GDP
What does GDP stand for?
Gross Domestic Product
Who benefits from voluntary trade?
Both parties
What is a tariff?
Import tax
The benefits of the option not chosen
Opportunity Cost
Who is the most followed account on Instagram
Cristiano Ronaldo
How is GDP per capita measured?
GDP divided by the population
Name one benefit of specialization
Answers vary
What is a subsidy?
Additional money for domestic ventures
Having the lowest opportunity cost of products and processes
Specialization or Comparative Advantage
Who beat Gonzaga in Round 2 of March Madness?
Texas
What is the difference between Nominal and Real GDP
Real GDP is adjusted for inflation
Why do countries trade with one another?
Answers vary (Specialization)
What is a quota?
A limit on imported goods
Financial motivations that encourage actions or decisions
Incentives
What movie won best picture at the 2026 Oscars?
One Battle After Another
What TWO requirements count towards a country's GDP?
1. Products made within the country
2. Products made within the year
How do economies combat natural suspicion of trade?
Trade barriers
What is a sanction?
Declaration of economic ties between countries
Reductions or removals of trade barriers
Trade agreements
What is Mrs. Barker's cat's name?
Simcoe
What TWO exceptions do NOT count towards GDP?
1. Intermediary Goods
2. Non-transactional Goods/Services
What is the name of the trade agreement between North American countries?
USMCA or NAFTA
How do different currencies affect international trade?
Answers vary
Prohibition of imports from specific countries
Embargo
What is One Direction's best selling album?
Midnight Memories