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Ancient Civ & Economics Flashcards | StudBud
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Ancient Civ & Economics
Ancient Civ & Economics
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Questions
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Answers
1
Economic Incentive is...
doing something for a reward $$
being forced to do something
Doing something because it gives satisfaction
2
Counterfeit means FAKE.
False
True
3
In a market economy, who decides how resources are used and distributed?
a board of trustees
state and national governments
a central planning board
consumers and producers
4
Give an example of bartering.
Trading money for a car
both yellow and blue
trading cheese for eggs
trading bread for helping fix a sink
5
What was the top caste in India?
Dalits
Sudras
Kshatriyas
Brahmins
6
What items did the Phoenicians export?
gold jewelry, bronze and silver bowls
all of the above
WIne, olive oil, salt
iron tools and weapons, cedar and pine logs
7
Name one way the Silk Road affected the world.
The spread of disease
Global peace
The spread of fashion
The spread of friendship
8
The black market economy affects the economy in all countries.
True
False
9
A decline in economic growth for more than six months in a row is called
market forces
recession
economic growth
revenue
10
The government makes all economic decisions in a _______ economy?
None of the above
Market
Command
Mixed
11
Economic Incentive is
doing something for a reward such as money
a system of measures and weights
doing something for the satisfaction of doing it
"Let it be"
12
What is a traditional economy?
an economy controlled by traditions, customs, and beliefs.
an economy controlled centrally by a government.
All of the above
an economy driven by country's individual citizens
13
In a free market economy, the government and individuals make decisions.
True
False
14
What are the three factors of production?
Land, People, Factory
Land, Labor, Capital
Money, Land, Capital
Labor, Capital, Factory
15
What are intrinsic motivators?
Satisfaction of hunger
Wanting to get rid of a pain
Internal rewards like enjoyment/happiness
Rewards from accomplishment like payment of gifts
16
What would cause the price of gas to go up?
Inflation
The president
The supply of oil decreasing while demand increases
Both blue and yellow
17
What is a monopoly?
when one entity controls the production of a good or service
the art of beautiful writing
A board game
a tool to detect earthquakes
18
Demand as it applies to economics is...
a forceful request
the amounf of goods and services available
part of the historical ship, the USS Reagan
the desire for goods and services
19
What could cause the price of coffee to go up?
A sudden change in people's preferences towards tea and away from coffee
Starbucks closing all of its locations
Peru planting 10,000 new coffee plants every year
A fungus attacking coffee plants, causing supply to go down
20
Items like cowrie shells were once used as currency because they were
hard to find & fragile
small & durable
large & heavy
light & easy to find
21
How did the Phoenician alphabet simplify writing?
It was not written
It had an alphbet of 22 letters instead of hundreds
It stopped the use of clicking
It was not more simple than previous alphbets.
22
What is an export?
a good produced in a foreign county and sold in our country
A good sent to another country to be sold
The amount of money left over after overhead
A tax imposed on a good or service
23
Events outside of governement control can affect supply, demand, and prices because we live in a globalized economy.
True
False
24
Import
A good brought into a country from another country
a type of tax
A product sent to another country and sold
To take away
25
What does Laissez-Faire mean?
Complete government control over business
International trade that pushes for less tariffs (taxes)
International trade that pushes for more tariffs (taxes)
An economy run by business; free from government involvement
26
What was the bottom caste, which was in charge of the dirtiest jobs?
Vaishyas
Dalits
Brahmins
Sudras
27
What was the first form of money to be used?
Leather money
Coins
Cattle
Cowrie shells
28
What is one drawback of a free market economy?
Higher prices
There are no drawbacks
Could have little to no labor protections
Too many government regulations
29
Allocation of resources and commodities isn't equal. Trading is often not fair among different types of countries
False
True
30
Having a limited quantity of resources for unlimited demands is called....
laissez-faire
taxes
scarcity
recession
31
The struggle among producers for consumers money is called
demand
supply
specialization
Competition
32
Why do most adults have jobs?
economy
intrinsic incentive
economic incentive
laissez-faire
33
Who makes decisions in a mixed economy?
Individuals
culture and tradition
Government
Both Individuals and government
34
________ describes the value of what you have to give up when you make an economic choice.
opportunity cost
tariff
supply and demand
profit
35
The Vedas are...
a delicious food
a type of corn grown in the Indus valley
something the Ancient Indians traded
The collection of sacred hymns and knowledge in Ancient India
36
Supply is...
an anonymous mouse in a rock band
the desire for goods and services
the amount of goods or services available
irrelevant
