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Economics Basics
Here's to Globalization
#Freetrade
'Merica
These Dudes Know $$
100
A ____________ occurs when parties exchange goods or services
what is a market 
100
Saudi Arabia (and most of the Middle East) has a comparative advantage in the production of what product: 
what is OIL
100
These are the final users of the products or services that are generated within a social system: 
what are consumers
100
What is a goal of minimum wage? 
What is 


1) the reduction of poverty

2) Protection of young workers and minorities

100
The father of modern economics who wrote "The Wealth of Nations" is: 


Who is Adam Smith
200
Who controls supply and demand (and all business decisions) in a command economy? 
What is the government


(like North Korea, Libya, Iran...) 

200
Nations that have low living standards, undeveloped industry, and low life expectancy and literacy are called: 
what are Developing Countries 
200
This is the idea of an international marketplace where everyone had an equal opportunity for gain: 
What is fair trade
200
The central bank of the U.S. was created after a series of financial panics in the early 1900s. 
What is the Federal Reserve Bank
200
He came up with the plan to lend Europe $13 billion after WWII in order to rebuilt their devastated economies? 
Who is Marshall 

(the Marshall Plan) 

300
How do banks make money? 
what is: 

off of the interest that they charge on loans 

300
This is another word for the mean (or average) income within a country: 
what is per capita income
300
When trade is conducted without any government barriers, it's known as: 
what is Free Trade!!! 
300
What form of protectionism is when $$ (often in the form of tax breaks) is given to businesses by a government. 
What is a subsidy
300
Two US senators came up with THIS ACT that put tariffs on imported goods during the early 1930s-- it caused a trade war and helped put the US into the Great Depression. 
What is 

Smoot Hawley Tariff Act 

400
This is a bundle of mortgages that's sold and traded like a bond: 
what are mortgage backed securities 
400
This is a 28 nation agreement that eliminated many restrictions on the movement of people, goods, services and money. Britain recently voted to leave it! 
What is the European Union
400
How does overseas labor benefit the United States? 
what is: 

We get goods for lower prices

400
When housing prices became vastly overinflated in 2006, this was called a: 
what is a bubble
400
Michael Burry and the "Big Short" guys made millions by betting that mortgage backed securities and CDOs would fail. They bought insurance policies that would pay if the investments failed called: 
what is Credit Default Swaps 
500
When you sacrifice something to take on whatever else you've chosen, this is called: 
what is Opportunity Cost 
500
This country is an emerging market that has seen a rise in per capita income as a result of free trade. The growing middle class is buying Tata cars!! 
What is 

India 

500
This is a two part question-- 

1) What is one BENEFIT of Free Trade 

2) What is one DRAWBACK of Free Trade 

What is: 

Your teacher will determine if your answers are correct ;) 

500
Donald Trump is not in favor of this multilateral trade agreement that Obama favored. 

Hint: it does NOT include China. 

What is the TPP (Trans Pacific Partnership) 
500
President Truman hosted THIS convention in 1944 in order to foster new trade relationships. The World Bank, GATT, and the IMF were created as a result of this gathering.
What is The Bretton Woods Conference