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Economics

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Maximillian Hermann

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Cards in this guide (15)
Consumer-protection regulations are beneficial because they increase what

Consumer confidence

What is the main intention of boycotts

To get countries or companies to stop doing something objectionable

Globalization creates greater what

Interconnections among the people and economies of the world

What was the relationship between colonizing countries and their colonies

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

The government can prevent the shortages that accompany price ceilings by doing what

Rationing

How might a country respond to a trade embargo

It could pursue a policy of national self-sufficiency.

Why does the IMF require countries to accept economic policy recommendations along with the loans it gives

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

Match each current trend with one of its effects on international trade

A.Improved communicationBroadening of international tradeB.Trade liberalizationReduction of barriers to international tradeC.Infrastructure developmentFacilitation of smoother international tradeD.IndustrializationSpread of international trade to developing countries

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^This apex answer is outdated. The current correct answer is:

Increased Communications>>><<

Trade Liberalization>>>>>>>><<

Infrastructure development>>><<

Industrialization>>>>>>>>>>><<

When does Country A have a comparative advantage over Country B in the production of televisions

Country A has a lower opportunity cost for producing televisions.

What is one negative effect of current patterns in global trade

Job loss and wage decreases in developed countries.

What has been the trend in US international trade policy

movement toward less international trade

When one country can produce a product more cheaply than another country can this is called

comparative advantage

Match each role with the action performed by people playing that role.

consumer-provide labor and investment

producer-provide individual goods

government-provide public goods

What is largest difference between developed and developing countries

the level of wealth

Match each current trend in the global economy with one of its economic effects.

Improved communication: Easier outsourcing; Trade liberalization: Increased trade; Infrastructure development: Cheaper transportation; Industrialization: Greater productivity.

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