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Economic Review Flashcards | StudBud
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Economic Review
Economic Review
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1
A risk taker who starts a new business or brings a product to the market.
entrepreneur
buyer
consumer
investor
2
Which of the following represents a potential solution to Saudi Arabia's dependency on oil?
The supply of oil must be renewed
More desalinization plants need to be built
Oil must be refined into gasoline in larger amounts
Diversification of the economy must happen
3
What is the gross domestic product (GDP)?
The value of all the products a country buys in a year
The value of all goods and services made by individuals
The amount collected in taxes from the people a year
The total value of goods and services produced by a country
4
Which of the following is an example of investment in human capital?
a car company building a new factory
voting on a tax increase to benefit public schools
a teacher attending a parent-teacher conference
a shopkeeper buying a new ladder for stocking shelves
5
How has Israel made up for its lack of natural resources?
They have put everyone ot work and have no unemployment
They developed a strong technology sector of their economy
Israelis refused to import oil, saving huge amounts of money
They relied primary on farming to keep their economy going
6
Condition that arises because society does not have enough resources to produce all they want.
scarcity
opportunity cost
investing
profit
7
Which is a part of a country's human capital?
The amount spent by people
Taxes collected from a country's workers
Skills and knowledge workers have
Money paid to workers for producing goods
8
Which of the following BEST demonstrates how access to natural resources increases GDP?
The Middle East has vast deserts
Venezuela has 78 billion barrels of oil
United Kingdom's natural resources are dwindling
Japan has a literacy rate of 99%
9
Which of the following most closely resembles a true command economy?
North Korea
India
South Korea
Japan
10
What is the definition of economic specialization?
concentrating on "one" area of work
directly swapping goods from one country to another
avoid investing in industry and technology
producing all goods and services needed within a country
11
Economic decisions are made by the government or central planners.
command
free enterprise
traditional
market
12
How are economic decisions made in a traditional economy?
customs and traditions
supply and demand
government control
voting by people
13
The economy of China can be best described as
traditional
autocratic
mixed
command
14
What are capital goods?
workers who make the goods
money spent to train workers
communications services
factories and machines used to make goods
15
Nations that are considered more industrial with a lot of technology are
mixed
underdeveloped
developing
developed
16
In a market economy, how are economic decisions made?
individuals
customs and habit
government planners
consumers and the market
17
Why is specialization so valuable in international trade today?
specialization allows people to do a more efficient job
specialization limits the amount of farming a country allows
specialization always keeps the prices low on goods imported
most countries can only make one product very well
18
Why is it important for nations to have a system to convert from one currency to another?
Makes it possible to buy and sell goods between nations
The dollar is most valuable
Banks like to handle different kind of currencies
Conversion to different currencies makes goods cost less
19
What is OPEC's purpose?
building the petroleum pipelines
spreading the profits of oil to different countries
controlling the supply and price of oil
regulating the desalinization plants
20
Complete halt to trade with a particular country for economic or political reasons.
tariff
trade barriers
quota
embargo
