|
Which position would Adam Smith most likely support during a congressional debate on tax reform? |
Income taxes should be reduced to a minimal level and be based on ability to pay. Points earned on this question: 5 |
|
Which of the following describes a developing nation? |
A traditional economy with a low Human Development Index Points earned on this question: 5 |
|
The United States may have a tariff on cotton products from China in order to |
protect the business of the American cotton growers and manufacturers Points earned on this question: 5 |
|
The United States can manufacture books at a much more rapid pace than manufacturers in Indonesia. Which of the following is a reason? |
Indonesia, as a developing country, has a less advanced manufacturing infrastructure. Points earned on this question: 5 |
|
Which of the following economic goals focuses on funding technological advances in production? |
Efficiency Points earned on this question: 5 |
|
A high inflation rate is most difficult for people |
living with fixed incomes Points earned on this question: 5 |
|
Worker hours to produce one unit of natural gas Worker hours to produce one unit of oil According to the chart, which country has the comparative advantage in oil production? |
NOT United States Points earned on this question: 0 |
|
Globalization increases the interdependency of the world’s countries. Inflation in one country would most likely |
relate to inflation in other countries Points earned on this question: 5 |
|
Adam Smith would most likely oppose a plan for |
government bailouts for failing corporations Points earned on this question: 5 |
|
Supply and demand determines prices levels for goods and services in a |
market economy Points earned on this question: 5 |
|
Hours to Produce One Unit Which of the follow is true of the trade relationship between Country A and Country B? |
NOT Country A has an absolute advantage in producing yarn and fabric Points earned on this question: 0 |
|
A nation has a high Human Development Index and a high gross domestic product. Which of the following factors might result in classification of the nation as developing rather than developed? |
NOT A high per capita income Points earned on this question: 0 |
|
Which of these can be a result of inflation? |
The price of household items increases Points earned on this question: 5 |
|
The cost of fuel is on the rise. In what way will this affect global trade? |
Shipping expenses will increase Points earned on this question: 5 |
|
A group of nations establishes a free-trade zone. What is the most likely effect? |
Trade increases Points earned on this question: 5 |
|
Marcel takes out student loans and works part time to put himself through college. In time, he earns an advanced medical degree and goes to work in an understaffed city hospital. Marcel’s economic decisions benefit the goal of efficiency by |
contributing to the nation’s productivity Points earned on this question: 5 |
|
To increase your standard of living, your wages must |
rise faster than the inflation rate Points earned on this question: 5 |
|
Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements? |
The European Union’s free-trade agreements include agreements with both developed and developing nations. Points earned on this question: 5 |
|
Using the chart, identify an example of absolute advantage for the United States over either Country A or Country B. Be sure to identify the product and the country. Explain how the availability and use of a natural resource may impact advantage. |
Something that describes the definition of absolute advantage and comparative advantage and how it applies to the US, Country A, or Country B. |
|
Explain the difference between absolute advantage and comparative advantage. Provide an example to illustrate your explanation. |
Basically describe an example of absolute advantage and comparative advantage and how it applies to the US. |
Share This
Flashcard
