Kim and Susie are making cupcakes. Kim would have absolute advantage in cupcakes in which one?

Kim 12 cupcakes, Susie 10 cupcakes

Why is environmental protection important to economic systems?

so we don't run out of resources

Are you ready for this test?

yo gabba gabba!, too much for one test!, not even a little!, absolutely!

Why would we need economic goals?

help people determine if system is meeting needs

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trade and systems

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trade economic systems and economic goals

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Questions 22

Answers

1
Comparative advantage could do which of the following?
help manufacture everything evenly in country
increase sports attendance
increase standard of living
isolate a country
2
Which would be a benefit of globalization?
increased income equality
offshoring
countries become more independent
standard of living increase
3
Which is not an economic system?
traditional
market
command
capitalism
4
In a command economy, who provides the jobs?
government
no one
individuals
religion
5
Kim and Susie are making cupcakes. Kim would have absolute advantage in cupcakes in which one?
Kim 12 brownies, Susie 10 cupckes
Kim-12 cupcakes, Susie 14 cupcakes
Kim 12 cupcakes, Susie 10 cupcakes
Kim 12 cupcakes, Susie 10 brownies
6
Why is environmental protection important to economic systems?
so we can keep clearing land
it's not
so we don't run out of resources
to keep making more jobs
7
Who can trade benefit?
little countries
everyone
big countries
only countries with comparative advantage
8
Which of the following has personal gain as a reward?
capitalism
traditionalism
socialism
communism
9
Which of the following would be an important capitalist goals?
economic freedom
economic guidance
full employment
price stability
10
Which of the following is not an economic question?
How to produce
What to produce
Why to produce
For whom to produce
11
Which is not a cost of globalization?
more power to big corporations
trade increase
losing jobs to offshoring
increased income inequality
12
Are you ready for this test?
yo gabba gabba!
too much for one test!
not even a little!
absolutely!
13
Which economy has central planning
socialism
command
traditional
market
14
Capitalism can be described as
organizing resources
barter and share
prices andprofit
a redistribution of wealth
15
Which economy benefits from private property?
traditional
command
communism
market
16
If the balance of trade is negative it is called a?
supplier error
consumer advantage
trade surplus
trade deficit
17
The process that we get closer as a world is?
trade
globalization
communism
economic system
18
This guides the market through competition.
trade
economic goals
comparative advantage
invisible hand
19
What is it called when we bring in a product to this country?
specialization
import
export
comparative advantage
20
Communism could be looked at as
profits are goal
poorly developed traders
whole rather than individual
private enterprise
21
Why would we need economic goals?
help people determine if system is meeting needs
more respected than laws
people would not be able to make money
people need something to reward them
22
What are the benefits of specialization?
there is no opportunity cost
we gain more capital
we can produce more
we use all the resources

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