economics 751-825 Flashcards
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
the united states emerged from world war 1 as a new _ nation
creditor
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
country b
how are exchange rates determined
supply and demand for both currencies naturally sets an equilibrium price
how does a country pay for a trade deficit
it must either run down its assets or owe money
how does a country pay for a trade deficit
creditor
the united states emerged from world war 1 as a new _ nation
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
country b
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
supply and demand for both currencies naturally sets an equilibrium price
how are exchange rates determined
it must either run down its assets or owe money
how does a country pay for a trade deficit
creditor
the united states emerged from world war 1 as a new _ nation
they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type
an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage
country b
with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts
supply and demand for both currencies naturally sets an equilibrium price
how are exchange rates determined
it must either run down its assets or owe moneysdudiudc
how does a country pay for a trade deficit
a limit on the quantity of a good that can be imported or exported
what is a quota
terrorism, narcotics trafficking, human rights violations, and proliferation of weapons of mass destruction
what types of behaviors might a trade sanction be intended to punish or stop
general agreement on trades and tariffs
what does gatt stand for
a tax on an import
what is a tariff
decrease
protectionalist policies, such as tariffs and quotas, (increase/decrease) the real wages of domestic workers
externalities
what do we call the unintended benefits or consequences of a good or activity whose cost is not paid by the producer or consumer
capitalism
what term is used to describe private investment in and ownership of resources
england
in which country was the first joint stock trading company formed
wealthy merchants
from what source other than bankers could monarchs borrow money
precious metals
according to bullionism what commodities are most important to a nations economic strength
cast or pig iron
the blast furnace was designed to reduce iron ore into what type of iron
1550s
when was the first joint stock trading company created
predictable
People have (predictable/unpredictable) reactions to incentives.
increased
Global interdependence has (increased/decreased) in the last several decades.
natural resources, human resources, capital resources, and social values/legal framework
What are the four factors critical economic growth?
a public good
What is the term for a good that can be provided to everybody (in a town or nation) at no more cost than the cost required to provide it to one person?
66
As of 1997, how many developing countries were there?
what to produce
A nation’s endowment of natural resources helps it to answer which basic economic question?
less developed
Classify the development status of a country with a per capita GDP of $2,500.
issues related to the distribution of wealth within a country
What does per capita GDP overlook?
yes
Do economists think people are rational?
developed
Canada, the U.S., and Japan are examples of (developed/developing) nations.
a country with a per capita GDP between $3,000 and $10,000
What constitutes a developing country?
younger
The populations of a less-developed countries tend to be (older/younger) than in developed countries.
less-developed
Rwanda, Nigeria, and El Salvador are examples of (developing/less-developed) countries.
less (19.8% in 1998)
Developed countries are home to (more/less) than 30 percent of the world’s population.
developed economics, developing economics, and less-developed economies
What three categories do economists often use to classify nations?
Answers may vary: a tax deduction, the unutterable joy of getting rid of an old lemon, the pride of giving
People sometime donate their used vehicles to charity. What is one incentive for doing so?
less-developed
A nation with a per capita GDP of $2200 would be classified as having a (developed/developing/less-developed) economy.
Answer may vary: a tax deduction. the unutterable joy of getting rid of an old lemon, the pride of giving
