Jack Is Number One: Question Preview (ID: 7670)


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The physical development of a country
a) resources b) infrastructure c) factors of production d) economy
The difference between wants and needs and available resources
a) entrepreneurship b) market economy c) traditional economy d) scarcity
A system which a country's government makes all economic decisions
a) command economy b) traditional economy c) socialist d) privitization
The output per worker hour that is measured over a defined period of time
a) method b) Gross National Product c) Gross Domestic Product d) productivity
Rising Prices
a) inflation b) business cycle c) producer price index d) consumer price index
Exchange of goods and services among nations
a) imports b) infrastructure c) international trade d) exports
The difference in value between exports and import
a) absolute advantage b) balance of trade c) trade deficit d) comparative advantage
The commercial exchange between nations that is conducted on free market principles with out any regulations
a) tarrif b) European Union c) protectionism d) free trade
Total ban on specific goods coming into or leaving a country
a) embargo b) World Trade Organization c) tarrif d) quota
Large corporations that have operations in several countries
a) joint venture b) foreign direct investment c) multinationals d) contract manufacturing
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