Globalization

Labor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?

• Outputs
• Substitutes in Production
• Absolute Advantage
• Factors of Production

Because of scarcity, people are forced to make _________ about how to use resources.

• Choices

• Opportunities

• Houses

• Desires

What is multinational corporations ?

• a company that is primarily based in more than one country

• a company that is primarily based in one country

• a company that is primarily based in some countries

Import means

• buying goods from another country
• selling goods to another country
• only making one kind of product

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product

A tax on imports

• tariff

• import tax

• supply

• embargo

Economic System in which the government controls most of the means of production.

• Command Economy
• Diplomatic Economy
• New Economy
• World Economy

The process by which people and economies around the world are becoming increasingly interconnected

• Imports
• Exports
• Specialization
• Globalization

A government order stopping trade with another country

• tariff

• embargo

• quota

A limit to the number of imports that may enter a country

• tariff

• embargo

• demand

• quota