International Trade
Supply
What is Economics?
Demand
Random
100
What is the ability to produce a product more efficiently than another country?
What is comparative advantage?
100
The law of supply states.... *very specific answer
What is "As prices decreases, quantity supplied decreases."
100
the knowledge and skills a worker gains through education and experience
What is human capital?
100
The desire to own something and the ability to pay for it.
What is demand?
100
a cycle of trade barriers escalating between two nations is known as ....
What is a trade war?
200
What is the name given to a free trade zone linking the United States, Canada, and Mexico?
What is NAFTA?
200
Name two determinants of supply?
What are: *rising costs *technology *subsidies *taxes and regulations *changes in global economy *future expectations of prices *number of suppliers
200
the principle that limited amounts of goods and services are available to meet unlimited wants
What is scarcity?
200
If the price for an item increases, demand for its substitutes.....?
What is increases?
200
what does a production possibilities curve show?
What is the combination of goods that can be produced with a set of resources?
300
The United States Government does not allow trade with Cuba. This type of restriction is known as:
What is embargo?
300
Amount of goods available
What is supply?
300
the most desirable alternative given up as the result of a decision is known as .....
What is an opportunity cost?
300
Two goods that are bought and used together.
What are complements?
300
what market structure is typically characterized by a large number of producers selling similar, but differentiated products?
What is monopolistic competition?
400
Why do domestic producers of a good benefit from trade barriers like embargoes and tariffs?
What is decreased demand for other countries' goods?
400
A chart that lists how much of a good all suppliers will offer at various prices.
What is a market supply schedule?
400
Zach decides to spend $18.00 on Nike Elites instead of taking his girlfriend to the movies? What is the opportunity cost of the socks?
What is time spent with his girlfriend?
400
Which is least likely to cause an increase in demand? *an increase in the price of a substitute *a new ad campaign featuring a prominent celebrity *an expectation of higher future prices *a decrease in income
What is a decrease in income?
400
minimum wage causes what type of disequilibrium to occur?
What is surplus of labor?
500
How does a host country benefit form a multinational corporation?
What is more jobs?
500
A measure of how suppliers react to a change in price.
What is elasticity of supply?
500
the incentive that drives individuals and business owners to improve that material well-being
What is profit motive?
500
If supply and demand both increase by the same amount in a market, what will happen? *Equilibrium price will decrease *Equilibrium quantity will increase *Quantity supplied will increase *Quantity demanded will decrease
What is Equilibrium quantity will increase
500
the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace.
What is privatization?
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