Flashcards in chapter 13 Deck (35)
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?
Embargoes are fees and taxes on exports and imports(t/f)
Which of the following countries has the largest gross domestic product (GDP)
An economic system where capitalism and competition characterize how goods and services are sold:
The secondary sector in the chain of production is where raw materials, minerals, fish, and animals come from.(t/f)
Which of the following is not a factor of production?
When something is in short supply, it is referred to as what?
A fee or tax on exported and imported goods and services:
Exports and imports are a huge factor in the economy of the United States.(T/f)
The study of how all the different economies of the world work together:
Which of the following is not an example of a capital good?
Which of the following is an economic system based on “the way things have always been done”?
Which of the following is an economic system where everything is sold, bought, and traded without governmental involvement
A system of economics based on the private ownership of business and the products made and sold
When one country sells goods or services to another country, it’s an
The development and movement of goods and services through an economic system
chain of production
Macroeconomics is the study of individual and small business economic decisions(t/f)
Real GDP is an inflation-adjusted figure.(t/f)
What term describes lacking the financial resources to meet a minimum standard of living?
Which of the following is not an example of competitive advantage
GDP stands for
gross domestic product
The rate at which the prices for goods and services rise:
When supply and demand are equal, what word is used to describe the economy?
Which of the following economic systems describes the way the United States operates?
When one country buys goods or services from another country, it’s called an
An economic system in which a large part (if not all) is controlled by a central power (such as the government):
Services are tangible items such as food, clothing, shoes, and anything you can touch and buy(t/f)
Because of inflation
all of these
The fourth sector in the chain of production is the quaternary sector(t/f)