Kim and Susie are making cupcakes. Kim would have absolute advantage in cupcakes in which one?

Kim 12 cupcakes, Susie 10 cupcakes

Why is environmental protection important to economic systems?

so we don't run out of resources

Why would we need economic goals?

help people determine if system is meeting needs

Are you ready for this test?

not even a little!, yo gabba gabba!, absolutely!, too much for one test!

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trade and systems

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trade economic systems and economic goals

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Questions 22

Answers

1
Which is not an economic system?
capitalism
market
command
traditional
2
Kim and Susie are making cupcakes. Kim would have absolute advantage in cupcakes in which one?
Kim-12 cupcakes, Susie 14 cupcakes
Kim 12 cupcakes, Susie 10 brownies
Kim 12 cupcakes, Susie 10 cupcakes
Kim 12 brownies, Susie 10 cupckes
3
Which would be a benefit of globalization?
increased income equality
standard of living increase
countries become more independent
offshoring
4
Who can trade benefit?
big countries
only countries with comparative advantage
little countries
everyone
5
Which economy has central planning
market
traditional
socialism
command
6
If the balance of trade is negative it is called a?
trade deficit
consumer advantage
trade surplus
supplier error
7
Why is environmental protection important to economic systems?
it's not
so we can keep clearing land
so we don't run out of resources
to keep making more jobs
8
Which of the following has personal gain as a reward?
socialism
capitalism
traditionalism
communism
9
What is it called when we bring in a product to this country?
export
specialization
import
comparative advantage
10
Communism could be looked at as
profits are goal
private enterprise
whole rather than individual
poorly developed traders
11
Which economy benefits from private property?
market
traditional
communism
command
12
Which of the following would be an important capitalist goals?
economic freedom
price stability
full employment
economic guidance
13
In a command economy, who provides the jobs?
religion
government
no one
individuals
14
Which is not a cost of globalization?
increased income inequality
losing jobs to offshoring
trade increase
more power to big corporations
15
Which of the following is not an economic question?
How to produce
What to produce
Why to produce
For whom to produce
16
Comparative advantage could do which of the following?
increase sports attendance
help manufacture everything evenly in country
isolate a country
increase standard of living
17
This guides the market through competition.
invisible hand
trade
comparative advantage
economic goals
18
Why would we need economic goals?
help people determine if system is meeting needs
more respected than laws
people would not be able to make money
people need something to reward them
19
The process that we get closer as a world is?
communism
trade
economic system
globalization
20
What are the benefits of specialization?
we can produce more
we gain more capital
there is no opportunity cost
we use all the resources
21
Are you ready for this test?
not even a little!
yo gabba gabba!
absolutely!
too much for one test!
22
Capitalism can be described as
prices andprofit
barter and share
organizing resources
a redistribution of wealth

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