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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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StudBud Administration
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224 plays
Review of economics
Flashcards
15 cards
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Practice quiz
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Host live
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Questions
15
Answers
1
In a restaurant that makes burgers, a capital good would be what?
The stove
the burger
the manager
the customers
2
What are the 3 main types of economic systems?
traditional, command, market
mixed, command, market
3
Which Trade barrier places taxes on good and services
tariff
embargo
quota
4
Natural Resources are apart of a nation's...
Gross National Product
Gross Domestic Product
5
people are free to exchange goods and services mainly without government involvement in a...
command
mixed
traditional
market
6
There is no such thing as a PURE market or PURE command ecomony
True
False
7
What grade will I potentially make on Ms. Devine's Quiz?
B- because I have a few doubts
I'd rather not say
A- because I am a genius
C- because I did not study as much as I should've
8
What 3 factors affect a country's economic system?
government, politics, trade barriers
natural resources, population, climate
9
which trade barrier puts a limit on the amount of goods and services that can be imported
quota
tariff
embargo
10
The total amount of good and services produced IN a country is called...
Gross National Product
Gross Domestic Product
11
____ is an example if a human resource
Robot worker
A Doctor
none of the above
food
12
What economy hunts and gathers to survive. This is considered a custom of theirs.
mixed
market
traditional
command
13
Which trade barrier puts a ban on trade with a country for political reasons?
Quota
Trade Barrier
Embargo
Tariff
14
Government decides what goods and services can be made in a...
market economy
mixed economy
traditional economy
command economy
15
Entrepreneurs help increase a country's GDP
False
True
