General
What type of economics is small scale, involving businesses and individuals and their decision making?
Microeconomics
What economic time period, headlined by a stock market crash, led to widespread unemployment, bank failures, and poverty across the United States and beyond?
The Great Depression (1930s)
If Australia placed a tariff on all British exports and British responded by placing a tariff on all Australian exports, we would call Britain's tariff a ______?
Retaliatory tariff
What is the economic term for a government giving a tax benefit to a company so that they produce and sell more electric cars?
Incentives
What is the name of the time period that was marked by rapid industrial and technological growth across the world during the late 1800s?
(The 2nd) Industrial Revolution
What is the process which economies and societies have become integrated through free trade?
Globalization
When the demand for something is greater than the supply, it is a ________
Scarcity
The _________ ran from China through Afghanistan into Persia and Eastern Europe from 100 BCE to 1300 CE.
Silk Road
Under Louis XIV, France practiced _______ by encouraging exports, limiting imports with high tariffs, and setting up colonies for raw materials. This aimed to increase France's wealth by maintaining a favorable trade balance.
Mercantilism
Provide 2 examples of statistics that might be used by macroeconomists
GDP, inflation, unemployment, PCI, CPI, etc
Who is widely considered the father of modern capitlism?
Adam Smith
What is a government policy that prohibits the exchange of certain goods or prohibits all commerce with a given country?
An Embargo
What happens to the price of a product that everyone needs (like food, water, or shelter) if it is sold by a producer with a monopoly on the market?
A monopoly results in higher prices because there’s no competition to drive them down.
This president's economic policy in the 1980s emphasized tax cuts, free trade, deregulation, and boosting production to stimulate economic growth (although it lead to a widening income gap)?
Ronald Reagan
Name something other than silk traded through the silk road
Jade, silk, and spices were sent to Europe while wool, silver, and gold were sent to China