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Europe Voluntary Trade and Factors of Economic Growth Flashcards | StudBud
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Europe Voluntary Trade and Factors of Economic Growth
Europe Voluntary Trade and Factors of Economic Growth
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1
Why does international trade require a system for exchanging currency?
To make trade more complicated
Because differenet countries have different types of money
Because goods and services in other countries are strange
Because other countries dont believe in America
2
Productive resources are used to make what?
Natural Resources
Capital Goods
Human Capital
Goods and services
3
What are two advantages to specialization?
More money and fewer resources
More homework and less free time
Lower costs and faster production
Better cars and more airplanes
4
Tariff, Quota or Embargo? In 1963, US President Kennedy restricted all trade with Cuba
Tariff
Voluntary Trade
Embargo
Quota
5
How do entrepreneurs help a country's economy?
Start businesses, create jobs
Sell products
Training professionals
Create goods
6
Why might a government set a quota on foreign goods?
To protect their businesses from outside competition
To increase healthy competition
To help with house chores
To help other countries sell more stuff
7
A country can increase its capital goods by investing in what?
Government
Machinery, Technology and Factories
Businesses
Education
8
Which productive resource can be a source of income when exported?
Natural Resources
Gross Domestic Product
Entrepreneurship
Human Capital
9
Tariff, Quota or Embargo? The UK taxes all wood coming into the UK from Canada.
Embargo
Quota
Tariff
Voluntary Trade
10
Which country has the stronger economy?
The Classroom
The United States
The School
The United Kingdom
11
Which trade barrier is similar to a "tax"?
Quotas
Embargos
Tariffs
Specialization
12
Tariff, Quota or Embargo? The Russians only allow 100 million pounds of peanuts a year
Tariff
Quota
Embargo
Specilization
13
What is GDP per capita?
Grants, Dollars, Pay for Capital
Giant Dinosaur Park in the capital
Greatest Dollar Product per people
Gross Domestic Product per person
14
Why do countries specialize?
So they can be more important
To fight Godzilla
Because no country has all the resources it needs
Because they already have everything they need
15
When a country invests in education for its citizens, what is it increasing?
Capital Goods
Natural Resources
Entrepreneurship
Human Capital
