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Flashcards in economics 751-825 Deck (75):
1

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

2

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

3

how does a country pay for a trade deficit

it must either run down its assets or owe money

4

the united states emerged from world war 1 as a new _ nation

creditor

5

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

6

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

7

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

8

how does a country pay for a trade deficit

it must either run down its assets or owe money

9

the united states emerged from world war 1 as a new _ nation

creditor

10

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

11

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

12

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

13

how does a country pay for a trade deficit

it must either run down its assets or owe money

14

the united states emerged from world war 1 as a new _ nation

creditor

15

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

16

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

17

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

18

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

19

how does a country pay for a trade deficit

it must either run down its assets or owe money

20

how does a country pay for a trade deficit

it must either run down its assets or owe money

21

the united states emerged from world war 1 as a new _ nation

creditor

22

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

23

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

24

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

25

how does a country pay for a trade deficit

it must either run down its assets or owe money

26

the united states emerged from world war 1 as a new _ nation

creditor

27

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

28

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

29

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

30

how does a country pay for a trade deficit

it must either run down its assets or owe money

31

the united states emerged from world war 1 as a new _ nation

creditor

32

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

33

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

country b

34

how are exchange rates determined

supply and demand for both currencies naturally sets an equilibrium price

35

how does a country pay for a trade deficit

it must either run down its assets or owe money

36

how does a country pay for a trade deficit

creditor

37

the united states emerged from world war 1 as a new _ nation

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

38

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

country b

39

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

supply and demand for both currencies naturally sets an equilibrium price

40

how are exchange rates determined

it must either run down its assets or owe money

41

how does a country pay for a trade deficit

creditor

42

the united states emerged from world war 1 as a new _ nation

they typist might have a comparative advantage in typing. even though the attorney is a better typist, she gains more by spending her time on legal work and hiring someone else to type

43

an attorney who is also the fastest typist in town might still hire a typist instead of typing her own notes. why would this be to her advantage

country b

44

with one hour of labor, country A can produce either one shirt or 4 apples. with the same amount of labor country B can produce either two shirts or 10 apples. which country has the absolute advantage in shirts

supply and demand for both currencies naturally sets an equilibrium price

45

how are exchange rates determined

it must either run down its assets or owe moneysdudiudc

46

how does a country pay for a trade deficit

a limit on the quantity of a good that can be imported or exported

47

what is a quota

terrorism, narcotics trafficking, human rights violations, and proliferation of weapons of mass destruction

48

what types of behaviors might a trade sanction be intended to punish or stop

general agreement on trades and tariffs

49

what does gatt stand for

a tax on an import

50

what is a tariff

decrease

51

protectionalist policies, such as tariffs and quotas, (increase/decrease) the real wages of domestic workers

externalities

52

what do we call the unintended benefits or consequences of a good or activity whose cost is not paid by the producer or consumer

capitalism

53

what term is used to describe private investment in and ownership of resources

england

54

in which country was the first joint stock trading company formed

wealthy merchants

55

from what source other than bankers could monarchs borrow money

precious metals

56

according to bullionism what commodities are most important to a nations economic strength

cast or pig iron

57

the blast furnace was designed to reduce iron ore into what type of iron

1550s

58

when was the first joint stock trading company created

predictable

59

People have (predictable/unpredictable) reactions to incentives.

increased

60

Global interdependence has (increased/decreased) in the last several decades.

natural resources, human resources, capital resources, and social values/legal framework

61

What are the four factors critical economic growth?

a public good

62

What is the term for a good that can be provided to everybody (in a town or nation) at no more cost than the cost required to provide it to one person?

66

63

As of 1997, how many developing countries were there?

what to produce

64

A nation's endowment of natural resources helps it to answer which basic economic question?

less developed

65

Classify the development status of a country with a per capita GDP of $2,500.

issues related to the distribution of wealth within a country

66

What does per capita GDP overlook?

yes

67

Do economists think people are rational?

developed

68

Canada, the U.S., and Japan are examples of (developed/developing) nations.

a country with a per capita GDP between $3,000 and $10,000

69

What constitutes a developing country?

younger

70

The populations of a less-developed countries tend to be (older/younger) than in developed countries.

less-developed

71

Rwanda, Nigeria, and El Salvador are examples of (developing/less-developed) countries.

less (19.8% in 1998)

72

Developed countries are home to (more/less) than 30 percent of the world's population.

developed economics, developing economics, and less-developed economies

73

What three categories do economists often use to classify nations?

Answers may vary: a tax deduction, the unutterable joy of getting rid of an old lemon, the pride of giving

74

People sometime donate their used vehicles to charity. What is one incentive for doing so?

less-developed

75

A nation with a per capita GDP of $2200 would be classified as having a (developed/developing/less-developed) economy.

Answer may vary: a tax deduction. the unutterable joy of getting rid of an old lemon, the pride of giving