Question
|
Answer
|
What is a good or service sold to another country?
|
Export
|
What is someone legally classified as if they are not employed, but currently looking for employment?
|
Unemployed
|
What is the free trade agreement that Canada, Mexico, and the United States is currently in?
|
NAFTA
|
What is an example of a trade barrier?
|
Tariff/Embargo/Quota
|
What's a tax placed on an import called?
|
Tariff
|
What's it called when imports are taxed in order to protect a domestic industry from foreign competition?
|
Protectionism
|
What rises when supply falls?
|
Demand
|
What's it called when you spend more than you make?
|
Budget Deficit
|
What's it called when supply & demand are where they're supposed to be?
|
Market Value
|
What is the total amount of money a country owes?
|
National Debt
|
What does NAFTA stand for?
|
North American Free Trade Agreement
|
What does NAFTA promote?
|
Free Trade
|
Name one country in NAFTA (Which is not the United States).
|
Canada/China
|
What is the rate of which a currency can buy another one?
|
Exchange Rate
|
What is the currently unemployment rate of the United States (Jan 2022) in percent?
|
4%
|
Every business cycle includes a depression (True/False)
|
False
|
What does IMF stand for?
|
International Monetary Fund
|
What does WTO stand for?
|
World Trade Organization
|
If 1 USD = 100 Japanese Yen, then how much Yen would be spent if I went out to dinner and spent $35.43?
|
3543
|
What does GDP stand for?
|
Gross Domestic Product
|
What does CPI stand for?
|
Consumer Price Index
|
If you trade an item with a value of $5 in return for an item with a value of $9, what did you make?
|
Trade Surplus
|
What country does the United States import the most from?
|
China
|
What is it called when you import more than you export?
|
Trade Deficit
|
Name a business listed in the top 5 of the Fortune 500.
|
Walmart/Amazon/Apple/CVS/UnitedHealth
|
The United States is currently in a trade surplus with Canada. (True/False)
|
False
|
What phase of the business cycle is the United States currently in?
|
Expansion
|
What is it called when countries specialize in producing what they are good at and trading with other nations for what they are good at producing?
|
Comparative Advantage
|
How many times a year does inflation rate come out?
|
12
|
Buying a used car counts toward GDP. (True/False)
|
False
|
What's the national debt of the United States? (Concatenate with letter variable. Ex: 45t, 45b, 45m, 45k)
|
35t
|
China inflates their currency/lowers its value so it can export more. (True/False)
|
True
|