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Test your knowledge of international economics with this fun and interactive review game. Compete with friends to earn points by answering questions and learn key concepts in a competitive setting. Play now and enhance your understanding of global economics!
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Unit 4 Review Game: International Economics
Review game rules: • First team to write the correct answer on their dry erase board and raise it in the air earns the point. • You can wager points by shooting a basket. If you miss, you lose the points you wagered off of your point total. A made basket adds the points you wagered to your point total. • All tie breakers are solved with rock-paper-scissors First place= +6 Second place= +5 Third place= +4 Fourth place= +3
Ready… Set… Go!
_____________ ___________ is the study of how economies in different countries interact and affect one another
________ advantage means a country can produce MORE of a product using less resources than another country.
Favorable balance of trade is when a country __________ more than it ___________, bringing more money into the economy.
_______ advantage means that a country can produce a product at a lower opportunity cost than another nation.
Comparative advantage suggests that as long as two countries have different opportunity costs for producing similar goods, they can profit from _________________.
If the United States goes to war with Russia and blocks all trade with them, that would be a trade ___________.
Based on this data, an American would MOST likely visit ______________.
Based on this data, an American would LEAST likely travel to __________.
_________________ lowered trade barriers between the U.S., Canada, and Mexico.
Protectionists disagree with free trade deals because the want to protect _________ jobs.
If the value of a country’s exports exceeds the value of its imports, the country has a trade _________. If the value of a country’s exports fall short of the value of its imports, the country has a trade __________
GDP will most likely increase as the trade deficit ______________.
A/An __________ _____________ refers to the price of one country’s currency express in terms of another country’s currency.
As the price of a currency rises and falls relative to another currency, people who buy, sell, and earn in that currency will experience a change in how much of the other country’s currency they can buy. If the price of Chinese Yuan goes up, the value of the US Dollar goes down and the Chinese will be able to buy American goods at a __________ price.
If global demand for American goods increases, then the demand for US Dollars ____________, causing the value of the dollar to ___________.
In Year 1, a dollar cost .49 pounds. In Year 2, a dollar cost .52 pounds. Since the dollar was more expensive for people holding British pounds in Year 2 than in Year 1, the dollar ____________ against the pound.
Quotas __________ domestic producers by limiting the number of foreign goods with which they must compete. The __________ is that consumers who want the imported good cannot get it once the quota is met no matter how high a price they are willing to pay.
If the U.S. imports $700 billion worth of goods from China, but only exports $300 billion worth of goods, then the U.S. will have a $ _______ ________.
To stimulate the economy, the Federal Reserve decides that the amount of money in circulation needs to ____________.
If the Federal Reserve decides to sell bonds, money supply goes ________ and interest rates go _________.
The IRS lays off thousands of employees every year after April 15, which is an example of __________ unemployment.
If the government of Sri Lanka spends $13 million more this year than it receives in revenue, it will have a __________.
When lenders make a loan, they agree to a price for the loan. When making loans at fixed rates, an unanticipated rise in price level by more than the lender anticipated hurts the lender since the money repaid will have ____________ purchasing power.
The three main _______________ goals of most nations is to ensure growth, price stability, and full employment.
