preferred stock
treasury bills
reserve requirements
discount rates
Review
42. You have an account with Wells Fargo®. You cashed a check from your job on payday and requested newly minted currency. What Federal Reserve structure provides new currency to your bank?

Federal Open Market Committee
Federal Reserve Regional Bank
Board of Governors
Member Bank
Review
43. Which of the following terms means that a country sells goods to another country?

balance of trade
imports
exports
comparative advantage
Review
44. What term means “a person or group has a lower opportunity cost for producing one product over another?”

absolute advantage
comparative advantage
balance of trade
exports
Review
45. According to the chart below, which country has the comparative advantage in oil production?

Location

Oil (in thousands of barrels per day, 1998)

Natural gas (estimate thousands cubic meters per day, from 2007)

Brazil

968.5

26,849

Mexico

3070.5

153,370

Argentina

846.7

122,740

United States

6251.8

1,495,616

Brazil
Mexico
Argentina
United States
Review
46. According to the chart below, which country has the comparative advantage in natural gas production?

Location

Oil (in thousands of barrels per day, 1998)

Natural gas (estimate thousands cubic meters per day, from 2007)

Brazil

968.5

26,849

Mexico

3070.5

153,370

Argentina

846.7

122,740

United States

6251.8

1,495,616

Brazil
Mexico
Argentina
United States
Review
47. The United States may have a tariff on cotton products from China in order to

prevent Chinese manufacturers from losing profit because of low prices.
protect the business of the American cotton growers and manufacturers.
express a political statement to the Chinese about their economic policies.
promote sales in the United States of cotton products from China.
Review
48. Because the United States has an embargo on Cuba,

the United States regularly increases the taxes on Cuban imports.
Cuba exports the majority of Cuban products to American companies.
virtually no Cuban products are legally available in the United States.
Cuba must sell products directly to state governments in the United States.
Review
49. Tariffs are

taxes companies pay to import goods.
income taxes.
both of the above
neither of the above
Review
50. An economic system in which the government owns and operates the factors of production is a

market economy.
command economy.
traditional economy.
mixed economy.

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Which is the best method so I can retire young?

My bank charges fees for using my debit card overseas I have a credit card but that has fees attached to it as well.

So I was wondering, if I leave minimal amount in my bank account and then bring around $2000 USD in cash, would I be able to go to a local bank once I land and trade my cash in for Pound cheaper than it would be to deal with the transaction fees and etc when I use my credit/debit card?

Are there any fees using this technique that I should be aware of?
Can I just go to my bank in the US and trade USD for Pound right away? Or would I need to wait till I get to the UK to do that? Will there be a better exchange rate if I do trade it in the US? I’m being picked up at the airport by a friend that I’m staying with so cash ASAP isn’t necessary.

A few days ago the bank manager called and said that the bank teller put a decimal point in the wrong place when she was doing it so they overpaid me about 1700 dollars, they were supposed to give me 200 or so…and they also said that I have to give the money back. I spent it all already, they said theyd look into a payment plan for it.

I understand that the bank has the right to reclaim money for certain errors, but this wasnt like they put money into my account instead of someone elses by mistake. The teller checked several times, it was signed off, and they gave me that amount telling me it was mine, do I really have to pay it back legally and be 1700 dollars in debt from their mistake?

I ask this because I remember the days when the dollar was strong and if you visited some other countries like Mexico and it would take 1500 pesos to buy one dollar. Back then, I thought that meant that our dollar was reflecting the strenght of the american economy vis a vis theirs.

So if our dollar today is crashing, and when you look at all the other problems going on in the american economy from record foreclosures to high budget deficits and trade deficits to inflation to declining real wages, loss of 15 % of our manufacturing sector, outsourced jobs,high health care costs and high gas prices etc..etc.. and when you see the dollar crashing and you look around and you see all that other stuff going on, I can’t help but think they are related…that the crashing dollar is a sign that the american economy is not doing well at all and that there is a need to make some
significant corrections to some policies.
by jeepers…..so all those years when U.S dollar was right up there and the US was the dominant booming economy with balanced budgets trade surpluses and growing incomes and all that good stuff going on and lo and behold a very strong dollar…that seems to belie your statement that …. in a crashing dollar is a sign of how well the USA is doing. What you seem to be doing is being an apologist. you seem to have a certain ideology and no matter what reality says u are going to make reality match your ideology. I bet you think we are having a booming economy dont you? we already know that you think budget and trade deficits are good along w a crashing dollar. lol. how delusional. !!!

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Thankyou

I invest and broker in precious metals because I agree with guys like Peter Schiff who they laughed at in 2006 when he forecast the housing collapse.
Consider that the US dollar is just worth 70 cents compared to 7 years ago and that means that the Dow at 12700 today is more like 9000 points in terms of real value.
Additionally, the hyper-inflation we are about to see for at least the next decade+ will see the price of all commodities sky rocket such as oil, gas, soybeans, corn, pork bellies and yes … gold & silver too.

While it is true that silver has been volatile recently, (due to JP Morgan attempting to manipulate the price along with some effects of the Dodd Frank bill) I still believe that over the next 5 years silver prices will far out pace gold, but either one should protect from inflation.India and China and numerous other central banks have been purchasing large amounts of precious metals because they are beginning to lose faith in the US dollar as well. Silver also has far more industrial applications than does gold. Silver is currently trading at about 1/44th the price of gold but the amount of silver mined (extracted and brought to market) is only at 9.5 the times of gold.

Those who would disagree with me simply are not looking at reality or have a day-trader mentality.
If you are looking to safely keep your money away from government manipulation then I would encourage anyone to do their homework and consider precious metals.
Feel free to email me at bbb.broker_lutz@ymail.com as I enjoy vigorous debate on these issues and I always get a chuckle out of the kool-aid drinkers who have put their faith in our politicians.

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On the other side of the coin, silver is only $40/ounce. My research has lead me to speculate that with gold’s price skyrocketing out of the average investor’s reach, most will look for a more cost effective alternative means of preserving their wealth. My prediction is that the next commodity to see a major bull run is silver. Not only is silver a precious metal fit for storing wealth but it seems to have a wide range of industrial uses which should in turn supplement the demand for it. I have also heard (but am not sure) that the available silver left on the planet is far less than a couple decades ago and that it is even more scarce than gold.

I can also see the industrial demand backfiring on the price of silver. If and when our economy collapses, it would be a wise prediction that the industrial demand for silver will fall because the industries involved with it will have a hard time maintaining the costs to run day to day operations.

With that in mind, I have still been quite bullish in the silver industry. Not only have I been purchasing 1oz silver bullion bars(99.99% purity), but I have also bought shares in Silver Wheaton (NYSE:SLW). It is firm which funds the construction of mines for other businesses with the terms of the contract being that the mine has to sell them back the silver for a set price which I believe is about $3.00/oz. It then flips that and sells it for over 7 times it’s value to distributors. That being said, I think it’s rather obvious why I see this as a good investment.

That being said, I’m looking for input on these options which are currently 100% of my new portfolio. I know this breaks the number one rule of investing(don’t throw all your eggs in one basket), however, I’m willing to bet that if these investments will not grow, they will at least for the most part, be able to retain their value, unlike the dollar.

The reason why I am steering clear of investing in any dollar based securities, for now at least) is because I have zero faith left in the dollar. It is a fiat currency which is backed by nothing but our GDP which is far exceeded by our county’s debt. If my math is correct, currently our country is in so much debt, that even it taxed all American citizens 100% of their income, it wouldn’t be enough to cover the bill. With our country’s financial health on life support, it will only be a matter of time before the dollar loses it’s status as the standard currency for world trade.

Anyways, if you’re still with me any comments or constructive criticism on my aggressive investment strategy will be greatly appreciated.
bd. I am only 19 years old making less than 25,000 a year. Although it is all for the most part disposable income, I can not (yet) afford to make that kind of investment.

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