Tariffs and quotas are alike because they:

restrict or limit trade between countries.

What is a human resource?

Skills and education workers have

Only allowing a certain number of goods into the country

A similarity between a Market economy and a Traditional economy is that

individuals free to buy & sell goods as they wish in both, supply and demand determine prices in both

What is an entrepreneur?

Someone who's willing to take a risk to begin a new business

Total value of all the goods a country produces in a year

Amount of a product that is available to purchase

How has Israel’s lack of oil affected that country’s economy?

The Israeli economy depends on technology

A key difference between a market and a command economy is

Govt make econ decisions in command & consumers in market

Why do most countries fall between a market and a command economy?

Most countries found a mix control successful.

What are physical resource?

The factories and machines used to make goods

A limited supply of a good or service

What is “economic specialization?”

producing those goods a country can make most efficiently

If a country does not invest in its human capital, how can it affect the country’s (GDP)?

GDP may go down because poorly trained workers

In a mixed economy, how are economic decisions made?

A mix of consumers and government leaders

How much of goods and services people are willing to buy

Why does specialization make trade between countries easier?

Countries can produce what they make best

A surplus exists when _________ occurs.

There is more supply than demand

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Economics

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2017 version

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Questions 40

Answers

1
In a market economy, who makes the economic decisions?
Government planners
Custom and habit
Consumers and the market
Farmers
2
Tariffs and quotas are alike because they:
restrict or limit trade between countries.
increase trade between countries.
make trading a lot easier between countries
completely stop trade between countries.
3
What is a human resource?
axes collected from a country’s workers
the amount of goods sold in foreign trade in a year
Skills and education workers have
money paid to workers for producing goods
4
What is a quota?
Restriction on goods
a physical barrier around the country
Only allowing a certain number of goods into the country
taxes on imported goods
5
A similarity between a Market economy and a Traditional economy is that
both use the past to resolve economic issues
individuals free to buy & sell goods as they wish in both
barter is the main form of trading in both
supply and demand determine prices in both
6
Increased worker productivity means
employee lay-offs
lower wages
higher profits
reduced output
7
What is an entrepreneur?
People who enjoy saving all their money
Someone who is always successful in whatever he attempts
Business people who try not to take risks with their money
Someone who's willing to take a risk to begin a new business
8
Define GDP:
The total value of taxes collected in a year
The total value of all goods imported within a year
Value of all goods produced by entrepreneurs in a year
Total value of all the goods a country produces in a year
9
What is supply?
How much goods people want and are willing to buy
Amount of a product that is available to purchase
The value of the best alternative that you have to give up
A payment to the government.
10
How has Israel’s lack of oil affected that country’s economy?
Israeli businesses use little oil to operate
Israel has little industry due to their lack of oil
The Israeli economy is built around large-scale farming
The Israeli economy depends on technology
11
A key difference between a market and a command economy is
Consumers make econ decisions in command & govt in market
The consumers makes all econ decisions in both econ systems.
Govt make econ decisions in command & consumers in market
The govt makes all econ decisions in both econ systems.
12
Selling goods to another country is called
Imports
Exports
Embargoe
Tariff
13
Which of the following does not play a major role in a traditional economy?
industrial technology
satisfying people’s basic needs
labor
farming
14
Bringing in products from another country is called
Taffif
Exports
Embargo
Imports
15
Why do most countries fall between a market and a command economy?
Most countries found a mix control successful.
Some government control has never been successful.
Government control always makes a market economy profitable.
Most consumers prefer government control to free market.
16
What is a tariff?
physical barrier around the country
Restriction on goods
taxes on imported goods
Only allowing a certain number of goods into the country
17
An economic system that allows supply & demand and competition to set prices is a
command economy
mixed economy
market economy
none of the above
18
When purchasing a good, the price for what you did not buy is called the
opportunity cost
demand
scarcity
competition
19
In a traditional economy, how are economic decisions made?
Government planners
combination of consumers and government planners
Custom and habit
consumers and the market
20
What are physical resource?
The factories and machines used to make goods
The workers who make the goods and services
The money spent to train workers to use new technology
The goods and services that are produced for a country
21
What is scarcity?
An abundance of goods and services
money made after the bills are paid
A limited supply of a good or service
Exchange of goods without using money.
22
The US refuses to trade with any countries that support terrorism. What trade barrier is this?
Embargo
Physical Trade Barrier
Tariff
Quota
23
India may only export 10,000 cotton sheets to Japan. What trade barrier is this?
Physical trade barrier
Embargo
Quota
Tariff
24
What is “economic specialization?”
producing all goods & services needed for a country’s growth
directly swapping goods
trying to avoid investing
producing those goods a country can make most efficiently
25
If a country does not invest in its human capital, how can it affect the country’s (GDP)?
Most workers want to keep their jobs & do not care about GDP
Investment in human capital has little effect
GDP is only affected if workers pay for the investment
GDP may go down because poorly trained workers
26
Demand for the cars have increased giving them less supply than demand. The price for cars will
none of the above
go lower
go up
Stay the same
27
Which unit are we on?
Governemnt
Geography
Economics
Social Studies
28
Restriction Imposed upon commerce/trade by the govt. NO trading at all.
Embargo
quota
Tariff
Blockade
29
A railroad system is a
human capital
natural resource
physical capital
universal resource
30
In a mixed economy, how are economic decisions made?
Consumers
Government leaders
A mix of consumers and government leaders
Customs and traditions
31
In the movie The Lorax, the supply of trees is best represented by which vocabulary word?
Services
Competition
Opportunity Cost
Scarcity
32
What is demand?
A payment to the government.
The value of the best alternative that you have to give up
Product that is available for people to purchase
How much of goods and services people are willing to buy
33
Why does specialization make trade between countries easier?
A country’s economy will never go through a difficult time
The competition between countries will not exist
There will always be a steady supply of goods
Countries can produce what they make best
34
The demand for desks have decreased giving them more supply than demand. What will this cause?
None of the above
price of desk Go lower
price of desk Stay the same
price of desk Go higher
35
Importers selling rice from Vietnam will be charged a 10% tax. What trade barrier is this?
Tariff
Embargo
Quota
physical trade barrier
36
In a command economy, how are economic decisions made?
consumers and the market
Custom and habit
Government planners
combination of consumers and government planners
37
A difference between a Market economy and a Traditional economy is
how economic issues are decided
how trade takes place
how prices are determined
all of the above
38
What is a system that includes all the activities that people & businesses do to earn a living?
Geography
Economy
Government
Culture
39
Israel has invested heavily in capital goods in all of the following areas EXCEPT
Oil
Defense
Communication
Farming and Agriculture
40
A surplus exists when _________ occurs.
There are more imports than exports.
There is more demand than supply
There is more supply than demand
There are more exports than imports.

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