Question 31

Global interdependence means countries depend on one another to provide goods and services they need in exchange for money or a trade of resources.(t/f)

Answer 31

true

Question 32

NAFTA stands for what?

Answer 32

north american free trade agrmeement

Question 33

The United States is a global leader in exporting mobile phones(t/f)

Answer 33

true

Question 34

Marginal business costs are the costs that stay the same every month.(t/f)

Answer 34

false

Question 35

All of the things necessary to produce goods or services

Answer 35

factors of production