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