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Flashcards in chapter 13 Deck (35)
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1

Which of the following is an economic system where the government controls all the aspects of production and income generated by the most valuable resources?

command

2

Embargoes are fees and taxes on exports and imports(t/f)

false

3

Which of the following countries has the largest gross domestic product (GDP)

united states

4

An economic system where capitalism and competition characterize how goods and services are sold:

market

5

The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from.(t/f)

false

6

Which of the following is not a factor of production?

produce

7

When something is in short supply, it is referred to as what?

scarity

8

A fee or tax on exported and imported goods and services:

tariff

9

Exports and imports are a huge factor in the economy of the United States.(T/f)

true

10

The study of how all the different economies of the world work together:

global economics

11

Which of the following is not an example of a capital good?

athletic shoes

12

Which of the following is an economic system based on “the way things have always been done”?

traditional

13

Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement

market

14

A system of economics based on the private ownership of business and the products made and sold

capitalism

15

When one country sells goods or services to another country, it’s an

import

16

The development and movement of goods and services through an economic system

chain of production

17

Macroeconomics is the study of individual and small business economic decisions(t/f)

false

18

Real GDP is an inflation-adjusted figure.(t/f)

true

19

What term describes lacking the financial resources to meet a minimum standard of living?

proverty

20

Which of the following is not an example of competitive advantage

department advantage

21

GDP stands for

gross domestic product

22

The rate at which the prices for goods and services rise:

inflation

23

When supply and demand are equal, what word is used to describe the economy?

equilibrium

24

Which of the following economic systems describes the way the United States operates?

mixed

25

When one country buys goods or services from another country, it’s called an

export

26

An economic system in which a large part (if not all) is controlled by a central power (such as the government):

command

27

Services are tangible items such as food, clothing, shoes, and anything you can touch and buy(t/f)

false

28

Because of inflation

all of these

29

The fourth sector in the chain of production is the quaternary sector(t/f)

true

30

All of the following are barriers to trade except:

exports