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Econ Trade Review Flashcards | StudBud
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Econ Trade Review
Econ Trade Review
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A #Review of #trade #econ . #Economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is an example of property resources?
Tractors
Other people's land
Hotdogs
Land
2
Which American said that trading sparks business?
Adam Smith
Erwin Smith
Matt Smith
Smitty Werben Jagerman Jensen
3
Which is an example of absolute advantage?
America producing Chinese food.
Japan producing anime.
Alaska making bathing suits.
NASA making boats.
4
What do we not gain from trading?
War
Technology
Unfair advantages
Food
5
Why do we use graphs to show a flow in trade?
It makes the info more appealing.
Technology
It organizes our lives.
We just do.
6
What makes the world go round?
Peace
Going home and taking a nap.
War
Coffee, Hyslop said so!
7
What is restricted trade?
Stopping trade over political warfare.
Being jealous of other countries.
Restricting trade because of political disagreement.
Protecting small businesses from other countries.
8
Who is not in the European Union?
Turkey
Austria
Estonia
Czech Republic
9
How do people decide on what specialize in?
Find your absolute advantage.
Look for your comparative advantage.
Look for your marginal change.
Find your Hogwarts house.
10
What is a Quota?
When the government limits how much we import.
How much a business has to sell to meet even.
When the government limits how much we export.
Where you go when you need help.
11
What does economic growth do to this world?
A better world for you.
War
Conspiracies
A horrible world for other people.
12
Who benefits in trade?
We all do~!
No one.
The one who has more power.
The person who produces less.
13
Why do some people oppose globalization?
Some people just want to go back to the time of no internet.
They're too poor to benefit.
Some people are jealous.
It doesn't benefit everyone.
14
How awesome of a teacher is Ms Hyslop
<3
Better than a Joe Biden meme
9000%
Yes, definitely, absolutely.
15
What is a reason why some people do not like to trade with other countries?
None of the above
Environmental Protection
Unfair Advantage
National Security
16
Why do nations trade?
Got nothing else to do.
To get what you don't have.
Why not?
To get rid of what you don't want.
17
Whats another way of saying a trade off?
Opportunity cost
No-givesy-backsy
Benefit of trade
Just take my money
18
How do countries determine what commodities to specialize in?
Asks what the world wants.
Export what they have a lot of.
Export what they don't have a lot of.
Throw a dart on a board.
19
What does America use for its economy?
Communism
Classic Liberal capitalism
Credit
Traditional
20
What stopped trade during WWII?
Protectionism
Idealism
Optimism
Zoroastrianism
21
What is a way to restrict trade?
Embargo
Quija
Tardis
22
What is an Embargo?
Pirates capturing your ship.
Political disagreement within a nation.
Government stopping trade with countries.
When the Government shuts down.
23
What is an Entrepreneurship?
Being an under payed, over-worked student.
When you do everything for you company.
When Mulan defeated the Huns by herself.
When you get other people to do you work
24
Why do we study trade?
It shows the importance of the economy and our effect on it
Cause we have to.
Why not.
25
What does WTO standford
Wonka Taffy Organization
World Trade Organization
Women (against) Tariff Organization
Wumbo Tambo Organization
