Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Academic Decathlon > economics 901-975 > Flashcards

economics 901-975 Flashcards

1
Q

what is the velocity of money

A

price level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what does p stand for in the equation of exchange

A

political stability is lacking, and risk is high

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

why is it sometimes difficult to attract foreign investment to less developed countries

A

there might be a different work ethic, or a different belief in the role of the free market, or in the right of women to work, or even in the idea of punctuality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what sorts of social values might be different in a less developed country than in the united states

A

education

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

states general spend the most money on

A

developing countries have much higher birth rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

how do birth rates compare in developed versus developing countries

A

raised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

specialization oand trade have (raised/allowed) standards of living in the world

A

higher, lower

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

less developed countries generally have (higher/lower) birth rates and (higher/lower) literacy rates than developing and developed countries

A

public good

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

tax revenues are usually intended to provide what type of good

A

public goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what type of goods must be provided by government if they are to exist at an adequate level

A

bhutan, afghanistan, rwanda, el salvador, bangladesh, nigeria

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are some examples of less developed countries

A

risk their resources or manage their private properrty in a productive and or responsible way

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what do incentives cause people to do

A

developing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

classify the development status of a country with a per capita gdp of $7500

A

a country with a per capita gdp of over $10,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what constitutes a developed country

A

a country with a per capita gdp of under $3000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is a less developed country

A

developing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

classify the development of a country with a per capita gdp of $3001

A

bhutan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

which country has officially began measuring “gross national happiness”

A

developing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

a natino with a per capita gdp of $7000 would be classified as having a (developed/developing/ less-developed) economy

A

15

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Investment represents about _% of GDP in the United States.

A

$31,437

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

How much was the U.S> per capita GPD in 1998

A

frictional

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Randy decides to leave his job in New York and travel to Morocco, then back to California , where he is looking for a new job. What kind of unemployment data?

A

every ccillian age 16 or older who has a job or is seeking one. Millitary personal and convicts do not count.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Defines the labor force

A

The percentage of the iliasm population in the labor force out of everyone who could be in the labor force.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the Labor Force Participation Rate?

A

the Bureau of Labor Statistics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What government agency keeps track of unemployment data?

A

cyclical unemployment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

The EMployment Act of 1946 most targeted what kind of unemployment.

A

2000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

When did the Employment act of 1946 expire?

A

75%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

About what percentage of workers earning the federal; minimum wage are 20 years or older?

A

twice as likely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

How many times more likely is someone who has not gone to college to earn the minimum wage than someone who has graduated form college?

A

teh Bureau of Labor Statistics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What government agency measures the Consumer PiceIndex

A

not necessarily

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

is a trade deficit always bad

A

increase

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

real wages increase/decrease as a result of trade

A

comparative

32
Q

a nation benefits by specializing in the goods in which it has a _ advantage

A

country A will export shirts to country B in exchange for apples

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. if the two countries trade with each other which will export shirts

A

an absolute advantage

34
Q

a nation that is more productive than another nation in a certain good has an absolute advantage/ a comparative advantage in that good

A

not necessarily. country a has an absolute advantage in this good, but country B may have the comparative advantage

35
Q

country A can produce a good at a lower cost than country B. should country A export this good it country B

A

credit

36
Q

if an item provides us with more foreign currency, it counts as a credit/debit in our balance of international payments

A

balance

37
Q

the relationship between the value of a nations exports and the value of it imports is called the trade_

A

exporter

38
Q

the U.S. is the largest _ of corn in the world

A

debit

39
Q

in a balance of international payments, imports are listed as _ items

A

the price of a nations currency expressed in terms of the value of another

40
Q

exchange rate

A

the ability of one country to produce a good at lower opportunity cost with a greater efficiency relative to other goods than another country

41
Q

comparative advantage

A

a good or service produced domestically and sold to consumers in another country

42
Q

export

A

more

43
Q

if the american dollar appreciates versus the japanese yen, it will be worth_ compared to the yen

A

the ability of one country to produce a good more efficiently at a lower cost than another country

44
Q

absolute advantage

A

yes

45
Q

if country A is less efficient than country B in the production of all goods, is it possible for country A to benefit by trading with country B

A

TRUE

46
Q

true or false the wto has en enforcement system

A

over 140

47
Q

the wto has about how many members

A

opposed

48
Q

the united auto nation union opposed or supported the creation nafta

A

brazil argentina and paraguay and uruguay are full members. Chile and Bolvia are associates

49
Q

which countryies beling to mercosur

A

Romania and Bulgaria

50
Q

Which two countries will join the EU in 2007?

A

France, Germany, Belgium, Italy, Sweden, Denmark, Austria, United Kingdom, Ireland, Luxembourg, the Netherlands, Spain, Portugal, Greece, Finland

51
Q

Name the original 15 countries in the EU

A

a loss of American jobs to less expensive mexican ones

52
Q

The major fear felt by opponents of NAFTA was that it eould result in

A

reducing

53
Q

The goals of GATT included (increasing or reducing) tarrifs

A

tarrifs

54
Q

One goal of NAFTA was to eliminate all _____ among the US, Canada, and MExico over a period of ten to fifteen years

A

the EU

55
Q

What is the current name of the organization formerly known as European Community?

A

Washington D.C.

56
Q

Where is the World Bank headwuartered?

A

sanctions

57
Q

Many nations imposed trade ________ on South Africa when it was under apartheid system

A

The Uruguay round

58
Q

What round of GATT talks were completed in 1993?

A

Paul Wolfowitz

59
Q

Who is the current president of the World Bank (in 2005)?

A

Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithiuana, Malta, Poland, Slovakia, Slovenia

60
Q

What ten european nations joined the EU in 2004?

A

the dispute settlement body

61
Q

which part of the world trade organization settled trade disputes

A

the EU

62
Q

what is the main european trade association

A

work toward the formation of the WTO

63
Q

what was the most signifacnt achievement to emerge from the urugay round

A

dumping

64
Q

what is the term for when pnce ocuntry exports a large number of goods to another country at prices much lower than domestic prices

A

mercosur

65
Q

this is a south american free trade associaiton

A

steel

66
Q

the united states was forced by the WTO to remove tariffs on what calss of goods

A

a grop of countries that agreed to have free trade

67
Q

what is a free trade assocation

A

The IMF

68
Q

if the contry is suffering a currency crisis to which organiation would they turn to for help

A

us, mexico, canada

69
Q

what countireds belong to NAFTA

A

they feared that union workers would lose their jobs to mexico

70
Q

why did the united autoworkers union oppose the creation of nafta

A

hurt

71
Q

trade sancitons are intended to (help or hurt) the ecnomies of the nations in which they are opposed

A

the careageana agreement of 1969

72
Q

which agreement began the development of the andean

A

the federal trade commission

73
Q

What federal agency was created to prohibit “unfair methods of competition”

A

debit

74
Q

if an item causes us to use up our stock of foreign currency, it counts as a (credit/debt) in our balance of international payments

A

1914

75
Q

when was the federal trade commission established

A

credit

Academic Decathlon (35 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions