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Day 1 Basics of Economics Flashcards | StudBud
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Day 1 Basics of Economics
Day 1 Basics of Economics
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A review of the basics of #economics
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
How are goods and services exchanged in a traditional economy?
through government regulation
through bartering
through shortages and surpluses
through prices and wages
2
Which trade barrier sets up a complete ban on trading between countries?
embargo
quota
mountain
tariff
3
The economic system of communist countries is most closely related to which of the following?
mixed economy
market economy
command economy
traditional economy
4
The limit on the amount of a good that can be imported from a particular country is the
quota
demand
supply
tariff
5
Countries with high literacy rates are generally ___________________.
smaller
bigger
poorer
wealthier
6
Which is an example of human capital?
machinery
education
roads
factories
7
Which of the following is NOT one of the basic questions that all economic systems must answer?
How much to produce?
How to produce?
For whom to produce?
What to produce?
8
What is an example of a physical trade barrier?
mountain
embargo
quota
tariff
9
Why is it important for a country to invest in human capital?
A country needs money in order to pay its workers.
Workers enjoy getting extra training and job opportunities.
An economy is more successful when workers have education.
Businesses can't do all the training needed by workers.
10
Most democratic nations have _____________ economies.
market
traditional
command
mixed
11
There are no pure market economic systems, but which of the following countries is the closest?
Germany
Cuba
Russia
United States
12
A __________ can develop when people cannot get an education and continue for many generations.
cycle of literacy
trade barrier
cycle of poverty
economic depression
13
Who owns the resources in a command economy?
the government
no one
private businesses
individuals
14
When a government decides to increase a tariff, it increases the amount of a tax placed upon
renewable resources.
people's property.
people's income.
imported goods.
15
Which of the following BEST describes a market system?
A person can start any legal business and charge any price.
Businesses are owned by the government.
The government provides food and housing to all workers.
The government provides services, such as television.
16
In a command economy, the economic decisions are made by the
consumers
producers
government
market
17
Which of the following BEST describes a command system?
Citizens make economic decisions based on supply and demand.
The central government plans the economy for the nation.
Its economics are controlled mainly by the global economy.
Workers make most of the economic decisions for the country.
18
Which of the following is found in a market economy?
competition between businesses
government control of industry
free labor
government control of agriculture
19
A literate person is one who can ________________.
speak more than one language
ride a bicycle
read and write
balance a checkbook
20
What is an entrepreneur?
A worker in a factory.
A leader of a country.
A person who starts a new business.
A student in college.
21
A product of the earth ("gift of nature") that people use to meet their needs is a
natural resource
service
free enterprise
good
22
Countries with a high literacy rate have a _________ standard of living.
low
high
