What creates interdependence?

The needs of one place for goods produced in another place.

Farmers grow corn in Ohio's climate. How does this specialization affect the farmer's business?

Farmers are able to grow more crops.

Which of the following is an example of a US export?

Computer made in US and sold Indonesia.

Which of the following is an example of interdependence?

People need goods & services provided by other people.

What is an example of interdependence?

US depends on Saudi Arabia for oil

How does division of labor increase productivity?

increases the speed of the work because everyone does 1 job

My family wants to buy a new car. What is 1 present & 1 future consequence of this decision?

Present: pay a lot of money Future: save money on fuel

In economics, there are imports and exports. An import is________.

Merchandise shipped from a foreign country.

How does division of labor affect companies?

It helps them make things faster and for less money.

What would be helpful experiences to someone that wants to be an auto mechanic?

take auto mechanic classes, internship with another mechanic

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Economics Review Game

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Questions 23

Answers

1
What creates interdependence?
The overdevelopment of land.
Low demand for goods that are in great supply.
The needs of one place for goods produced in another place.
Lack of government control over the economy.
2
Farmers grow corn in Ohio's climate. How does this specialization affect the farmer's business?
Farmers work longer to grow the same amount of crops.
Farm crops are more expensive to grow.
Farm crops in Ohio are lower quality.
Farmers are able to grow more crops.
3
Which of the following is a service?
steak dinner
video game
haircut
baseball cap
4
Which of the following is an example of a US export?
TV made in China sold in US.
Car made and sold in Mexico.
Radio made and sold in US.
Computer made in US and sold Indonesia.
5
What happens when companies specialize?
production stays the same
quality goes down
production goes down
production goes up
6
There are many different types of economic systems. The US economy is based on a______.
Socialist System
Free enterprise system
Communist System
Traditional System
7
What is the following an example of: US gets lumber from Canada and Canada gets fruit from US?
entrepreneurship
division of labor
interdependence
opportunity cost
8
Which of the following is used to mean a limited supply of goods?
surplus
scarcity
allocation
economics
9
Which of the following is an example of interdependence?
People grow their own food.
People making their own clothing.
People need goods & services provided by other people.
People often move to places that aren't as crowded.
10
Many companies today provide just one type of product or service. What is this focus one thing?
technology
specialization
productive capacity
capital goods
11
What is an example of interdependence?
Ohio depends on Pennsylvania for wood
Texas depends on Wyoming for food
US depends on the US to make cars
US depends on Saudi Arabia for oil
12
A truck represents which type of productive resource?
natural resource
human resource
productive/capital good
entrepreneurship
13
Examples: Aluminum-can production Rubber- tire production Ex. of which factor of production?
natural resources
entrepreneurship
productive/capital goods
human resources
14
Why does Maine specialize in fresh fish?
close to a stream
close to the ocean
close to a lighthouse
close to a water faucet
15
How does division of labor increase productivity?
increase the speed of the work because they do many jobs
decrease the speed of work because everyone does 1 job
increases the speed of the work because everyone does 1 job
decrease the speed of the work because they do many jobs
16
My family wants to buy a new car. What is 1 present & 1 future consequence of this decision?
Present: pay nothing for the car Future: pay lots for fuel
Present: pay a lot of money Future: save money on fuel
Present: pay a lot of money Future: pay lots for fuel
Present:don't buy the car Future:have no way to get to work
17
In economics, there are imports and exports. An import is________.
A tax on goods shipped to a foreign country.
A tax on goods shipped from a foreign country.
Merchandise shipped from a foreign country.
Merchandise shipped to a foreign country.
18
How does division of labor affect companies?
It slows down production and costs more money.
It raises the price and the quality
It helps them make things faster and for less money.
It lowers the quality and safety of the products.
19
A person hires plumbers. What would the person who does the hiring of contractors be called?
entrepreneur
consumer
exporter
importer
20
Which career would it be helpful to take a lot of Science classes to prepare for?
Basketball Player
Bus Driver
Veterinarian
Author
21
What happens when farmers raise the price of cattle?
People buy more beef.
People will buy the same amount of beef.
People buy less beef.
There will be a shortage of beef.
22
What would be helpful experiences to someone that wants to be an auto mechanic?
go to the zoo
go to the mall
take auto mechanic classes, internship with another mechanic
go to college
23
What happens to a lumber company's productive capacity when a fire destroys 90% of their trees?
stays the same
greatly reduced
greatly increased
small increase

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