PBMF (1st) Semester Exam Review

Joint venture is an agreement among countries to remove trade barriers on products traded among them

How many countries does the US conduct trade with?

Personal economic freedom is most limited in what economic system

What is true about every nation?

Some countries limit the amount of money citizens can take out of the country when they travel

What is the first step in the decision making process

Inflation...

GDP measures a country's economic output during

The difference between the amount of money that comes into a country and goes out

Who owns the resources in a market economy

If the GDP growth slows for at least ____ quarter(s) of a calendar year the economy is in a recession

The salaries and wages as well as investment income and government payments to individuals is referred to as

During periods of deflation, prices drop so demand increases

A lack of competition will result in lower prices for goods and services

Things that are required in order to live are known as?

Which of the following is not included in GDP

People producing goods and services are called

Who makes all of the decisions in a command economy?

A trade ___ is a restriction to free trade

The __ curve for a product illustrates the relationship between the price of a product and the quantity produced

Goods and services are also purchased by business

If a nation imports more than it exports it has a . . .

What is an example of a cultural influence?

It is difficult to define economies in terms of borders

The point at which supply and demand are equal

A 14 year old would be considered part of the labor force in the US

Business cycles are the recurring ups and downs of GDP

The principle of ___ means you can own whatever you want and decide how you want to use it

____ are individuals and organizations that determine what products will be available for sale

Which of the following occurs at the peak of a business cycle

Which of the following is NOT a want?

____ refers to the production output in relation to unit of input (Ex: a worker)

Goods and services sold to other countries.

If you purchase a government bond, that makes you a (n)

Retail sales...

All economic resources have a limited supply

Which item would be counted when measuring GDP

Which of the following countries has an absolute advantage in coffee production?

Which of the following countries has an absolute advantage in coffee production?

All nations have the same economic needs

What is another name for the economic system of the US

The money for capital spending and projects come from:

A nation's plan for answering the three economic questions is called its

In the US, anyone over the age of 21 who does not have a job is considered unemployed

What is the rivalry between businesses called?

Dividing GDP by total country population results in that country's

In what type of economy does the government control all economic resources and decides how they're used

Businesses offering very similar products to the same customers

All of the following are important principles of the US economy EXCEPT

All countries use the same banking system?

Buildings, equipment, and supplies are examples of ______?

In the graph, the equilibrium price is approximately

What is the most likely effect of wages going up faster than prices?

A nation with a trade surplus has a favorable trade positions

The accepted behaviors, customs, and values of a society