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Basics of International Economics Flashcards | StudBud
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Basics of International Economics
Basics of International Economics
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1
Tariffs can make it seem like goods are more expensive that what they are.
False
True
2
The "make America Great Again" slogan promotes production in the U.S. only. This is...
free trade
protectionism
3
In an economy, when M>X, a trade deficit occurs...
True
False
4
The U.S. only needs 20,000 KIAs from South Korea per month. This limit is called a...
embargo
protective tariff
quota
protectionism
5
The most popular digital currency is...
fiat money
bitcoin
EOS
coins
6
The "M" in (X-M) represents
all of the above
goods and services made at home
good and services made overseas
goods and services made abroad
7
An open economy that trades with others around the world
GDP= C+I+G+Y
Y=G+I+G+(X-M)
GDP=AD+C+I+G
GDP=C+I+G
8
When the VALUE of one currency GOES UP in comparison to another, it has...
depreciated
appreciated
quota
tariff
9
Mr. Clifford is discussing the ________model/graph.
appreciation
FOREX
AD/AS
Money Market
10
During the 1950s, the U.S. completely stopped trading with Cuba. This ban on trade is called...
appreciates
differentiation
quota
embargo
11
A closed economy is represented by...
GDP=C+I+G+(X-M)
GDP= C+I+G
12
The "X" in (X-M) represents a country's...
imports
trade balance
government spending
exports
13
Alicia believes in free trade between countries. She's NOT a
protectionist
free trader
14
You can go online and exchange your currencies in the _____ market.
Facebook
FOREX
twitter
instagram
