Economic system where the 3 basic questions are answered by the government
What is COMMAND ECONOMY
100
This type of policy is carried out by the Federal Reserve
What is MONETARY POLICY
100
The ability to make more of a product than another nation
What is ABSOLUTE ADVANTAGE
100
What are the 4 factors of production
What are LAND, LABOR, CAPITAL, ENTREPRENEURSHIP
100
Trade barrier that is a tax on imported goods
What is TARIFF
200
Economic system where the 3 basic questions are answered by the individual
What is MARKET ECONOMY (or CAPITALIST or FREE MARKET)
200
This policy is carried out by Congress
What is FISCAL POLICY
200
The ability to make a product at a lower opportunity cost than another nation
What is COMPARATIVE ADVANTAGE
200
Factor of production that includes all natural resources
What is LAND
200
Trading bloc made up of Britain, Germany, France and other countries in the area created to increase economic activity
What is THE EUROPEAN UNION (EU)
300
Economic system where the 3 basic questions may be answered by the government, the individual, or a combination of the two
What is MIXED ECONOMY
300
This economic policy involves changes to taxing and spending
What is FISCAL POLICY
300
Countries should specialize and trade items that they have a (ABSOLUTE / COMPARATIVE) advantage in producing
What is COMPARATIVE ADVANTAGE
300
Factor of production that is man-made finished products used to create other finished products
What is (PHYSICAL) CAPITAL
300
Trade barrier that limits the number of an item that can be imported into a country in a given year
What is QUOTAS
400
Cuba, North Korea and China have this type of Economic System
What is COMMAND ECONOMY
400
This economic policy is conducted (1)using the Federal Open Market Committee to buy or sell bonds, (2)changing the discount rate or (3)changing the reserve requirement
What is MONETARY POLICY
400
Specialization is based on (ABSOLUTE / COMPARATIVE) advantage and (INCREASES / DECREASES) production
What is COMPARATIVE / INCREASES
400
The factor of production that includes the willingness to take the risk of starting a business for the potential reward of earning a profit
What is ENTREPRENEURSHIP
400
Free Trade organization started in 1994 to increase trade between the United States and its neighbors to the north and south
What is NAFTA (NORTH AMERICAN FREE TRADE AGREEMENT)
500
The United States, Brazil, Russia and Great Britain have this Economic System
What is MIXED ECONOMY
500
If the Federal Reserve buys bonds in the open market and lowers the discount rate are they using a TIGHT MONEY or LOOSE MONEY POLICY?
What is LOOSE MONEY
500
TRUE OR FALSE: A country that has an absolute advantage always has a comparative advantage in the production of a good or service
What is FALSE: the US has an absolute advantage in many products but not always the comparative advantage
500
The knowledge and skills (not the sweat) of workers are considered which of the factors of production
What is HUMAN CAPITAL
500
- Protection of domestic jobs
- national security
- protecting 'infant' industries
These are all arguments made (FOR / AGAINST) Free Trade
What is AGAINST Free Trade (Arguments for PROTECTIONISM)