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Economics

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Barrett Kunze

Lvl 9
โˆ™ 2021-11-05 18:34:16
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Cards in this guide (26)
What is one effect of a price floor

A surplus of supply

Why hasn't globalization benefited the majority of the world's underdeveloped countries

Underdeveloped countries don't have the productive capacities necessary to take advantage of increasing international trade.

How can a country respond to a trade embargo

By seeking other trading partners

it could pursue a policy of national self-sufficiency

What gives a country a comparative advantage

When it gives up less than others to engage in a particular type of production

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>

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

Central banks control the foreign currency reserves that are used for international trade.
They also set each country's monetary policies.

The existence of an international division of labor among countries enables those countries to have what

Specialized production

Why is globalization potentially damaging to the environment

Protecting the environment increases production costs and reduces competitiveness.

Why does the growth of international trade lead to a rising global standard of living

International trade enables specialization, which brings increased efficiency and greater competition.

Why has globalization led to an increasing income gap between rich and poor countries

Countries with well-established infrastructure and productive capacities have more competitive industries.

Which of these is a gift of money from one government to another

Foreign aid

Which of these best characterizes the flow of wealth during the period of colonization

There was a one-way flow of wealth from the colonies to their colonial masters.

Why don't companies that do business in countries where human rights are violated tend to fight against these abuses

They tend to care more about a safe investment climate than about human rights.

How do flexible expenses differ from fixed expenses

Flexible expenses vary over time.

Politicians approve pork barrel spending for what purpose

To win political support

Why does the IMF impose conditions on its loans

To help manage the economies of struggling countries

Why does globalization contribute to the rise of international terrorism

Globalization has resulted in turmoil and dislocation for many people around the world.

Globalization can bring about dislocation and inequality.

When does country X have a comparative advantage in the production of coffee

When they can produce it at a lower opportunity cost than other countries.

Why do many people object to globalization

They feel that globalization mainly serves the interests of the United States at the expense of poor countries.

Why do lower labor costs in other countries lead to job loss in the United States

Lower labor costs in other countries lead to job less in the United States because it enables producers to undersell domestic producers.

How were slaves affected by the new republic

Some northern states made slavery against the law.

What does absolute advantage have to do with making economic choices

Think that you're country A, wanting to buy pen and paper.

Country B produces 1 million pen and 1 BILLION paper

Country C produces 1 BILLION pen and 1 million paper

Or, country B has the absolute advantage over production of paper while

country C has the absolute advantage over production of pen.

Coming back our theory of economy of scale, we know that to a certain point, increased production would lead to lower average cost and thus, lower price.

This would mean that paper from country B is cheaper than country C whereas pen from country C is cheaper than country B.

Therefore, you would choose to trade paper with country B while trading pen with country C.

And this is why it is important to making economic choices.

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.

What would cause job loss in the united states

people playing call of duty

What is an example of a labor law in economics

A restriction on when a union may call a strike

Which of the following correctly describes Fascism

you pipi

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