Economic Summative Review

Question 1

A(n) _________ in economic growth and productivity means there is a decrease in the per capita GDP

Accepted Answer

drop

Question 2

Printing equipment is considered to be ....

Accepted Answer

capital goods

Question 3

When a country’s literacy rate increases roughly 30% in three decades it helps the countries..

Accepted Answer

GDP

Question 4

The economy must answer a minimum of 4 questions.

Accepted Answer

False

Question 5

When a country limits a product from being imported into its borders, it's an example of a(n) ________________.

Accepted Answer

quota

Question 6

When citizens elect members of the legislature, who then select the country’s leader this is a ...

Accepted Answer

Parliamentary Democracy

Question 7

Government charges an importer a fee on products from another country. This is a(n) ______________.

Accepted Answer

tariff

Question 8

Centralized decisions being made on what will be produced is primarily associated with a(n) ______ economy.

Accepted Answer

Command

Question 9

A tariff is a tax on ______________.

Accepted Answer

imports

Question 10

A country investing in higher education will cause the GDP to increase in production.

Accepted Answer

True

Question 11

The ___________ and _____________ total of a nation equals the Gross Domestic Product (GDP).

Accepted Answer

goods / services

Question 12

What determines the price of one country’s money to another country?

Accepted Answer

Exchange Rate

Question 13

When citizens elect the country’s leaders themselves it's called a ...

Accepted Answer

Presidential Democracy

Question 14

To increase the literacy rate and invest in human capital, a country may due this by....

Accepted Answer

adding more teacher jobs.

Question 15

Scarcity is the unlimited supply of something

Accepted Answer

False

Question 16

When a country specialize in a certain item/area this is called ______________________________.

Accepted Answer

specialization

Question 17

To sell products in another country, the seller must take this into consideration to set the prices for a profit.

Accepted Answer

exchange rate of currencies

Question 18

In a Command economic system the government owns no property, and doesn't make any decisions on production.

Accepted Answer

False

Question 19

When supply is low and demand is high, prices will ____________.

Accepted Answer

rise

Question 20

The ______ is made up of consumers, businesses , and the government all spending.

Accepted Answer

GDP

Question 21

A __________________ economy should be the least likely to experience market fluctuations (an irregular rise or fall).

Accepted Answer

Command

Question 22

An increase in the literacy rate of citizens increases the

Accepted Answer

standard of living.

Question 23

Rapid growth within a country is why entrepreneurs are vital in the growth of the economy because they ......

Accepted Answer

build new factories.

Question 24

Tariffs on imported goods will make them more expensive for purchase for customers.

Accepted Answer

True

Question 25

When a country has both command and market elements it is said to have a _____________ economy.

Accepted Answer

mixed

Question 26

When a country has a restriction put in place on its exports and imports to/from other countries its called a(n) _______

Accepted Answer

embargo

Question 27

____________________ can lead to better & less expensive products in a capitalist economy.

Accepted Answer

Competition

Question 28

A(n) _______________ is someone that comes up with a product or service or a better way to produce goods or services.

Accepted Answer

entrepreneur

Question 29

The ancestors answer the What, How, and for Whom to produce goods/services in a(n) ___________________ economy.

Accepted Answer

traditional

Question 30

The factories and machines used to make products are called

Accepted Answer

capital goods

Question 31

A country concentrates on the export of one main product only it makes the ______ more dependent on that product.

Accepted Answer

GDP

Question 32

To protect domestic jobs, a country may want to erect trade barriers that are called ___________ or ____________.

Accepted Answer

tariffs / quotas

Question 33

When a county has a high literacy rate it increases their GDP

Accepted Answer

True

Question 34

When a command economy changes allowing more private business to come in this will _____________ the GDP.

Accepted Answer

increase

Question 35

____________ is the study of making, buying, and selling of goods and services.

Accepted Answer

Economics

Economic Summative Review

Questions 35

Economic Summative Review

Questions 35