Basics Economics

Question 1

The US not trading with Cuba is an example of

Accepted Answer

Embargo

Question 2

This type of economy is based on customs and resources are distributed mainly through families.

Accepted Answer

Traditional

Question 3

If a drought happened in Indiana, what would happen to the corn and soybeans in Indiana?

Accepted Answer

They would decrease because of the drought.

Question 4

_______ means limited amount of of resources available.

Accepted Answer

Scarcity

Question 5

The gov't determines which college you attend & what your career is part of ________ system.

Accepted Answer

Command economic system

Question 6

Today, China has introduced some elements of capitalism but still has command elements. It is a

Accepted Answer

Mixed economy

Question 7

Positives of industrialization are called

Accepted Answer

Helpful spillovers

Question 8

Ford is a MNC. The US would be allowed to use Ford's goods in other countries when determining

Accepted Answer

Gross National Product

Question 9

Knowledge, skills and experiences that make a person more valuable to employers is called:

Accepted Answer

human capital

Question 10

A country whose activities are farming, mining and fishing are called

Accepted Answer

primary activities

Question 11

The removal of trade restrictions so the goods flow freely between countries is called:

Accepted Answer

Free Trade

Question 12

Land, _____, capital and entrepreneurship are all factors of production.

Accepted Answer

Labor

Question 13

Coal and petroleum are examples of

Accepted Answer

Natural and nonrenewable resources

Question 14

Countries that have great deal of manufacturing, and service industries and high incomes...

Accepted Answer

Developed

Question 15

When the value of a country's exports is higher than its imports it is called..

Accepted Answer

trade surplus

Questions 15