SWA Econ & Fun

Front

This is when a country specifically gets good at one thing

Back

Specialization

Front

Which economic system would be most likely to 'privatize' something? Options: Market, Command

Back

Market

Front

Which trade barrier would be effective if a neighboring country started selling products for cheaper than you? Options: Quota, Tariff, Embargo

Back

Tariff

Front

The standard of living goes up when countries invest in...

Back

capital

Front

Why would a country invest in education for their citizens?

Back

To increase skilled labor (human capital)

Front

What goes up when your standard of living goes up? Options: Human Capital, GDP, Literacy Rate, All of these

Back

All of these

Front

Why would a country require more years of school?

Back

To increase literacy

Front

What is one popular way the Traditional economies trade goods?

Back

Bartering

Front

What is the formal name of OPEC?

Back

Organization of Petroleum Exporting Countries

Front

What does gross domestic product measure?

Back

The dollar value of all goods and services a country produces in a year