LH Test Unit: 6
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| How has Louisiana become more diverse in the 21st century? | LA host 1,000 of cultural events, tourism, heritage celebration, Music festival
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| What is the impact of an open primary or elections? | You can vote for any party
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| What were the economic impacts of Hurricane Katrina? | unemployment doubled, demand for goods rose, supplies of goods fell, refinery derange
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| Tariffs are used to protect what economy? | Jobs and Profits
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| Quotas are used to protect and economize how does it do that? | Limits the amount of goods that can be imported.
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| What is the value of a dollar based on? | Government, net exports, and consumers
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| Give some examples of "non- labor force". Define the labor force. | 16 or older who are able to work. Retired people, full students, discouraged; the population over 16 that is willing and able to work
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| Product market exchanges income in homes for what? | Income is traded for goods and services
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| What is a common disadvantage of traditional and command economies | No individual focus
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| Opportunity cost can play a role at the national level. What is opportunity cost? | Cost and benefits of wind and solar energy. Opportunity cost is what you give up for something else.
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| Define economize? | The greatest benefits at least cost
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| All decisions involve both____and _____. | cost and consequences
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| What is the law of supply and demand? What are some factors that impact supply? | supply goes up, demand goes down.
* available material
* ability to keep up with demand
* Competition
* changes in spending
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| Why is Andrew Higgins an example of supply and demand? | He saw demand, and made a supply for WWII
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| What has the growth of oil industry in Louisiana Lead to? | Specialization for chemical manufacturing
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| Having Chicory in Louisiana has impacted what industry? | Coffee
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| Who is a producer? Define it. | A person that provides goods and services
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| What type of economy is Louisiana? Define a traditional economy and what is the goal. | LA is a mixed economy based on trade and bartering; economic security
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| In a pure market economy- what determines prices? Defines a command economy and what is the goal of a command economy? | government controls it; the goal of a command economy is equality
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| Why do countries export goods into them? | because they can make it cheap
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| In a market economy who answers the 3 economic questions. What are the 4 economic questions? | the producers and consumers
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| A factor market like in the Antebellum period send payments for what? | send payments for rent profit and wages
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| New Orleans is important to Louisiana's economy because....? | it is an very important port
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| Define Inflation. How does this impact wages? Define GDP. What happens if GDP falls? | Inflation: when the value of a dollar increases and wages stays the same; inflation reduces the amount of stuff people buy. GDP: the amount of all goods produced in a country; values falls
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| What are some of the measures taken by Louisiana to recover the economy? | *gave money to farmers
*preparing buildings
*encouraged small businesses
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| Define NAFTA and what does a free trade agreement mean? | NAFTA: no tariffs or quotas between Mexico, US and Canada
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| Define the business cycle. Define market basket. | Business cycle: rise and fall of economic activity through periods of expansion and recession. Market basket: items that make up urban households
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| Define CPI. What affects it? | CPI- consumer price index: education, communication, food, beverages, and medical care
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| Define Scarcity. How Is this connected to resources? | Scarcity: limited resources; limited on the amount of goods and services available
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