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What is the definition of GDP (gross domestic product)?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
What is an embargo?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
What is a quota?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
What is a tariff?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Most major economic decisions in North Korea are made by
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
What is economic specialization?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
What is human capital?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
If a county does not invest in its human capital, how can it affect the country's GDP?
the total value of goods and services a country produces in a year
Premier Kim Jong-Un
A limit to the number of foreign-produced goods that are allowed into the country
GDP may go down because poorly trained workers will not be able to do their jobs as well.
producing a good at a lower cost than other countries and using that good to trade for other goods
skills and education the workers have
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
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