chapter 13 Flashcards
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
Embargoes are fees and taxes on exports and imports(t/f)
false
Which of the following countries has the largest gross domestic product (GDP)
united states
An economic system where capitalism and competition characterize how goods and services are sold:
market
The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from.(t/f)
false
Which of the following is not a factor of production?
produce
When something is in short supply, it is referred to as what?
scarity
A fee or tax on exported and imported goods and services:
tariff
Exports and imports are a huge factor in the economy of the United States.(T/f)
true
The study of how all the different economies of the world work together:
global economics
Which of the following is not an example of a capital good?
athletic shoes
Which of the following is an economic system based on “the way things have always been done”?
traditional
Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement
market
A system of economics based on the private ownership of business and the products made and sold
capitalism
When one country sells goods or services to another country, it’s an
import
The development and movement of goods and services through an economic system
chain of production
Macroeconomics is the study of individual and small business economic decisions(t/f)
false
Real GDP is an inflation-adjusted figure.(t/f)
true
What term describes lacking the financial resources to meet a minimum standard of living?
proverty
Which of the following is not an example of competitive advantage
department advantage
GDP stands for
gross domestic product
The rate at which the prices for goods and services rise:
inflation
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
When one country buys goods or services from another country, it’s called an
export
An economic system in which a large part (if not all) is controlled by a central power (such as the government):
command
Services are tangible items such as food, clothing, shoes, and anything you can touch and buy(t/f)
false
Because of inflation
all of these
The fourth sector in the chain of production is the quaternary sector(t/f)
true
All of the following are barriers to trade except:
exports
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)
true
NAFTA stands for what?
north american free trade agrmeement
The United States is a global leader in exporting mobile phones(t/f)
true
Marginal business costs are the costs that stay the same every month.(t/f)
false
All of the things necessary to produce goods or services
factors of production
