Why do countries need exchange rates?

They are able to trade with other countries

What is the gross domestic product?

total value of goods & services produced in a country/ year

In what ways can entrepreneurship contribute to economic growth

Entrepreneurs can add provide jobs

What is the relationship between the literacy rate of a country and its GDP?

The higher the literacy rate, the higher the GDP

Which of the following BEST describes human capital?

value of a person's skills and education

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Economics Unit Review

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Sixth grade Social Studies Economics Review

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Questions 16

Answers

1
Why do countries need exchange rates?
They can determine what to export.
They are able to trade with other countries
They are able to sell their exports at lower prices
They can determine what to import
2
What is the gross domestic product?
total value of goods and services a country exports per year
total value of all goods & services a country specializes in
total value of goods and services a country imports a year
total value of goods & services produced in a country/ year
3
In what ways can entrepreneurship contribute to economic growth
Entrepreneurs can create new currencies
Entrepreneurs can add provide jobs
Entrepreneurs cannot add to GDP
Entrepreneurs can take jobs away
4
What is the relationship between the literacy rate of a country and its GDP?
It has no effect on it
The lower the literacy rate, the higher the GDP
The higher the literacy rate, the higher the GDP
The higher the literacy rate, the lower the GDP
5
Which trade barrier limits the number of imports from another country?
Demand
Tariff
Quota
Embargo
6
What is the most common economic system in the world?
Mixed
Pure Market
Pure Command
Traditional
7
What is a tariff?
Quota
Limit
Stops trade
Tax
8
In which economic system are entrepreneurs MOST likely to exist?
Communist
Market
Traditional
Command
9
Privately-owned production, supply and demand, competition, profit, producers and consumers
Market
Traditional
Command
Unitary
10
Who answers the questions of What? How? For Whom to Produce? in a mixed economy?
Supply and Demand
Government
Trade Barriers
Tradition, Customs, Culture
11
Which of the following BEST describes human capital?
a good that is used to produce other goods
person who starts a business
gifts of the earth
value of a person's skills and education
12
Which economy is a blending of two different types of systems?
Traditional
Market
Mixed
Command
13
Which of the following are capital goods?
Natural Resources
Education and training
Taxes
Equipment and machinery
14
Which of the following is found in a market economy?
government control of the industries
competition
guaranteed yearly raises
government control of agriculture
15
An economy where the government controls the market production is called a
Market
Traditional
Mixed
Command
16
Who answers the questions of What? How? For Whom to Produce? in a traditional economy?
Tradition, Customs, Culture
Trade Barriers
Supply and Demand
Government

Economics Unit Review Flashcards | StudBud