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Economics

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Mose Ziemann

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Cards in this guide (17)
What does a government budget reveal

the spending plan for the fiscal year

What is one effect of a price floor

A surplus of supply

What do capital controls prevent

Speculators from rushing into and out of a country's market and disrupting its economy./

Politicians approve pork barrel spending for what purpose

To win political support

Increasing specialization within the global economy depends on what

International Trade

How do developed countries maintain an advantage over developing countries in international trade

They maintain high tariffs on the agricultural goods that many developing countries export.

What pairs of prefixes are closest to each other in size

Which of the following pairs of prefixes are closest to each other in size?

What type of ownership has the highest level of security

The ownership of preferred stock

When either prices go down what is there an increase in

the standard of living

What best states the purpose of an import quota

To reduce competition from foreign producers.

What accurately describes a situation in which consumers have inelastic demand

People cannot quit drinking coffee even though they want to cut down on caffeine intake.

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.

Ask us of the following best explains why online retail companies have an advantage over regular stores

They have a larger number of potential customers because people anywhere can buy from them.

What is an example of a labor law in economics

A restriction on when a union may call a strike

Which of the following is an example of expansionary fiscal policy

cutting taxes

Which of the following correctly describes Fascism

you pipi

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