Highest valued alternative foregone in the pursuit of an activity

A tax on traded goods, usually imports

Unlimited wants and needs but has limited natural resources

Moving industries from domestic to a foreign country

Demand is higher than the quantity supplied at existing prices.

Geopolitics is best described as the study of the relationships of ___, especially when if comes to world politics

Politics and geography, demography, and economics

Goods sold into foreign markets

Imports are greater than exports

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QUIZ FOR MGI

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Questions 23

Answers

1
Industrial, Financial, Economic, Political, Informational, Cultural connections occurring around the world.
Absolute Advantage
Globalization
Protectionism
Outsourcing
2
Opportunity Cost
Highest valued alternative foregone in the pursuit of an activity
Goods sold into foreign markets
Imports are greater than exports
Unlimited wants and needs but has limited natural resources
3
Exports are greater than imports
Free trade
Embargo
Trade Surplus
Diffusion
4
An economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners
Comparative Advantage
Subsidies
Outsourcing
Hearth
5
Income inequality, Political Instability, and Corruption limit economic growth
False
True
6
Tariffs
Restrictions on foreign trade
A tax on traded goods, usually imports
The area an idea originated from.
The spread of ideas or things from one place to another.
7
Quantity supplied is greater than demanded at the existing price
Trade Deficit
Trade Surplus
Surplus
Exports
8
Scarcity
The spread of ideas or things from one place to another.
Unlimited wants and needs but has limited natural resources
The area an idea originated from.
Unrestricted sales and purchases between countries
9
Hearth is the spread of ideas or things from one place to another
False
True
10
Imports are goods coming into a country
False
True
11
Subsidies, Embargos, and Tariffs are all examples of what theory?
Globalization
Free trade
Protectionism
Comparative Advantage
12
Produce more goods using fewer resources; can occur with advanced technology
Absolute Advantage
Globalization
Comparative Advantage
Free Trade
13
Unrestricted sales and purchases between countries
Comparative Advantage
Outsourcing
Tariffs
Free trade
14
Value of all goods and services produced within the economy for one year
Trade Surplus
Free trade
Exports
Gross Domestic Product
15
A nation with a less developed industrial base and less human development indicators (HDI) than other countries
Developing country
Western Country
Europeon Union
Outsourcing
16
Subsidies are the government investing money into an industry to help it compete.
True
False
17
Outsourcing
A tax on traded goods, usually imports
Moving industries from domestic to a foreign country
Restrictions on foreign trade
Unrestricted sales and purchases between countries
18
The spread of ideas or things from one place to another.
Hearth
Diffusion
Goods sold into foreign markets
The theory or practice of shielding a country's domestic industries
19
Embargo
Moving industries from domestic to a foreign country
Restrictions on foreign trade
The spread of ideas or things from one place to another.
The government investing money into an industry to help it compete.
20
Shortage
Goods sold into foreign markets
Demand is higher than the quantity supplied at existing prices.
Unlimited wants and needs but has limited natural resources
Value of all goods and services produced within the economy for one year
21
Geopolitics is best described as the study of the relationships of ___, especially when if comes to world politics
Religion, Beliefs, and Knowledge
Politics and geography, demography, and economics
Climates, geography, and tectonic plates
22
Exports
Goods sold into foreign markets
Goods coming into the country
Moving industries from domestic to a foreign country
23
Trade Deficit
Value of all goods and services produced within the economy for one year
Goods sold into foreign markets
Imports are greater than exports

QUIZ FOR MGI Flashcards | StudBud