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Basics of Economics : trade etc Flashcards | StudBud
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Basics of Economics : trade etc
Basics of Economics : trade etc
25 terms
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A review of the basics of #economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
There are no real pure market economic systems, but which of the following countries is the closest?
Nth Korea
China
Cuba
United States
2
How are goods and services exchanged in a traditional [no money] economy?
through government regulation
through bartering
through shortages and surpluses
through prices and wages
3
The basic questions that all economic systems must answer?
All of 'em
What to produce?
How to produce?
For whom to produce?
4
Which of the following BEST describes a market system?
Businesses are owned by the government.
The government provides services, such as television.
The government provides food and housing to all workers.
A person can start any legal business and charge any price.
5
When a government decides to increase a tariff, it increases the amount of a tax placed upon...
people's property.
people's income.
imported goods.
renewable resources.
6
What is an entrepreneur?
A person who starts a new business.
A leader of a country.
A worker in a factory.
A student in college.
7
Exports $US 30 bn, imports $US 20 bn, so balance of trade =_________________
US$ 10 bn
US$ 600 bn
US$ -10 bn
$US 50 bn
8
Value of exports + value of imports =.....
total trade
trade surplus
balance of trade
trade deficit
9
A complete ban on trading between countries is....
tariff
mountain
embargo
quota
10
Why is it important for a country to invest in human capital?
Businesses can't do all the training needed by workers.
Workers enjoy getting extra training and job opportunities.
An economy is more successful when workers have training & education.
A country needs money in order to pay its workers.
11
Which of the following BEST describes a command/communist economic system?
Citizens make economic decisions based on supply and demand.
Its economics are controlled mainly by the global economy.
Workers make most of the economic decisions for the country.
The central government plans the economy for the nation.
12
Who owns most of the resources in a command (eg communist) economy?
the government
private businesses
no one
individuals
13
Which of the following is found in a market economy like Australia's?
government control of industry
government control of agriculture
competition between businesses
free labor
14
In a command economy eg communist, the economic decisions are made by the....
producers
consumers
market
government
15
A literate person is one who can ________________.
speak more than one language
ride a bicycle
read and write
balance a checkbook
16
What is an example of a physical trade barrier?
tariff
embargo
mountain
quota
17
A product of the earth ("gift of nature") that people use to meet their needs is a
natural resource
good
service
free enterprise
18
Countries with a high literacy rate have a _________ standard of living.
high
low
19
Which is an example of human capital?
roads
education
machinery
factories
20
Value of exports = $US 25 bn, value of imports = $US 36 bn...total trade = _______________
$US 61 bn
$US -11 bn
$US 11bn
$US 900 bn
21
Countries with high literacy rates are generally ___________________.
wealthier
smaller
bigger
poorer
22
A __________ can develop when people cannot get an education and continue for many generations.
trade barrier
economic depression
cycle of poverty
cycle of literacy
23
The limit on the amount of a good that can be imported from a particular country is the
quota
supply
demand
tariff
24
Most democratic nations (eg Australia)have _____________ economies.
command
pure market
traditional
mixed (mainly free enterprise, but government does get involved)
25
The economic system of communist countries is most closely related to which of the following?
mixed economy
command economy
traditional economy
market economy
