MACRO ECONOMICS

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

• A allocate scarce resources.
•  B collect taxes.
• C improve productivity. 
•  D invest in education and technology.

Opportunity costs is MOST RELATED which concept? D  absolute advantage

•  A price floors
• B scarcity 
• C elasticity
• D absolute advantage

  Competition and free enterprise are most common in which type of economic system? 

• A traditional
•  B market
• C communist
• D planned

  Competition and free enterprise are most common in which type of economic system? 

• A traditional
•  B market
• C communist
• D planned

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

•  A. ) market
• B.)   command
•  C.) traditional 
• D.)   international

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Importing more than exporting is

• trade surplus
• trade deficit
• balance of trade
• balance of payment

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

• trade surplus in US
• trade deficit in Canada
• trade deficit in both
• trade surplus in Canada

An increase in the value of currency is called

• appreciation
• depreciation
• trade surplus
• exchange rate

Prices at which currencies are traded is called...

• Exchange Currency
• Exchange Rate
• Foreign Exchange Market
• Local Currency Demand