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Economic Systems
Economic Systems
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SS7E5-7 #questionsofproduction #economicsystems #economicfactors
Flashcards
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Questions
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Answers
1
Replanting trees that have been cut down is an investment in
human capital
capital goods
natural resources
entreprenuership
2
Decreasing taxes for small business is an investment in
natural resources
capital goods
entreprenuership
human capital
3
Investment in updating computer technology, machinery and equipment are investments in
entreprenuership
capital goods
natural resources
human capital
4
A limit on foreign goods coming into the country is called
an embargo
a tariff
an exchange rate
a quota
5
A tax on goods coming into the country is called
an exchange rate
a tariff
an embargo
a quota
6
As a country's literacy rate and GDP rises their standard of living usually
stays the same
increases
decreases
7
Exchanging goods and services so that both parties benefit is called
gross domestic product
entrepreneurship
voluntary trade
specialization
8
The 3 questions that must be answered by the economic system are
how to produce, how much to produce and when to produce.
What to produce, when to produce and how to produce.
What to produce, how to produce and for whom to produce.
what to produce, how to produce and how much government gets
9
Producers and consumers make all the economic decisions in which economic system?
Mixed
Command
Traditional
Market
10
The total cost of goods and service produced in a year is called
national debt
big business
gross domestic product
ongoing production
11
A formal halt to trade between nations is called
a quota
a tariff
an embargo
an exchange rate
12
Health insurance, employee day care, and training are investments in
human capital
natural resources
entreprenuership
capital goods
13
Which of the following is not a natural trade barrier?
volcano
desert
mountains
quota
14
What are the 3 basic economic systems?
Traditional, Mixed, Monarchy
Supply, Demand, Barter
Traditional, Command, Market
Institutional, Free-Market, Demand
15
This economic systems includes free enterprise with some government control.
Mixed
Traditional
Command
Market
16
The government controls all aspects of the economy in which system?
Market
Command
Mixed
Traditional
17
A scale showing the value of a country's currency in comparison to another country is
a tariff
a quota
an exchange rate
an embargo
18
A person who takes the risk to start their own business is called
an entreprenuer
an imperialist
an advertiser
a consumer
19
The rate at which one currency is worth in comparison to another's is
gross domestic product
specialization
the exchange rate
voluntary trade
20
Which system is a combination of the 3 primary economic systems and is the most-used today?
Command
Traditional
Mixed
Market
21
Which of the following is not a man-made trade barrier?
Embargo
Tariff
Quota
GDP
22
Producing goods and services efficiently at the lowest cost is called
voluntary trade
entrepreneurship
gross domestic product
specialization
23
Which economic system is based on customs of the past?
Market
Traditional
Mixed
Command
