Econ ACP Review 2-2024

Front

______ is the practice of putting limits on foreign products to protect domestic (local) businesses at home, while _____ is the condition where trade barriers are reduced.

Back

Protectionism; Free Trade

Front

All of the following are trade barriers EXCEPT: Tariffs & Quotas, Embargoes, Standards, Subsidies

Back

Free Trade

Front

The given cartoon supports the idea that trade barriers protect

Back

US businesses from international competition, but limit their market

Front

What is the best measure of the nation's standard of living? (a measure of how wealthy people are on average)

Back

GDP per capita

Front

When inflation is too high and the business cycle is at its peak, the government can...

Back

Cut spending and raise taxes

Front

I walked around with a $20 bill in my pocket and washed it on accident. The next day I realize this but thankfully it was still intact. This example BEST demonstrates which characteristic of money?

Back

Durability

Front

US Dollars as an official currency allow us to estimate the worth of a product. For instance, a Versace purse seems more valuable because its price is higher than a target purse. Select that function of money that is BEST demonstrated in this example.

Back

Standard of Value (Unit of Account)

Front

__________is a country's ability to produce more of a good than another using the same resources, while __________ is the ability to produce a good at a lower opportunity cost compared to another country.

Back

Absolute advantage; Comparative advantage

Front

Businesses provide government with...

Back

taxes

Front

A business takes the following actions:
Hires new employees
Apply and gets a loan for the business
Purchase a several acres of land
All these activities are happening in which part of the Circular Flow?
Options: Business Cycle Peak, Government Actions, Factor (Resource) Market, Product Market

Back

Factor (Resource) Market