Economics Review

Question 1

The agreement that allows the countries of Canada, America, and Mexico to enter into free trade

Accepted Answer

NAFTA

Question 2

Because people have unlimited wants and needs but limited resources, every country must

Accepted Answer

choose how to best use their natural resources

Question 3

The best definition of "market economy" is

Accepted Answer

Free markets determine what gets manufactured & sold

Question 4

Which of the following explanations would reflect a country with a mixed economy?

Accepted Answer

Combination of privately owned industry & government control

Question 5

The countries that are part of NAFTA are the United States, Mexico and

Accepted Answer

Canada

Question 6

_______ is the study of the production, distribution, and use of goods and services.

Accepted Answer

economics

Question 7

A ban on trade with a certain country is called an ______.

Accepted Answer

embargo

Question 8

A _____ _____ limits the number of goods that can be imported from a certain country.

Accepted Answer

import quota

Question 9

People that are willing to take a risk and start a business are called ______.

Accepted Answer

entrepreneurs

Question 10

How did the agreement of NAFTA affect the economy of Canada?

Accepted Answer

It eliminated trade barriers with the US and Mexico.

Question 11

What is another word for human capital?

Accepted Answer

people

Question 12

Factories, machinery, and new technology are all examples of

Accepted Answer

capital goods

Question 13

People are known as _______ ________ in an economy.

Accepted Answer

human capital

Question 14

Which occurs when the Canadian dollar is stronger than the United States dollar?

Accepted Answer

More Canadians go the US to buy consumer goods.

Question 15

In Canada college is provided for free by the government. This is an example of investing in

Accepted Answer

human capital

Question 16

How does specialization of skills encourage trade between Canada and its partners?

Accepted Answer

Encouraging people to concentrate on particular skills.

Question 17

A system of money is called _____

Accepted Answer

currency

Question 18

The presence or absence of _____ resources can determine the economic strength of a country.

Accepted Answer

natural

Question 19

Which of the following shows how the government of Canada is involved in the economy?

Accepted Answer

People have access to a publicly funded healthcare.

Question 20

What type of capital is an employee?

Accepted Answer

human capital

Question 21

In a ______ economy the government has total control.

Accepted Answer

command

Question 22

A country is said to by __________ when they are focused on producing one product very well.

Accepted Answer

specializing

Question 23

All of the following are trade barriers EXCEPT

Accepted Answer

lowering tariffs

Question 24

The higher the literacy rate for a country the better the _____.

Accepted Answer

economy

Question 25

An example of a _____ economic system would be hunters and gatherers.

Accepted Answer

traditional

Question 26

A _____ economy is where there is no government control.

Accepted Answer

market

Question 27

When countries trade with each other they must use the _____ _____ system to get their money.

Accepted Answer

currency exchange

Question 28

A ______ is a tax on imported goods.

Accepted Answer

tariff

Question 29

A country's economic system is located on a continuum somewhere between pure command and___ ___

Accepted Answer

pure market

Question 30

GDP is the value of all the _____ and _____ added together for a country.

Accepted Answer

goods and services

Question 31

A _____ economy has elements of traditional, command, and market economies.

Accepted Answer

mixed

Question 32

NAFTA is an example of which pattern of behavior among or between countries?

Accepted Answer

forming trade agreements

Question 33

Which is the best example of a command economy?

Accepted Answer

The government controls the economy.

Question 34

Venezuela exports a large quantity of oil. This is an example of

Accepted Answer

specialization

Question 35

What keeps countries from trading with one another?

Accepted Answer

trade barrier

Economics Review

Questions 35

Economics Review

Questions 35