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Section 1
Section 2 Vocab
Section 3
Section 1 & 3 Vocab
Miscellaneous
100
What state is the financial center for stocks and bonds?
New York
100
tax placed on imported goods to raise revenue
What is revenue tariff?
100
What two major kinds of exchange rates exist?
Fixed and flexible
100
Index showing strength of the US dollar against a group of major foreign currencies
What is trade weighted value of the dollar?
100
What major movie is coming out this Friday, November 22?
Catching Fire
200
A country's ability to produce more of a given product than another country can produce
What is absolute advantage?
200
Person who favors fewer or even no trade restrictions
What is free trader?
200
Define trade deficit
balance of payments outcome when spending on imports exceeds revenue received from exports
200
System that relies on supply and demand to determine the value of one currency in terms of another
What is flexible exchange rates or floating exchange rates?
200
Name a mammal that lays eggs
Platypus or echidna
300
Specialization increased/decreased the world output?
increased
300
Difference between money paid to, and received from, other nations in trade
What is balance of payments?
300
What's better a strong dollar or a weak dollar?
Neither
300
The goods and services that a nation buys from other nations
What are imports?
300
What is the capital of Arizona?
Phoenix
400
cost of the next best alternative use of money, time, or resources when making a choice
What is opportunity cost?
400
Tax placed on an imported product
What is a tariff?
400
What country's currency is closest to ours by the exchange rates?
Canada
400
Country's ability to produce a given product relatively more efficiently than another country by doing it at a lower opportunity cost
What is comparative advantage?
400
Who was the 16th President?
Abraham Lincoln
500
Who do we depend on for diamonds?
South Africa, Australia, Democratic Republic of the Congo, Botswana
500
Limit on the amount of a good that in allowed into a country
What is a quota?
500
What country's currency is farthest away from our currency by the exchange rates?
South Korea
500
Diagram showing the maximum combinations of goods and/or services an economy can produce when all resources are fully employed
What is production possibilities frontier?
500
What is the eighth planet from the sun?
Neptune