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Economics

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Jonathan Block

Lvl 9
βˆ™ 2021-10-13 18:34:42
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Cards in this guide (28)
How did the colonizers benefit from the colonies they controlled

the colonizers used the resources of their colonies to grow their own economies

How does the WTO promote global free trade

By creating multilnational trade agreements

MULTILATERAL... not multinational.

Why does the IMF impose conditionality on countries that accept its loans

The IMF wants to help fix the economies of countries that need its help. <apex>

How has globalization helped work against human rights violations around the world

Improved global communications brings these abuses to the world's attention.

What factors allow the global economy to have specialized production

The international division of labor

Why does globalization lead to a reduction in wages in developed countries

Increased mobility allows producers to move jobs to lower-cost labor markets.

Why does reducing trade barriers promote increased international trade

Free trade leads to lower prices and greater sales.

What makes a savings account a better investment than a checking account

A savings account earns interest.

What makes a credit card more convenient than a debit card

It can be used to buy things without immediate payment.

What is the main purpose of foreign aid

Alleviate poverty and underdevelopment

A boycott would not be successful under what circumstance

If most consumers didn't stay away from the company that was being protested against, a boycott would not be successful.

What is likely to happen if the size of the labor pool suddenly increases

If the size of the labor pool increases, wages will go down.

What is the satisfaction that consumers get from their purchases known as

Utility.

According to the law of supply and demand when supply increases what else happens

According to the law of supply and demand when supply increases, prices will decrease.

Which of these prevents private companies from deciding to produce public goods

The profit motive

Economics is about the production of goods and services which requires the allocation of what

Resources

What is Ricardo's theory of comparative advantage

Comparative advantage exists when a country has a margin of superiority in the production of a good or service i.e. where the opportunity cost of production is lower.

- Comparative Advantage

• A nation having absolute disadvantages in the production of two goods with respect to another nation has a comparative or relative advantage in the production of the good in which its absolute disadvantage is less

Which of these helps you avoid debt by keeping your expenses below your income

A personal budget

Why is renting an apartment usually cheaper than buying a house

Buying a house is an investment that pays off in the long run.

What is a socialist country in which the government owns health care and communications

The Socialist Republic of Vietnam.

Which of these can be used to protect consumers from unsafe products

A recall

What is a form of self-help financial aid

Student loans

What government policy pursues the economic goal of equity

providing welfare benefits

Does globalization cause poverty

Globalization does not cause poverty, on the other hand, globalization lifted many people out of poverty and created a solid middle class in many developing countries. India and China are example. Globalization may have caused financial hardship for many westerners since many jobs were shipped overseas because of cheap labor.

Why don't developing countries usally benefit from free trade policies

Many developing countries do not benefit from free trade policies, because their industries are to weak to compete in the international market.

Why might a letter - writing campaign get a company to change its business practices

The company might fear that the letter-writing campaign will become a boycott if it doesn't respond

What have been negative effects of globalization

Higher prices for consumers

Why do central banks play an important role in a global economy

they control the foreign currency reserves that are used for international trade

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