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Duplicate of Economic Systems
Duplicate of Economic Systems
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StudBud Administration
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SS7E5-7 #questionsofproduction #economicsystems #economicfactors
Flashcards
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Questions
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Answers
1
Which country has the highest literacy rate and standard of living in Southwest Asia?
Saudi Arabia
Israel
Iran
Turkey
2
A limit on foreign goods coming into the country is called
an embargo
a tariff
a quota
an exchange rate
3
What are the 3 basic economic systems?
Institutional, Free-Market, Demand
Supply, Demand, Barter
Traditional, Command, Market
Traditional, Mixed, Monarchy
4
As a country's literacy rate and GDP rises their standard of living usually
decreases
increases
stays the same
5
The 3 questions that must be answered by the economic system are
What to produce, how to produce and for whom to produce.
What to produce, when to produce and how to produce.
what to produce, how to produce and how much government gets
how to produce, how much to produce and when to produce.
6
Which system is a combination of the 3 primary economic systems and is the most-used today?
Traditional
Command
Market
Mixed
7
A formal halt to trade between nations is called
a tariff
a quota
an exchange rate
an embargo
8
Health insurance, employee day care, and training are investments in
entreprenuership
human capital
natural resources
capital goods
9
Which of the following is not a natural trade barrier?
quota
mountains
volcano
desert
10
A person who takes the risk to start their own business is called
a consumer
an advertiser
an entreprenuer
an imperialist
11
Producers and consumers make all the economic decisions in which economic system?
Market
Command
Mixed
Traditional
12
Which of the following is not a man-made trade barrier?
Quota
Tariff
Embargo
GDP
13
Decreasing taxes for small business is an investment in
capital goods
natural resources
entreprenuership
human capital
14
This economic systems includes free enterprise with some government control.
Market
Mixed
Traditional
Command
15
The government controls all aspects of the economy in which system?
Traditional
Market
Command
Mixed
16
A scale showing the value of a country's currency in comparison to another country is
a quota
a tariff
an exchange rate
an embargo
17
Which economic system is based on customs of the past?
Command
Market
Mixed
Traditional
18
A tax on goods coming into the country is called
a quota
an exchange rate
an embargo
a tariff
19
Investment in updating computer technology, machinery and equipment are investments in
human capital
capital goods
entreprenuership
natural resources
20
Replanting trees that have been cut down is an investment in
human capital
capital goods
natural resources
entreprenuership
