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Unit IV Economics Flashcards | StudBud
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Unit IV Economics
Unit IV Economics
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Questions
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Answers
1
"one country, two systems" refers to which of the following
Hong Kong/China
England/Ireland
Japan/China
USA/Canada
2
Which is not true pertaining to the TPP
The US officially joined in 2016 under President Obama
It is said that it will lead to further outsourcing of jobs
Stands for Trans-Pacific Partnership
12 countries are apart of it including Vietnam and Mexico
3
Which of the following is not calculated when analyzing a countries Human Developmental Index?
GDP Per Capita
Literacy Rate
Unemployment Rate
Life Expectancy
4
Macroeconomics focuses on decision making at this level
global
individual
firms
5
Nearly every country falls into this economic system
free-market
traditional
command
mixed-market
6
healthly Inflation rate
12%
10%
6-7%
1-2%
7
A purely free market system is
Hong Kong
Impossible, all governments need to tax!
USA
Impossible, all governments need to provide healthcare
8
What is a chief goal under a Command Economy?
Following Traditions and Customs
Efficiency
Freedom
Equity
9
healthy unemployment rate is:
12%
1-2%
4-6%
8-9%
10
World's Top Exporter
8
10
21
9
11
healthy GDP growth rate is:
6%
3-4%
1%
8%
12
the fundamental problem that faces all countries (it's why economics is a subject!)
opportunity cost
economics
trade-off
scarcity
13
All are benefits of specialization EXCEPT
Higher productivity
More Variety
Greater efficiency
Higher Quality Goods
14
economic system in which the government is in control of all major decisions
free market
mixed
command
15
Which of the following does not apply to Trade Protectionism?
Tariffs are a form of Trade Protectionism
It is defined as trade barriers that protect domestic market
Import Quotas are a form of Trade Protectionism
NAFTA is a form of Trade Protectionism
16
economic system based on customs and traditions
modern command
free market
traditional
command
17
Who was not apart of the Presidential Ticket in 2016
McCain
Kaine
Pence
Johnson
18
Who is the top importer today?
China
England
United States
Japan
19
All of the following are chief goals of a free-market economy EXCEPT
Efficiency
Equity
Freedom
All of the above are goals of a free-market economy
20
NAFTA
Led to extensive outsourcing
Is a trade agreement between between Canada, US, Mexico
Helped to provide cheaper goods for US consumers
All of the above!
21
Specialization forces countries to
Trade
Become independent
Place import quotas on each other
None of the above
22
Honda, Bridgestone Tires, Sony
21
9
10
8
23
Which country is a pure command economy?
North Korea
None of the above - governments always import
Iran
Soviet Union
24
This is your next BEST CHOICE in a decision
opportunity cost
consumption
scarcity
trade-off
25
If a country chooses guns over butter...
It maximizes goods for its civilians like free college
It's defiantly Norway
Its opportunity cost is a strong military
It maximizes security, but reduces civilian goods
