05.00 Thinking Globally Pre-Assessment – Flashcards

Economists believe that having some inflation is a

Which of these is a result of inflation?

Which of these sets of characteristics would most likely belong to a developed country rather than a developing country?

In a market economy, who determines what to produce?

With which of these statements would Adam Smith agree?

Country X can cut, prepare, and export lumber using fewer worker hours than Country Y. Country Y can produce lumber but produces cars more efficiently than it produces lumber. It also produces cars more efficiently than Country X. Which of these statements is accurate?

A high unemployment rate is an indicator for low economic

Which of the following best completes the table? Cotton with a lower price than domestic cotton Cotton that is domestically taxed Cotton infested with boll weevils Cotton grown in a hostile country

France and Greece produce olive oil and wine. Look at the table. Which of the following is true?

How are traditional economies like free-market economies?

Keynes would most likely oppose a plan for

It is 1807. The United States wants to remain neutral with Britain and France while the two European countries fight a war. Both countries, however, are stealing U.S. ships and goods. How would a trade barrier help in this case?

Look at the map showing the European Union (EU) and its free-trade agreement (FTA) countries. Which is true about most current EU free-trade agreements?

Which economic advantages does the United States have compared to other nations?

Your friend wishes to purchase a new car. Assuming your friend has a good credit rating, he will likely get the best interest rate on a loan if the inflation rate is