economics 901-975 Flashcards Preview

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Flashcards in economics 901-975 Deck (75):
1

what is the velocity of money

price level

2

what does p stand for in the equation of exchange

political stability is lacking, and risk is high

3

why is it sometimes difficult to attract foreign investment to less developed countries

there might be a different work ethic, or a different belief in the role of the free market, or in the right of women to work, or even in the idea of punctuality

4

what sorts of social values might be different in a less developed country than in the united states

education

5

states general spend the most money on

developing countries have much higher birth rates

6

how do birth rates compare in developed versus developing countries

raised

7

specialization oand trade have (raised/allowed) standards of living in the world

higher, lower

8

less developed countries generally have (higher/lower) birth rates and (higher/lower) literacy rates than developing and developed countries

public good

9

tax revenues are usually intended to provide what type of good

public goods

10

what type of goods must be provided by government if they are to exist at an adequate level

bhutan, afghanistan, rwanda, el salvador, bangladesh, nigeria

11

what are some examples of less developed countries

risk their resources or manage their private properrty in a productive and or responsible way

12

what do incentives cause people to do

developing

13

classify the development status of a country with a per capita gdp of $7500

a country with a per capita gdp of over $10,000

14

what constitutes a developed country

a country with a per capita gdp of under $3000

15

what is a less developed country

developing

16

classify the development of a country with a per capita gdp of $3001

bhutan

17

which country has officially began measuring "gross national happiness"

developing

18

a natino with a per capita gdp of $7000 would be classified as having a (developed/developing/ less-developed) economy

15

19

Investment represents about _% of GDP in the United States.

$31,437

20

How much was the U.S> per capita GPD in 1998

frictional

21

Randy decides to leave his job in New York and travel to Morocco, then back to California , where he is looking for a new job. What kind of unemployment data?

every ccillian age 16 or older who has a job or is seeking one. Millitary personal and convicts do not count.

22

Defines the labor force

The percentage of the iliasm population in the labor force out of everyone who could be in the labor force.

23

What is the Labor Force Participation Rate?

the Bureau of Labor Statistics

24

What government agency keeps track of unemployment data?

cyclical unemployment

25

The EMployment Act of 1946 most targeted what kind of unemployment.

2000

26

When did the Employment act of 1946 expire?

75%

27

About what percentage of workers earning the federal; minimum wage are 20 years or older?

twice as likely

28

How many times more likely is someone who has not gone to college to earn the minimum wage than someone who has graduated form college?

teh Bureau of Labor Statistics

29

What government agency measures the Consumer PiceIndex

not necessarily

30

is a trade deficit always bad

increase

31

real wages increase/decrease as a result of trade

comparative

32

a nation benefits by specializing in the goods in which it has a _ advantage

country A will export shirts to country B in exchange for apples

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. if the two countries trade with each other which will export shirts

an absolute advantage

34

a nation that is more productive than another nation in a certain good has an absolute advantage/ a comparative advantage in that good

not necessarily. country a has an absolute advantage in this good, but country B may have the comparative advantage

35

country A can produce a good at a lower cost than country B. should country A export this good it country B

credit

36

if an item provides us with more foreign currency, it counts as a credit/debit in our balance of international payments

balance

37

the relationship between the value of a nations exports and the value of it imports is called the trade_

exporter

38

the U.S. is the largest _ of corn in the world

debit

39

in a balance of international payments, imports are listed as _ items

the price of a nations currency expressed in terms of the value of another

40

exchange rate

the ability of one country to produce a good at lower opportunity cost with a greater efficiency relative to other goods than another country

41

comparative advantage

a good or service produced domestically and sold to consumers in another country

42

export

more

43

if the american dollar appreciates versus the japanese yen, it will be worth_ compared to the yen

the ability of one country to produce a good more efficiently at a lower cost than another country

44

absolute advantage

yes

45

if country A is less efficient than country B in the production of all goods, is it possible for country A to benefit by trading with country B

TRUE

46

true or false the wto has en enforcement system

over 140

47

the wto has about how many members

opposed

48

the united auto nation union opposed or supported the creation nafta

brazil argentina and paraguay and uruguay are full members. Chile and Bolvia are associates

49

which countryies beling to mercosur

Romania and Bulgaria

50

Which two countries will join the EU in 2007?

France, Germany, Belgium, Italy, Sweden, Denmark, Austria, United Kingdom, Ireland, Luxembourg, the Netherlands, Spain, Portugal, Greece, Finland

51

Name the original 15 countries in the EU

a loss of American jobs to less expensive mexican ones

52

The major fear felt by opponents of NAFTA was that it eould result in

reducing

53

The goals of GATT included (increasing or reducing) tarrifs

tarrifs

54

One goal of NAFTA was to eliminate all _____ among the US, Canada, and MExico over a period of ten to fifteen years

the EU

55

What is the current name of the organization formerly known as European Community?

Washington D.C.

56

Where is the World Bank headwuartered?

sanctions

57

Many nations imposed trade ________ on South Africa when it was under apartheid system

The Uruguay round

58

What round of GATT talks were completed in 1993?

Paul Wolfowitz

59

Who is the current president of the World Bank (in 2005)?

Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithiuana, Malta, Poland, Slovakia, Slovenia

60

What ten european nations joined the EU in 2004?

the dispute settlement body

61

which part of the world trade organization settled trade disputes

the EU

62

what is the main european trade association

work toward the formation of the WTO

63

what was the most signifacnt achievement to emerge from the urugay round

dumping

64

what is the term for when pnce ocuntry exports a large number of goods to another country at prices much lower than domestic prices

mercosur

65

this is a south american free trade associaiton

steel

66

the united states was forced by the WTO to remove tariffs on what calss of goods

a grop of countries that agreed to have free trade

67

what is a free trade assocation

The IMF

68

if the contry is suffering a currency crisis to which organiation would they turn to for help

us, mexico, canada

69

what countireds belong to NAFTA

they feared that union workers would lose their jobs to mexico

70

why did the united autoworkers union oppose the creation of nafta

hurt

71

trade sancitons are intended to (help or hurt) the ecnomies of the nations in which they are opposed

the careageana agreement of 1969

72

which agreement began the development of the andean

the federal trade commission

73

What federal agency was created to prohibit "unfair methods of competition"

debit

74

if an item causes us to use up our stock of foreign currency, it counts as a (credit/debt) in our balance of international payments

1914

75

when was the federal trade commission established

credit