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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