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Academic Decathlon > economics 751-825 > Flashcards

economics 751-825 Flashcards

1
Q

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

A

country b

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2
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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3
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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4
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

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5
Q

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

A

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

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6
Q

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

A

country b

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7
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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8
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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9
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

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10
Q

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

A

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

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11
Q

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

A

country b

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12
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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13
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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14
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

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15
Q

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

A

country b

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16
Q

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

A

country b

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17
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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18
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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19
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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20
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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21
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

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22
Q

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

A

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

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23
Q

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

A

country b

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24
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

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25
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

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26
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

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27
Q

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

A

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

How well did you know this?
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28
Q

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

A

country b

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29
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

How well did you know this?
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30
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

How well did you know this?
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31
Q

the united states emerged from world war 1 as a new _ nation

A

creditor

32
Q

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

A

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

33
Q

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

A

country b

34
Q

how are exchange rates determined

A

supply and demand for both currencies naturally sets an equilibrium price

35
Q

how does a country pay for a trade deficit

A

it must either run down its assets or owe money

36
Q

how does a country pay for a trade deficit

A

creditor

37
Q

the united states emerged from world war 1 as a new _ nation

A

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

38
Q

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

A

country b

39
Q

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

A

supply and demand for both currencies naturally sets an equilibrium price

40
Q

how are exchange rates determined

A

it must either run down its assets or owe money

41
Q

how does a country pay for a trade deficit

A

creditor

42
Q

the united states emerged from world war 1 as a new _ nation

A

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

43
Q

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

A

country b

44
Q

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

A

supply and demand for both currencies naturally sets an equilibrium price

45
Q

how are exchange rates determined

A

it must either run down its assets or owe moneysdudiudc

46
Q

how does a country pay for a trade deficit

A

a limit on the quantity of a good that can be imported or exported

47
Q

what is a quota

A

terrorism, narcotics trafficking, human rights violations, and proliferation of weapons of mass destruction

48
Q

what types of behaviors might a trade sanction be intended to punish or stop

A

general agreement on trades and tariffs

49
Q

what does gatt stand for

A

a tax on an import

50
Q

what is a tariff

A

decrease

51
Q

protectionalist policies, such as tariffs and quotas, (increase/decrease) the real wages of domestic workers

A

externalities

52
Q

what do we call the unintended benefits or consequences of a good or activity whose cost is not paid by the producer or consumer

A

capitalism

53
Q

what term is used to describe private investment in and ownership of resources

A

england

54
Q

in which country was the first joint stock trading company formed

A

wealthy merchants

55
Q

from what source other than bankers could monarchs borrow money

A

precious metals

56
Q

according to bullionism what commodities are most important to a nations economic strength

A

cast or pig iron

57
Q

the blast furnace was designed to reduce iron ore into what type of iron

A

1550s

58
Q

when was the first joint stock trading company created

A

predictable

59
Q

People have (predictable/unpredictable) reactions to incentives.

A

increased

60
Q

Global interdependence has (increased/decreased) in the last several decades.

A

natural resources, human resources, capital resources, and social values/legal framework

61
Q

What are the four factors critical economic growth?

A

a public good

62
Q

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?

A

66

63
Q

As of 1997, how many developing countries were there?

A

what to produce

64
Q

A nation’s endowment of natural resources helps it to answer which basic economic question?

A

less developed

65
Q

Classify the development status of a country with a per capita GDP of $2,500.

A

issues related to the distribution of wealth within a country

66
Q

What does per capita GDP overlook?

A

yes

67
Q

Do economists think people are rational?

A

developed

68
Q

Canada, the U.S., and Japan are examples of (developed/developing) nations.

A

a country with a per capita GDP between $3,000 and $10,000

69
Q

What constitutes a developing country?

A

younger

70
Q

The populations of a less-developed countries tend to be (older/younger) than in developed countries.

A

less-developed

71
Q

Rwanda, Nigeria, and El Salvador are examples of (developing/less-developed) countries.

A

less (19.8% in 1998)

72
Q

Developed countries are home to (more/less) than 30 percent of the world’s population.

A

developed economics, developing economics, and less-developed economies

73
Q

What three categories do economists often use to classify nations?

A

Answers may vary: a tax deduction, the unutterable joy of getting rid of an old lemon, the pride of giving

74
Q

People sometime donate their used vehicles to charity. What is one incentive for doing so?

A

less-developed

75
Q

A nation with a per capita GDP of $2200 would be classified as having a (developed/developing/less-developed) economy.

A

Answer may vary: a tax deduction. the unutterable joy of getting rid of an old lemon, the pride of giving

Academic Decathlon (35 decks)

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