What is an example of an entrepreneur?

person who uses his money to start a business to sell a good

What are capital goods?

the factories and machines used to make goods

Why is it important for nations to have a system for exchanging currency?

Makes it possible to buy and sell goods from unlike nations

What is one positive role of natural resources in a country's economy?

provides income as a valuable export

It is important for a country to invest in human capital because

country's economy is more successful when staff are literate

A country that doesn't invest in human capital will have problems because

workers who aren't educated and skilled are less productive

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Social Studies: EQ4-EQ 8 Europe Economics Review

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Questions 14

Answers

1
What is an example of an entrepreneur?
a person who runs a government owned news organization
a plumber who works for a company owned by an individual
a manager of a business
person who uses his money to start a business to sell a good
2
What are capital goods?
money available for scholarships to private schools
money used to train workers to use new equipment
the workers who make the goods and services
the factories and machines used to make goods
3
A trade barrier sets up a complete ban on trading between countries is
a quota
a tariff
an embargo
a mountain
4
An example of human capital is
education
machinery
factories
roads
5
Brazil is building new factories and using newer technology. These are examples of ____.
Investment in capital goods
Investment in human capital
GDP
Opportunity cost
6
Why is it important for nations to have a system for exchanging currency?
The dollar is the most valuable currency in the world.
Makes it possible to buy and sell goods from unlike nations
Exchanging different currencies makes products cost less.
Banks aren't able to deal with different types of currencies
7
What is one positive role of natural resources in a country's economy?
provides income as a valuable import
increases a country's dependence on other countries
increases a country's awareness of environmental issues
provides income as a valuable export
8
the number limit on how many items of a particular product can be imported from a country is
supply
tariff
demand
quota
9
When tariff's increase, it increased the amount of a tax placed on
renewable resources
people's property
people's income
imported goods
10
Which economic term best describes using money to earn more money?
investing
selling
trading
borrowing
11
When entrepreneurship decreases, the GDP
is not affected
decreases
increases
12
It is important for a country to invest in human capital because
Businesses can't do all the training needed by workers
country's economy is more successful when staff are literate
workers enjoy getting extra training and job opportunities
a country needs money in order to pay its workers
13
The total of goods and services produced by a country in one year is
Gross Data Product
Gross Domestic Product
Great Domestic Policy
Gross Domestic Policy
14
A country that doesn't invest in human capital will have problems because
businesses won't pay the taxes to pay for good schools
workers who aren't educated and skilled are less productive
there will be no money to pay its workers.
workers will learn on their own the skills they need

Social Studies: EQ4-EQ 8 Europe Economics Review Flashcards | StudBud