1 Man Eco (Midterms)

Question 1

Supply of money, Demand-pull inflation, Cost-push inflation are...

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Question 2

used to describe situations where the prices of all goods and services rise uncontrollably over a defined time period. In other words, hyperinflation is extremely rapid inflation.

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Question 3

usually due to the government printing large amounts of money to the point that the value of the money begins to drop. When the value of money drops and yet more of it is being printed, this causes pr

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Question 4

a decrease in the general price level of goods and services.

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Question 5

when too many people are trying to buy too few goods. Essentially, the demand is far greater than the supply. This causes a rise in prices

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Question 6

when prices of goods and services go up due to the increased cost of production.

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Question 7

Decrease in demand and Growth in supply are

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Question 8

is an economic state where growth is stagnant and unemployment is high, but high levels of inflation are also present with prices appreciating rapidly

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Question 9

refers to a study of international forces that influence the domestic conditions of an economy and shape the economic relationship between countries.

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Question 10

Understanding the nature and dynamics of international trade is one of the....

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Question 11

is an exchange involving a good or service conducted between at least two different countries. The exchanges can be imports or exports.

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Question 12

The barter of goods or services among different peoples is an age-old practice, probably as old as human history.

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Question 13

Mercantilism, Absolute Advantage, Comparative Advantage are

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Question 14

a country should grow its reserves of gold and silver by encouraging exports and discouraging imports. The theory implies that a country should have a trade surplus with exports more than imports.

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Question 15

Smith’s theory talks about the country focusing on producing an item that it can manufacture more proficiently than other countries.

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Question 16

advantage focuses on relative productivity differences

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Question 17

Prevent unfair competition, Save domestic jobs, Save the environment and consumers, Protect emerging industries (tie-up) are...

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Question 18

Trade protection can be a form of retaliation against partner countries. Producers in partner countries may adopt anti-competitive practices such as dumping.

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Question 19

Imported products may fail to meet product safety requirements. It poses serious harm to both the environment and the health of consumers

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Question 20

Increased imports reduce opportunities for domestic job creation. The import increases supply and raises pressure on domestic producers.

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