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MicroMacro Review 4 Flashcards | StudBud
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MicroMacro Review 4
MicroMacro Review 4
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Questions
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Answers
1
When a country has a comparative advantage?
Produce a product better than another country
Produce more than another country
Produce less than another country
Produce the same amount as another country
2
What does investment in human capital involve?
Decrease spending for public schools
Government spending to exploit natural resources
Increased spending on education and training
Higher spending on population control measures
3
______________ is what consumers want their currency to be, so they can be confident in economy
Scarce
Divisible
Durable
Stable in Value
4
A country may use a(n) ________ on another country to protect certain businesses.
Sanction
Embargo
Protection
Quota/Tariff
5
Which of the following is NOT a factor of long-term economic growth?
Investment in physical and human capital
Competitive markets
High taxes
Political stability
6
Factors of production include which of the following?
All of the products produced in an economy
Goods and services
Land, labor, and capital
Technology products and entrepreneurship
7
Economics is primarily concerned with which of the following?
Values and objectives of a society
Methods of production
Future costs of goods
Use of resources
8
The main purpose of the Federal Reserve it to ...
Loan money to member banks
Act as a central bank
Prevent the federal government from overspending
End the periodic financial panics
9
Development of new products, processes, and systems that affect a large population is known as?
Technology
Invention
Intervention
Economic growth
10
Which is a public good provided only by the federal government?
Medicare
National Defense
Parks
Museums
11
In which type of system is Property Privately Owned?
Capitalism
Command
Socialism
Traditional
12
What goods to make, how to make the goods, who gets the stuff are three questions addressed by?
Mixed economies
Command economies
All economies
Market economies
13
Any item that is widely accepted for goods/services, allows it to be called?
Unit of Accountin
Store of Value
Medium of Exchange
Near moneys
