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Economics
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1
Which of these countries is likely to have the highest per capita GDP?
Qatar
China
DRC
Germany
2
Which of the following have been affected by the Coronavirus?
The price of stocks of international companies
Supply of goods produced in China
Airlines
Medical supply companies
3
A tax on goods imported from another country to make them more expensive than locally made goods...
Globalization
Tariffs
Subsidies
Manufacturing
4
When one country is better at producing something than another country that is called...
Trade war
Trade supremacy
Commercial advantage
Comparative advantage
5
Income inequality is...
The gap between developing and technologically advanced
The gap between rich and poor
The gap between your dreams and your reality
The gap between short and tall
6
In which type of economy does the government control what is produced?
Home Economy
Traditional Economy
Command Economy
Market Economy
7
Which type of investment has the highest risks?
Bonds
Stocks, obviously :(
Mutual funds
Savings account
8
The value of all good and services produced by a country is called...
WTO
CIA
GDP
CDC
9
When a government supports a company by giving them money or tax breaks...
Globalization
Manufacturing
Subsidies
Tariffs
10
If the countries of Alvynia and Hermeland make a trade agreement, what might they agree to?
Allowing companies from each country to operate in the other country
Lowering or eliminating tariffs
Eliminating subsidies for companies in each country
Closing their borders
11
With free trade, what will consumers in Alvynia do?
Buy shirts and sneakers from Alvynia
Buy shirts and sneakers from Hermeland
Buy sneakers from Alvynia and shirts from Hermeland
Buy sneakers from Hermeland and shirts from Alvynia
12
GDP stands for...
Graduation Date Presents
Great Delicious Pies
Gross Domestic Product
Grow Dat Profit!
13
Which of these countries is likely to have the highest GDP?
Qatar
DRC
Germany
China
14
Alvynia adds a $5 tariff to shirts from Hermeland, what will consumers in Alvynia do?
Buy shirts and sneakers from Hermeland
Buy sneakers from Alvynia and shirts from Hermeland
Buy shirts and sneakers from Alvynia
Buy sneakers from Hermeland and shirts from Alvynia
15
Which of these is a factor affecting GDP?
Entrepreneurship
Physical Capital
Human Capital
Natural Resources
16
In which type of economy do consumers and producers determine what is produced, bought, and sold?
Command Economy
Home Economy
Market Economy
Traditional Economy
17
Which of these would be an argument in favor of free trade?
New markets open up for companies
Competition leads to better or cheaper goods for consumers
Competition drives some companies out of business
Local jobs are protected
18
What is this a graph of?
Supply and demand
Buying and selling
Goods and services
Wants and needs
19
Alvynia can make sneakers for $10 or shirts for $8. Hermeland can make sneakers for $15 or shirts for $5.
Hermeland has a comparative advantage in making shirts
Alvynia has a comparative advantage in making shirts
Alvynia has a comparative advantage in making sneakers
Hermeland has a comparative advantage in making sneakers
20
Which of these would be an argument against free trade?
Competition drives some companies out of business
People, goods, and services can move freely
Some local workers will lose their jobs
Consumers have access to new goods
21
The difference between the cost of production and the amount earned from selling the product.
Resource
Demand
Supply
Profit
22
Which type of investment has the lowest risks?
Bonds
Savings account
Stocks
Mutual funds
23
What happens as the price of goods increases?
Consumer demand decreases
Consumer demand increases
Producers increase the supply
Producers decrease the supply
24
Globalization is the changes from increased interdependence of ________ around the world.
Companies
Countries
Producers
Consumers
25
Which would be a example of a protectionist policy?
Trade Barriers
Trade agreements
Subsidies
Tarifs
