Have an account?
Skip to Content
Build your own quiz
35 questions
Show Answers
See Preview
- 1. Multiple Choice
What is a tariff?
Tax on imported goods
To stop trading with a business or country
A limit on imported goods
- 2. Multiple Choice
A quota is a limit on an imported good. Which is an example of a quota helping local farmers?
Taxing corn from another country.
Allowing less corn to be bought from other countries' farms.
To stop buying corn from another country
- 3. Multiple Choice
In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 4. Multiple Choice
In what economic system does the government determine what to produce, how to produce it, and how to market it?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 5. Multiple Choice
What do you call the tools and equipment needed to create a good or service?
Capital Resources
Human Resources
Land Resources
Entrepreneurial Ability
- 6. Multiple ChoiceWhich of the following is NOT one of the three basic questions all economic systems must answer?What goods should be produced ?What is the price of the goods?How should the goods be produced?Who gets to consume the goods?
- 7. Multiple ChoiceThe value of all goods and services produced within a country in a yearTotal Income ProductGross Domestic ProductNational Income ProductNet Domestic Product
- 8. Multiple ChoiceWhich of the following is an investment in human capital?Buying new computersPaving roadsPurchasing new textbooksPaying for education and healthcare
- 9. Multiple ChoiceWhich of the following is an investment in capital resources?healthcarenew machineryskills traininguniversities
- 10. Multiple ChoiceWhat is a mixed economy?a market-based economy in which the government plays a rolean economic system in which the people make all the economic decisionspeople who buy goods and servicesan economic system based on traditions
- 11. Multiple ChoiceA command economy occurs when the _________ is in control of all economic decisions.societygovernmentbusiness ownermarket
- 12. Multiple ChoiceThis occurs when a country forbids trade with another country.EmbargoQuotaTariffSpecialization
- 13. Multiple ChoiceThis economic system is based on family practices and the use of barter and trade systems instead of currency.Command EconomyMarket EconomyTraditional EconomyMixed Economy
- 14. Multiple ChoiceWhat is a tariff?A government order to stop tradeA limit placed on importsA tax placed on importsA limit placed on exports
- 15. Multiple ChoiceWhat is an embargo?A government order to stop trade.A limit placed on imports.A tax placed on imports.A limit placed on exports
- 16. Multiple ChoiceA(n) ______ system determines what, how, and for whom goods and services are produced.traditionalresourceeconomictrade
- 17. Multiple ChoiceAn entrepreneur issomeone who takes the risk to start a new businessone that has education and industryone that is working on education and industryvalue placed on one's education and skill
- 18. Multiple ChoiceThe value placed on one's education and skill is calledDeveloping countryCapital (goods)Human capitalDeveloped country
- 19. Multiple ChoiceA system that determines what, how, and for whom something is produced is called a(n)developing countryrenewable resourceeconomic systemtrade barrier
- 20. Multiple ChoiceTwice a year, Chick fil a restaurants in the south, send employees to a special school in Orlando to take classes in management. This is an example of investing in...entrepreneurhealthcarehuman capitalcapital goods
- 21. Multiple Choice
Mr. Potato Head and Mrs. Potato Head have started a Potato Chip company. Their main competition is Lays potato chips. Both companies base all decisions about production on supply and demand without any government regulations.
mixed
traditional
command
market
- 22. Multiple ChoiceSnoopy's new business designs and builds luxury dog houses. In order to build quality homes, Snoopy invested in new equipment like saws, hammers, and spray painting machine. This is an example of investing in ____?educationcapital goodshuman capitaltraining
- 23. Multiple Choice
Even though Mr. Baker has the freedom to start a restaurant, he still has to follow government regulations and pay his employees $10.75 an hour.
market
mixed
traditional
command
- 24. Multiple Choice
How many pure market economies are there in the world?
zero
one
two
three
- 25. Multiple Choice
SS6G2a Which of the following best explains how specialization encourages trade between nations?
Specialization encourages businesses to make a wide variety of items, that way it ensures that someone will want to trade with them.
Countries that are allies will always want to trade with each other.
Specialization allows nations to protect domestic markets from foreign competition and block the importation of dangerous products.
Specialization allows nations to choose to market only those products/services which they are capable of providing fastest, cheapest, and in great abundance.
- 26. Multiple Choice
SS6E1a Which statement BEST compares a market economy to a command economy?
In both market and command, the government controls the economic activity in a country.
In both market and command, the government controls the economic activity in a country.
In a market economy individuals decide for themselves what they will buy and sell, while the government decides in command economy.
In a market economy there is no private ownership, while command promotes it.
- 27. Multiple Choice
SS6E1c In which countries do buyers and sellers come to agreement on prices in order to trade?
Brazil and Cuba
Cuba and the U.S.
Mexico and Brazil
U.S., Cuba, Brazil
- 28. Multiple Choice
SS6E3a Based on the map of world literacy in 2011, what can you conclude about Latin America's literacy rate?
Latin America is the region with the lowest literacy levels in the world.
Latin America has high levels of literacy, except in a few countries in
Central America.
South America shows the lowest level of literacy of all continents showed on the map.
Latin America shows much higher literacy rates than all North America.
- 29. Multiple Choice
The purpose of OPEC, the Organization of Petroleum Exporting Countries, is to
stabilize the price of oil and ensure a regular supply of oil to other countries
manage the oil production and
pricing in the Middle East only
regulate the regulations of oil production in the Middle East
stabilize the agriculture industry around the world
- 30. Multiple Choice
The discovery of this non-renewable resource moved Saudi Arabia's economy from traditional to command to now a mixed market. What is this resource?
Hint- It is exported out of Saudi Arabia to the rest of the world!
fresh water
salt
oil
wood
- 31. Multiple Choice
Unemployment is high in Iran among young men due to their lack of skills. What could be one cause for this problem?
lack of investment in human capital
lack of investment in machinery
high investment in the military
lack of natural resources
- 32. Multiple Choice
Israel has a mixed market economy, this means they have small businesses opened and run by the citizens as well as government run businesses and regulations.
True
False
- 33. Multiple Choice
The government of Saudi Arabia decides to improve the gross domestic product of the country by investing in human capital. Which action will the government MOST LIKELY take?
establish currency exchange policies
increase trade barriers
invest in educational opportunities such as free tuition
purchase manufacturing equipment
- 34. Multiple Choice
A traditional economy is based on what?
short term trading relationships with other countries
long- standing customs and values
dictated by the government
chosen by the people and their needs and wants
- 35. Multiple Choice
What does standard of living mean?
how to live where you are living
different levels of living for different people
standards of how everyone should live in countries
levels of wealth and material comfort available in a country
- Answer choicesTagsAnswer choicesTags