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Economics

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Lilliana Rogahn

Lvl 9
βˆ™ 2021-10-18 18:34:54
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Cards in this guide (31)
How did the colonizers benefit from the colonies they controlled

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

A sentence for inflammatory

The candidate made an inflammatory speech that incensed all those who heard it.

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.

What does the World Bank hope will result from the loans it makes to developing countries

An improved climate for foreign investment

Why does reducing trade barriers promote increased international trade

Free trade leads to lower prices and greater sales.

What makes a credit card more convenient than a debit card

It can be used to buy things without immediate payment.

Why does globalization give countries an incentive to reduce wages for their workers

Lower production costs help lure foreign investment.

Why does attending college involve an opportunity cost

The money spent on tuition cannot be invested in another way.

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.

Rationing is an attempt to limit shortages that naturally result from what

Price ceiling

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.

Under a fractional reserve banking system the amount of money loaned out can only increase if what happens

The required reserve ratio is lowered.

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

The profit motive

Why do economists measure the gross domestic product

Economists measure the gross domestic product to see how much economic activity there is in a particular country.

Which is not a policy tool used by the Fed

Making tax cuts

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

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

The Socialist Republic of Vietnam.

What is a form of self-help financial aid

Student loans

What government policy pursues the economic goal of equity

providing welfare benefits

Which of these describes the costs and benefits to taking a college loan

College loans help increase future earning power but result in a long-term commitment to monthly payments.

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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