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- 1. Multiple Choice
Why is a profit motive important in many economies?
People would not use coupons without it.
Businesses could not advertise without it
Businesses could not set prices without it.
People would not start businesses without it.
- 2. Multiple Choice
Name the economic term for raw materials needed to produce goods
Labor
Capital
Financial Capital
Natural Resources
- 3. Multiple Choice
Name the economic term for human time, effort, skills, and talent needed to produce goods
Labor
Capital
Financial Capital
Natural Resources
- 4. Multiple Choice
Name the economic term for money that a business uses to buy the items needed for the business to function
Labor
Capital
Financial Capital
Natural Resources
- 5. Multiple Choice
Name the economic term for items such as tools, machines, factories, and office equipment needed for a business to function
Labor
Capital
Financial Capital
Natural Resources
- 6. Multiple Choice
1. Which of the following scenarios accurately illustrates the concept of economic interdependence?
An entrepreneur decides to open a bakery and produces bread for the neighborhood.
Good rainfall allows a farmer to produce more strawberries and he chooses to expand his business.
Japan lacks iron to make steel, so Japan enters into a trading relationship with Australia and Brazil, who supply Japan with iron ore.
South Africa is rich in diamonds, gold, and mineral resources, so South Africa creates a mining industry that produces much wealth.
- 7. Multiple Choice
Name of the country with a capitalist type of economy.
China
Sweden
Taiwan
- 8. Multiple Choice
Name of the country with a communist type of economy.
China
Sweden
Taiwan
- 9. Multiple Choice
Name of the country with a socialist type of economy.
China
Sweden
Taiwan
- 10. Multiple Choice
Why must governments ensure that corporate taxes are not too high?
Public services will suffer.
Businesses will not make a profit.
The government cannot invest in education.
The government cannot invest in national defense.
- 11. Multiple Choice
Name the type of industry that describes A grocer sells cheese in a market.
Primary industry
Secondary industry
tertiary industry
quaternary industry
- 12. Multiple Choice
Name the type of industry that describes Inspectors examine the quality of cheese.
Primary industry
Secondary industry
tertiary industry
quaternary industry
- 13. Multiple Choice
Name the type of industry that describes A farmer sells milk produced from dairy cows.
Primary industry
Secondary industry
tertiary industry
quaternary industry
- 14. Multiple Choice
Name the type of industry that describes Cheese makers use milk from dairy cows to produce cheese.
Primary industry
Secondary industry
tertiary industry
quaternary industry
- 15. Multiple Choice
Which investment option would fall on the upper right portion of the graph? Write the letter of the answer choice in the box to complete the graph correctly.
stock
savings account
certificates of deposits
piggy bank
- 16. Multiple Choice
How can customers feel certain that their money stored in U.S. banks is safe?
Money deposits are insured.
Many banks have armed guards.
Most banks have good security systems.
It is very difficult to steal money from banks.
- 17. Multiple Choice
Why might a person who plans to buy a car in nine months choose to invest in a certificate of deposit (CD)?
CDs offer a better rate of return than stocks.
CDs offer a better interest rate than savings accounts.
Customers can cash their CD at any time when they find a good car deal.
Customers can withdraw their money from a CD at any time without a penalty.
- 18. Multiple Choice
Which of the following has NOT helped increase globalization?
Warfare
airplanes
the Internet
telecommunications
- 19. Multiple Choice
Which country did the United States have a trade embargo against starting in the early 1960s?
Cuba
Ecuador
Japan
Mexico
- 20. Multiple Choice
Name the organization with the description works with nations to decrease embargoes, taxes, and quotas
World Bank
World Trade Organization
International Monetary Fund
Piggy Bank
- 21. Multiple Choice
Name the organization with the description offers emergency loans to countries with unstable economies
World Bank
World Trade Organization
International Monetary Fund
Piggy Bank
- 22. Multiple Choice
Name the organization with the description provides loans for large projects, like building schools, in developing countries
World Bank
World Trade Organization
International Monetary Fund
Piggy Bank
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