F
What is a positive effect of budgeting?
Not overspending
How are consumers affected by inflation?
Consumer purchasing power decreases.
Can nations with few natural resources still trade and experience economic growth?
Yes
What's the purpose of investing your money?
Build wealth over time
Are illegally produced goods and services included in GDP?
No
True or False: Paying off the full balance each month is the BEST and most responsible way to avoid credit problems later.
True
True or False: Globalization has contributed to a lower cost of living for Americans
True
What is the difference between Real GDP and Nominal GDP?
Real GDP accounts for inflation.
When calculating GDP, what is true regarding imports?
they are subtracted because we are purchasing foreign goods
What negative impact could identity theft have on your credit?
Lower your credit score
Why can outsourcing have a negative impact on the domestic economy?
it can cause an increase in the unemployment rate
Why do college students find any way possible to pay off credit card debt prior to graduating?
College students want to boost their credit rating so they have a better chance of getting a job or a loan in the future
Free trade and private property are essential to what system?
free market
What is the role of government in a command economy?
It owns and controls economic resources
A computer or calculator would fall under what Factor of Production?
Capital