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Trade and Economics Flashcards | StudBud
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Trade and Economics
Trade and Economics
40 terms
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StudBud Administration
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106 plays
#comparative advantage #scarcity #free trade
Flashcards
40 cards
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Questions
40
Answers
1
Why would free trade negatively impact the environment?
More trade has no impact on resources
Trade creates wealth
More trade requires more resources
More trade requires less resources
2
Joe produces 66 apples compared to Jane, who makes 86 apples. Jane has a(an)...
Reapers
Parallel Advantage
Comparative Advantage
Absolute Advantage
3
Demand decreases, but supply nearly disappears, Price will
Decrease
Increase
Remain the same
4
Wealth is defined as
having a bad mood
having intellectual capital
having happiness
having financial capital
5
Garret make 80 tires, Don makes 190 tires. Who has the absolute advantage?
Michelin
Firestone
Don
Garret
6
Which is NOT a supply factor
Fads
Seasons/Timing
Available Resources
Available Labor
7
True or False. Not everything has a cost; especially if you don't want it and it was free.
False
True
8
Why would High energy prices be good for American Jobs?
Transport costs make it more expensive to produce locally
Transportation costs make it cheaper to produce locally
9
Who is going to win the Election?
Gary Johnson
Donald Trump
Kanye in 2020
Hillary Clinton
10
Why will it be harder for China to move up the "Value Chain"
Relatively Abundant Capital
Relatively Abundant Mountains
Relatively Abundant Resources
Relatively Abundant Labor
11
Which is NOT a demand factor
Human Interest
Fads
Available Labor
Distance to supply
12
Which concept relies on the COST of making products instead of the total number produced?
World War 3
Comparative Advantage
Absolute Advantage
Pig Latin
13
The desire for a good or service in an economy:
Demand
Consumer
Producer
Supply
14
Trading within a single letter group during the trade scenario represented:
Expanded trade increases happiness
Expanded trade decreases happiness
Limited global communication limits trade
Limited global transportation limits trade
15
Trading within many letter groups during our trade scenario represents:
Limited global communication limits trade
Limited global transportation limits trade
Expanded transportation increases trade
Expanded transportation decreases trade
16
Supply decreases, Demand remains the same, Price will
Decrease
Remain the same
Increase
17
Making more of one product compared to another.
Parallel Advantage
Absolute Advantage
Strategic Advantage
Comparative Advantage
18
Cassy&Rob need a bigger house. The houses on the market are over 250K, which they don't have.
Scarcity of Capital
Scarcity of Baby
Scarcity of Labor
Scarcity of Land
19
A person who organizes and operates a business or businesses, taking on risks to do so
Comparative Advantage
Scarcity
Entrepreneur
Absolute Advantage
20
EM: 50 crayons or 25 markers. Mo: 40 crayons or 60 markers. Who has comp. adv. in crayons.
Mo (cost of .5 markers compared to 1.5 markers)
Em (cost of .5 crayons compared to 1.5 crayons)
Mo(cost of .5 crayons compared to 1.5 crayons)
Em (cost of .5 markers compared to 1.5 markers)
21
Providing a good or service:
Consumer
Producer
Supply
Demand
22
The amount of goods and services in an economy:
Consumer
Producer
Demand
Supply
23
NAFTA
Notable Authors Feel Time is Awesome
National Atlantis Free Treatise Appeasement
National Atlantic Free Trade Agreement
Nationalism is Always For Advancement
24
The most important benefit AND drawback to Free Trade is....
The environment
Energy
Intellectual Property
Jobs
25
Better at every product or service compared to another.
Comparative Advantage
Parallel Advantage
Strategic Advantage
Absolute Advantage
26
Intellectual Property protections
Prevent the theft of environmental resources
Prevent the theft of financial capital
Prevent the theft of peoples' ideas
Prevent the theft of kittens
27
Demand increases, Supply stays the same, Price will
Increase
Decrease
Remain the same
28
Producing a good or service at a lesser cost compared to another producer
Comparative Advantage
Parallel Advantage
Absolute Advantage
Reapers
29
Which of the following is NOT scarce?
Labor
Money
Time
None of the Above
30
Cassy&Rob have an electric problem, and there are only 2 plumbers in the area who can fix it :(
Scarcity of Land
Scarcity of Labor
Scarcity of Baby
Scarcity of Capital
31
Excluding a letter group from our trade scenario represented:
North Korea
Economic Isolation
Strong trade restrictions and sanctions
Iran
32
Even though Don doubled the production rate, it cost him more than Garret. Garret has a(an)..
Comparative Advantage
Bacon
Absolute Advantage
Bill Clinton
33
Supply Increases, Demand remains the same, Price will
Increase
Remain the same
Decrease
34
TPP
Trans-Pacific Partnership
Transcontinental Pacific Pueblo
Trans-Pacific Pacification
Turbulent Pockets of Pain
35
Purchasing a good or service:
Consumer
Producer
Demand
Supply
36
Who won the world series?
Hillary Clinton
Indians
Donald Trump
Cubs
37
In Production, the person who should make particular product or service should have...
Lesser Opportunity Cost
Greater Opportunity Cost
38
Caleb: 40 apples or 20 oranges. Zak: 20 apples or 30 oranges. Who has comp. adv. in apples.
Zak (cost of .5 apples compared to 1.5 apples)
Caleb (cost of .5 apples compared to 1.5 apples)
Zak (cost of .5 oranges compared to 1.5 oranges)
Caleb (cost of .5 oranges compared to 1.5 oranges)
39
Cassy&Rob need to buy a house for their family. There are only eight 3 room houses available.
Scarcity of Capital
Scarcity of Land
Scarcity of Labor
Scarcity of Baby
40
Scarcity forces people to:
Learn Kick Boxing
Make Choices
Use a lower opportunity cost
Comparatively Advantage themselves
