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Economics Project

QuestionAnswer
Which trade barrier consists of a country deciding not to import an item because of its sanitation laws? Standard
What does GDP stand for? Gross Domestic Product
Which type of economy can you not find in any modern day countries? Traditional, command, or market
What are the four factors of economic growth? Human capital, capital goods, natural resources, and entrepreneurs
What is the type of government that can you can not find in any modern day countries but that you can find in the EU? Confederation
What is an investment? It is when you put your time and money into a factor of economic growth.
What is the difference between a quota and a tariff? Quota: limit on imported goods, tariff: tax on imported goods
What is the currency of the EU? Euro
What factor of economic growth is a pig? Natural resource
How many trade barriers are there? 5
What is the opposite of scarcity? Abundance
What does Venezuela specialize in? Oil
When the demand goes up and the supply goes down, what will happen to the price of the item? It will go up
Why might interdependence be a bad thing? If one of the countries' economies goes down, the other's will go down as well.
What countries are in NAFTA? Mexico, US, and Canada
What happens to a country's economy when they enter debt? Their economy goes down.
What are the components of human capital? Education, knowledge, experience, health, habits, training, and talent
Why did the US place an embargo on Cuba? They became Communist, and they thought stopping all trade with them would hurt their economy.
Why do countries trade with each other? To get what they can't produce
What government has a separation of powers between the legislature and the chief executive? Presidential democracy
Created by: 200460436
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