Dave Ramsey Chapter 13 Global Economics

GDP stands for....

When something is in short supply, it is referred to as what?

Real GDP is an inflation-adjusted figure.

Which of the following is not an example of a capital good?

Marginal business costs are the costs that stay the same every month.

Which of the following is an economic system based on “the way things have always been done”?

A system of economics based on the private ownership of business and the products made and sold:

The fourth sector in the chain of production is the quaternary sector.

Which of the following is not an example of competitive advantage?

Because of inflation.....

When one country buys goods or services from another country, it’s called an . . .

What term describes lacking the financial resources to meet a minimum standard of living?

Which of the following economic systems describes the way the United States operates?

NAFTA stands for what?

Which of the following is not a factor of production?

A large part (if not all) is controlled by a central power (such as the government):

A fee or tax on exported and imported goods and services is a tariff.

The government controls all the aspects of production and income generated.

All of the following are barriers to trade except:

The study of how all the different economies of the world work together:

Exports and imports are a huge factor in the economy of the United States.

Embargoes are fees and taxes on exports and imports.

When supply and demand are equal, what word is used to describe the economy?

An economic system where capitalism and competition characterize how goods and services are sold:

An economic system where everything is sold, bought, and traded without governmental involvement?

The secondary sector in the chain of production is where raw materials, and minerals come from.

Which of the following countries has the largest gross domestic product (GDP)?

Macroeconomics is the study of individual and small business economic decisions.

When one country sells goods or services to another country, it’s an . . .

All of the things necessary to produce goods or services:

The development and movement of goods and services through an economic system:

The United States is a global leader in exporting mobile phones.

Global interdependence means countries depend on one another to provide goods and services.

The rate at which the prices for goods and services rise:

Services are tangible items such as food, clothing, shoes, and anything you can touch and buy.