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7 Terms

1
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What is autarky?

A country that does not trade with others.

2
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What determines comparative advantage?

Lower opportunity cost.

3
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What happens when countries specialize and trade?

Both can consume beyond their PPF.

4
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Which PPF shape indicates advantage in x-axis good?

Flatter PPF.

5
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Which PPF shape indicates advantage in y-axis good?

Steeper PPF.

6
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What is expansionary monetary policy?

Lower interest rates to encourage borrowing and spending.

7
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What is contractionary monetary policy?

Raise interest rates to discourage borrowing and spending.