MACRO ECONOMICS

Front

Lotteries, markets, barter, rationing, and redistribution of income are all methods commonly used to:

Back

allocate scarce resources.

Front

Opportunity costs is MOST RELATED to which concept? Options: price floors, scarcity, elasticity, absolute advantage

Back

scarcity

Front

Competition and free enterprise are most common in which type of economic system? Options: traditional, market, communist, planned

Back

market

Front

Competition and free enterprise are most common in which type of economic system? Options: traditional, market, communist, planned

Back

market

Front

Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts of private ownership?

Back

Command

Front

A person who uses and buys goods and services

Back

consumer

Front

Importing more than exporting is

Back

trade deficit

Front

If the US dollar appreciates relative to the Canadian dollar, what is a likely outcome?

Back

trade surplus in Canada

Front

An increase in the value of currency is called

Back

appreciation

Front

Prices at which currencies are traded is called...

Back

Exchange Rate