What is an entrepreneur?

someone willing to take a risk to start a new business

What is human capital?

skills and education workers possess

If a country does not invest in its human capital, how can it affect the country's GDP?

GDP goes down because untrained workers can't do their jobs

Specialization encourages trade between countries. What does specialization mean?

Focusing on something that your country produces well

What are capital goods?

Goods that are used in the production of other goods

Complete ban on trade with a particular country

Which of the following best describes diversification (the opposite of specialization)?

An economy that has numerous things to sell to make money

What does gross domestic product (GDP) mean?

GDP is the total value ($) of all of the goods and services

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Trade Barriers & Economic Systems... Woo!

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Questions 21

Answers

1
What is an entrepreneur?
business people who don't risk their money
someone who is always sucessful
someone willing to take a risk to start a new business
people who save their money
2
What is human capital?
taxes collected from a country's workers
skills and education workers possess
money paid to workers for producing goods
the amount of goods sold in foreign trade in a year
3
Human capital can also be referred to as human ________.
resources
kind
4
There is no such thing as "pure command economy" or "pure market economy".
False
True
5
If a country does not invest in its human capital, how can it affect the country's GDP?
GDP only changes if workers have to pay for training
has little effect
workers want to keep their jobs and don't care
GDP goes down because untrained workers can't do their jobs
6
Specialization encourages trade between countries. What does specialization mean?
Making everything while the other countries don't make anyth
Focusing on something that your country produces well
Thinking of your own country as being more important
7
What are capital goods?
Total amount of goods produced in a country
Skills and education that workers produce
Goods that are imported from other countries
Goods that are used in the production of other goods
8
What is an embargo?
Complete ban on trade with a particular country
Tax on imported goods
Number limit on imported goods
Physical trade barrier
9
Which of the following best describes diversification (the opposite of specialization)?
An economy that mainly uses agriculture to make money
An economy that has numerous things to sell to make money
An economy that specializes in one main product
10
In a command economy, who makes most economic decisions?
consumers and the market
government officials
custom and traditions
combination of consumers and government planners
11
Who takes on the financial risk in starting a new business in a market economy?
combination of government planners and individual investors
entreprenuers
consumers
government planners
12
Tariffs and quotas cause imported products to be _______ expensive to the consumer.
less
more
13
In a traditional economy, how are economic decisions made?
traditions and customs
combination of consumers and government planners
consumers and the market
government planners
14
Investing in the production of capital goods decreases the gross domestic product.
False
True
15
Which of the following is the largest physical trade barrier?
Embargo
Atlantic Ocean
Tariff
Pacific Ocean
16
What is a tariff?
Physical trade barrier
Number limit on imported goods
Tax on imported goods
Complete prohibition of trade with a particular country
17
What is an example of a physical trade barrier?
Embargo
Tariff
Quota
Mountains
18
Which of the following is NOT an example of a political trade barrier?
tariff
quota
trade embargo
many miles of harsh terrain
19
In a market economy, who makes the economic decisions?
government planners
farmers
individual buyers and sellers
traditions and customs
20
What is a quota?
Number limit on imported goods
Complete prohibition of trade with a particular country
Physical trade barrier
Tax on imported goods
21
What does gross domestic product (GDP) mean?
GDP refers to the gross stuff made in the country.
GDP refers to the total amount of money produced by a person
GDP is the total value ($) of all of the goods and services

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