Ramsey Classroom Chapter 13- Global Economics

Question 1

A free market economy where businesses are free to determine what to produce and who to sell to is called _____________

Accepted Answer

capitalism

Question 2

The U.S. is mostly a . . .

Accepted Answer

Free market

Question 3

Which factor of production refers to the man-made objects like tools, machinery, buildings, and production equipment?

Accepted Answer

Tertiary

Question 4

If the government fears there may be a shortage of something, they may choose to _________ it.

Accepted Answer

Ration

Question 5

________ is an official ban on trade with a country.

Accepted Answer

An embargo

Question 6

A ____________ economy is built on primary industries (fishing/farming) and has very little waste or surplus.

Accepted Answer

Traditional

Question 7

Inflation, deflation, the rate of economic growth, price levels, national income, and GDP are all called . . .

Accepted Answer

Economic indicators

Question 8

Socialism is an example of a _________ economy where the __________ is/are at the center.

Accepted Answer

Command; government

Question 9

Whether a country is developed or developing depends on . . .

Accepted Answer

Income, standard of living, technology, poverty level, freedom, education

Question 10

_________ never really works for an economy because there's little innovation and no reward for starting a business

Accepted Answer

socialism

Question 11

A product sold to the global market is a _________ while a product bought from another country is a ___________.

Accepted Answer

export; import

Question 12

______ is the science of the whole economy, while __________ is the study of people, individual businesses, or markets.

Accepted Answer

Macroeconomics, microeconomics

Question 13

An extreme result of free-market capitalism without government regulation is referred to as . . .

Accepted Answer

A monopoly

Question 14

Low supply and high demand increase the price of an item.

Accepted Answer

True

Question 15

Equilibrium is . . .

Accepted Answer

When the market supply and demand match each other, price stability

Question 16

Economic interdependence describes how. . .

Accepted Answer

Many countries and companies around the world depend on each other

Question 17

Wind, water, and solar energy are examples of _____________.

Accepted Answer

Renewable resources

Question 18

The buying and selling of various goods and services is called ____________.

Accepted Answer

Marketplace

Question 19

Supply/demand helps us understand how the _____ of a particular product & the _____for it affect the price of the item.

Accepted Answer

Availability; desire

Question 20

What is specialization?

Accepted Answer

A country focuses on producing limited variety of goods/services

Question 21

___________ doesn't exist in a command economy because there are fewer options for goods & services

Accepted Answer

Competition

Question 22

You can depend on the people in power to either make you wealthy or make you poor.

Accepted Answer

False

Question 23

Economics is a study of consumer _________.

Accepted Answer

Choices

Question 24

Every country has a unique ______ that includes its leadership, decisions making, & how the citizens buy stuff.

Accepted Answer

Economic system

Question 25

__________ is the desire to make a profit, and it isn't greedy. It keeps businesses in ___________.

Accepted Answer

profit motive; business

Question 26

What is scarcity?

Accepted Answer

Something that occurs when there's more demand for something than available

Question 27

The total value of all the finished goods and services produced in a country is called ______________.

Accepted Answer

Gross Domestic Product (GDP)

Question 28

What you choose to __________ has a(n) ___________ on the economies of other countries.

Accepted Answer

Buy; impact

Question 29

The series of steps it takes to produce a product is called the...

Accepted Answer

Chain of production

Ramsey Classroom Chapter 13- Global Economics

Questions 29

Ramsey Classroom Chapter 13- Global Economics

Questions 29