Intro to Economics

Question 1

A truck driver is an example of which factor of production?

Accepted Answer

Human Resources

Question 2

A high literacy rate usually means a higher standard of living. The higher the standard of living, the higher the GDP.

Accepted Answer

True

Question 3

To find GDP per capita

Accepted Answer

GDP divided by the country's population

Question 4

Government planning groups make the basic economic decisions in this economy

Accepted Answer

Command

Question 5

The United States taxes all plastic goods coming into the US from Mexico.

Accepted Answer

tariff

Question 6

trade without rules

Accepted Answer

Free Trade

Question 7

a limit on the number of imports that come into a country

Accepted Answer

quota

Question 8

a policy or rule that restricts free trade

Accepted Answer

trade barrier

Question 9

a country produces only a few products that they are efficient at producing (example: GA produces peaches)

Accepted Answer

specialization

Question 10

What is a problem associated with exchanging currency?

Accepted Answer

business costs more b/c banks charge fees to exchange currency.

Question 11

Investing in human resources means investing in

Accepted Answer

all of these

Question 12

What is the currency for most EU countries?

Accepted Answer

The euro

Question 13

Germany limits the number of leather jackets that Macedonia can ship to them.

Accepted Answer

quota

Question 14

Why is it necessary for countries to be able to exchange currencies?

Accepted Answer

in order for them to trade with one another.

Question 15

All countries have a mixed economy

Accepted Answer

True

Question 16

Which is NOT one of the 3 basic economic questions every society must answer?

Accepted Answer

When to produce?

Question 17

a tax on imports coming into a country

Accepted Answer

tariff

Question 18

Which is not a factor of production?

Accepted Answer

Government Planning Groups

Question 19

The number of people over the age of 15 who can read and write is known as

Accepted Answer

literacy rate

Question 20

A country’s GDP can be increased by investing in

Accepted Answer

both of these

Question 21

Oil is an example of which factor of production?

Accepted Answer

Natural Resources

Question 22

The European Union was created to

Accepted Answer

Make Europe more competitive in world markets.

Question 23

In this economy economic decisions are made at an individual level rather than a government level

Accepted Answer

Market

Question 24

Being creative and starting a business is an example of which factor of production?

Accepted Answer

Entrepreneurship

Question 25

How well or how poorly a person lives is known as

Accepted Answer

standard of living

Question 26

A war begins between 2 countries and they stop all trade with one another.

Accepted Answer

embargo

Question 27

This type of economy is based on customs, beliefs and habits

Accepted Answer

Traditional

Question 28

Which is NOT a goal of the European Union?

Accepted Answer

To spread Communism throughout Europe.

Question 29

GDP measures the market value of all final goods & services produced in a country in _____.

Accepted Answer

one year

Question 30

stopping all trade with another country

Accepted Answer

embargo

Question 31

Making a new factory to produce your product at a faster rate is an example of investing in

Accepted Answer

capital resources

Question 32

The freezer at Brusters is an example of what factor of production?

Accepted Answer

Capital Resources

Question 33

_____is used to make more accurate comparisons of the economic levels of different countries.

Accepted Answer

GDP Per Capita

Intro to Economics

Questions 33

Intro to Economics

Questions 33