Final Review Economics 2024

Front

What is an exchange rate?

Back

The price of one nation's currency in terms of another's.

Front

If the US $ were to appreciate in relation to the Euro, what effect would this have? Options: European consumers would have more purchasing power in US, US consumers can buy more European goods and services for fewer $$, US consumers can buy more English goods and services for fewer $$, European tourists to the US will spend more $$

Back

US consumers can buy more European goods and services for fewer $$

Front

A tax on imported goods.

Back

Tariff

Front

Protects infant industries, hurts domestic workers, labor standards are not the same, and to protect national security.

Back

Arguments against free trade

Front

Increases competition, allows domestic goods to be sold all over the world, allows country to expose comparative advantage through specialization.

Back

arguments for free trade

Front

Investment in ___ is considered as one of the main sources of human capital

Back

Education

Front

The stock of skill and expertise of a nation at a point of time is called

Back

Human capital

Front

What is opportunity cost?

Back

what you give up to make a choice

Front

What is the opportunity cost of the bakery's decision to make cookies instead of muffins?

Back

muffins

Front

What is the definition of marginal benefit?

Back

The additional benefit received from consuming one more unit of a good or service.