David ricardo Study guides, Class notes & Summaries

capital what type of a good is a truck used by a florist to deliver flowers physiocrats which group favored a natural economy 6 Ways to Show Appreciation for Your Child's Teacher 0:19 / 0:54 55k If Gordon accounting business had expenses = 90k and revenues totaling 115k last year but he could have had a salary of 80k working for someone else, what was his opportunity cost income effect what states that when the price of a good falls consumers tend to buy more of t...

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Adam Smith - Answer-Scottish economist who wrote a book detailing the first system of political economy, a precursor to modern capitalism. Author of "A Theory of Moral Sentiments". Milton Friedman - Answer-He defended the ideas that competitive markets work efficiently to allocate resources and that central banks are responsible for inflation. Author of "Free to Choose" John Maynard Keynes - Answer-British economist whose ideas fundamentally changed the theory and practice of macroecon...

Chapter 3 Interdependence and the Gains from Trade TRUE/FALSE 1. In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers. ANS: T NAT: Analytic TOP: Trade DIF: 1 REF: 3-0 LOC: Gains from trade, specialization and trade MSC: Definitional 2. Interdependence among individuals and interdependence among nations are both based on the gains from trade. ANS: T DIF: 2 REF: 3-0 NAT: Analytic LOC: G...

Free trade Correct Answer a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country Comparative advantage Correct Answer the intellectual basis of modern argument for unrestricted free trade David Ricardo Correct Answer comparative advantage Heckscher-Ohlin Theory Correct Answer The theory that a country will export goods that make intensive use of the facto...

Shorter summary of the other file I uploaded. Clearer description with better explanation of economy history.

Globalization can be viewed as: - CORRECT ANSWER 1. a new force sweeping through the world in recent times. 2. a long-run historical evolution since the dawn of human history. 3. a pendulum that swings from one extreme to another from time to time. Which are the three views of globalization? - CORRECT ANSWER A recent force, a longrunning evolution, and a pendulum An import quota is: - CORRECT ANSWER restriction on the quantity of imports that can be brought into a country. Examples o...

(Revolutions, Reform, Romanticism) Which of the following was most central to the development of the early Industrial Revolution? - ANSWER-The shift from human and animal power to mechanical power. (Revolutions, Reform, Romanticism) The first modern factories arose in the... - ANSWER-Textile industry. (Revolutions, Reform, Romanticism) What was NOT a consequence of revolutionary changes in the textile industry? - ANSWER-A reduction in child labor. (Revolutions, Reform, Romanticism) What...

AGB 302 EXAM ASU QUESTIONS AND ANSWERS 100% CORRECT ethics the principles of right and wrong that guide an individual in making decisions ethical strategy a course of action that does not violate a company's business ethics Friedman Doctrine the only social responsibility of business is to increase profits, so long as the company stays within the rules of law Culturual Relativism belief that cultures should be judged by their own standards Utilitarian Approach ...

_______ are the two macro factors that seem to underlie the trend toward greater globalization. Correct Answer: The decline in barriers to the free flow of goods, services, and capital Technological change _______ theory of international trade suggests that the production of products is likely to switch from advanced countries to developing countries over time. Correct Answer: Product life-cycle 3 core Classical Trade Theories? Correct Answer: Absolute advantage (natural and acquired) C...