4th 9 Weeks Benchmark - 7th SS

Question 1

What factors contribute to a higher GDP in a country?

Accepted Answer

all of the above

Question 2

What is the relationship between human capital and GDP?

Accepted Answer

the more skills a worker gains the higher the GDP

Question 3

Which country has had to overcome a lack of resources in order to become a powerful economy?

Accepted Answer

Japan

Question 4

Another name for currency that is accepted as payment for goods and services

Accepted Answer

money

Question 5

In this government system, rulers are chosen through hereditary and have absolute control

Accepted Answer

autocratic dictatorship

Question 6

A contractual agreement in which a borrower receives something now and agrees to repay later:

Accepted Answer

loan

Question 7

Which country has a dictator referred to as the supreme military leader?

Accepted Answer

North Korea

Question 8

Which of the following is considered a form of entrepreneurship?

Accepted Answer

investing one's money and talents into a new business

Question 9

How does a country measure economic (output) activity?

Accepted Answer

Gross Domestic Product

Question 10

The money a person gets from his/her job is called

Accepted Answer

income

Question 11

To increase efficiency of human capital, countries must:

Accepted Answer

increase the literacy rates

Question 12

What does it mean to barter?

Accepted Answer

exchange goods without the use of money

Question 13

Money set aside for future use:

Accepted Answer

savings

Question 14

Japan is forced to import raw materials from other countries because

Accepted Answer

it's a small country that has limited natural resources

Question 15

Which of the following countries has the highest GDP per capita?

Accepted Answer

Japan

Question 16

What is the reason that North Korea’s GDP is much lower than Japan’s and China’s?

Accepted Answer

it has a command economy

Question 17

Which of the following countries in SE Asia have the most political freedom?

Accepted Answer

India and South Korea

Question 18

Which of the following is not one of the factors in the production process?

Accepted Answer

government regulation of industry

Question 19

Which one of the countries has a ceremonial leader that has no political power?

Accepted Answer

Japan

Question 20

The only political party that has candidates for its elections in China is the

Accepted Answer

communist party

Question 21

If a country is less than 20% market on the economic continuum, what can you conclude?

Accepted Answer

there would be a few entrepreneurs in the country

Question 22

What factor plays a role in the economy (GDP) of a country?

Accepted Answer

the literacy rate of the population

Question 23

China's GDP is higher than Japan's because

Accepted Answer

China has a larger workforce that produces more goods

Question 24

Purchases of stocks, houses or other items of value and expecting future profits:

Accepted Answer

investments

4th 9 Weeks Benchmark - 7th SS

Questions 24

4th 9 Weeks Benchmark - 7th SS

Questions 24