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7th grade Govt and Econ Flashcards | StudBud
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7th grade Govt and Econ
7th grade Govt and Econ
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#Econ #Govt #7thgrade
Flashcards
35 cards
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Questions
35
Answers
1
Which is an example of Natural Resources?
Riverways/Coastline
Trees/lumber/timber
Fish from the waterways
Arable Land
2
Command ECONOMIES usually can be found in countries run by this kind of GOVERNMENT:
Diplomatic/Republic
Democratic/Parliamentary
Autocratic/Communist
Democratic/Presidential
3
All are examples of Human Capital EXCEPT:
Training
Healthcare
Education
Machines
4
If the US limits the number of BMWs imported from Germany in order to protect domestic(US) manufacturers this is:
Surplus
Embargo
Quota
Tariff
5
People barter with one another for goods and items they need in this kind of economic system:
Traditional
Market
Free-Enterprise
Command
6
How do traditional economies exchange goods?
International trade
Pay for items
Barter
7
Electing the chief executive(head of Govt) is usually left up to whom in a parliamentary democracy?
The Citizens
The Legislature
Prime Minister
The President
8
If the legislature chooses the Prime Minister which system of government is this?
Parliamentary Democracy
Traditional Economy
Presidential Democracy
Market Economy
9
All are examples of Entrepreneurship EXCEPT:
Ideas of a person
Mental work and property
Trees/timber/lumber
Organization/patents/copyrights
10
The Legislature in BOTH Parliamentary and Presidential systems MAKE LAWS.
False
True
11
In this kind of economy people (NOT the government) own land, factories, and businesses.
Command
Mixed
Traditional
Market
12
Is there such a thing as a PURE economy?
No
Yes
13
What has to be established to encourage/conduct international trade?
a Common Currency
a Currency Exchange Rate
Presidents from the same political party.
Similar Kings and Queens of the country.
14
Which economic system allows for the most individual freedom?
Traditional
Command
Market
15
To increase the prices of imported goods in order to protect our own country’s industries is?
Specialization
Quota
Embargo
Tariff
16
In which economic system does the government have the most control?
Market
Command
Traditional
17
An example of a democracy restricting trade would be:
If your mom decided to boycott Walmart.
If Parliament voted on an embargo/quota, tarriff, etc.
If a King decided to place an embargo o a country.
If the executive branch signed on a trade agreement.
18
What is the economic system of most communist countries?
Command
Market
Traditional
19
Parliamentary Legislature appoints the chief executive & Presidential Legislatures do NOT appoint the chief executive
True
False
20
Competition between businesses are most often found in this kind of economic system:
Free-Enterprise
Command
Traditional
Market
21
Private citizens and corporations are in control of the production & goods in this econ system?
Traditional
Command
Market
Free-Enterprise
22
If country A is led by a person who controls the media, elections, & can't be voted out.
This is a Parliamentary Democracy
This is an Autocracy
This is a Market Economy
This is a Presidential Democracy
23
The four factors of production are:
Natural Resources
Capital Goods (or Physical Capital)
Entrepreanourship
Human Capital
24
A citizen may start their own business. They determine what to make & at what price in this kind of economy:
Free-Enterprise
Traditional
Market
Command
25
In a traditional economy items that are most likely to be produced and traded/bartered are:
Technology
Necessities (food--crops/livestock)
Human Capital
Air Jordans
26
Name both forms of democratic government:
Market & Command
Legislative & Judicial
Parliamentary & Presidential
Autocratic & Democratic
27
What are the three basic questions that every economic system must answer?
What to produce? For whom? What price?
What to produce? How to produce? For Whom?
What price? Why to produce? What supply?
What price? Why to produce? What demand?
28
The former Soviet Union was an example of what kind of economic system?
Mixed-Traditional
Pure Traditional
Mixed-Market
Mixed-Command
29
In which economic system do individuals do things based on customs & beliefs?
Traditional
Command
Market
30
Most democratic countries have which type of economic system?
Market
Command
Traditional
31
A trade barrier that means “tax” is:
GDP
Embargo
Tariff
Specialization
32
Two countries might experience growth within their economies (together) if they do this:
Lower trade barriers between each other.
Raise trade barriers between each other.
33
All are examples of Capital Goods EXCEPT:
Education
Machines
Technology
Factories
34
If a country has a high standard of living, they most likely ALSO have a high:
literacy rate
inflation rate
rate of exposure to airborne illnesses
currency exchange
35
What is it called when a country focuses its efforts on producing one/few items really well?
Tariff
Specialization
Human Capital
GDP