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Basics of Economics : trade etc Flashcards | StudBud
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Basics of Economics : trade etc
Basics of Economics : trade etc
25 terms
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A review of the basics of #economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Value of exports + value of imports =.....
total trade
trade surplus
trade deficit
balance of trade
2
A __________ can develop when people cannot get an education and continue for many generations.
cycle of literacy
cycle of poverty
trade barrier
economic depression
3
Which of the following BEST describes a market system?
Businesses are owned by the government.
A person can start any legal business and charge any price.
The government provides services, such as television.
The government provides food and housing to all workers.
4
Value of exports = $US 25 bn, value of imports = $US 36 bn...total trade = _______________
$US 900 bn
$US -11 bn
$US 11bn
$US 61 bn
5
The basic questions that all economic systems must answer?
What to produce?
For whom to produce?
How to produce?
All of 'em
6
What is an entrepreneur?
A worker in a factory.
A student in college.
A leader of a country.
A person who starts a new business.
7
Which of the following is found in a market economy like Australia's?
government control of agriculture
free labor
competition between businesses
government control of industry
8
Why is it important for a country to invest in human capital?
Businesses can't do all the training needed by workers.
A country needs money in order to pay its workers.
Workers enjoy getting extra training and job opportunities.
An economy is more successful when workers have training & education.
9
Which is an example of human capital?
machinery
education
roads
factories
10
Countries with high literacy rates are generally ___________________.
bigger
wealthier
poorer
smaller
11
A product of the earth ("gift of nature") that people use to meet their needs is a
natural resource
free enterprise
good
service
12
The economic system of communist countries is most closely related to which of the following?
mixed economy
traditional economy
market economy
command economy
13
The limit on the amount of a good that can be imported from a particular country is the
supply
demand
quota
tariff
14
Exports $US 30 bn, imports $US 20 bn, so balance of trade =_________________
US$ 600 bn
US$ -10 bn
$US 50 bn
US$ 10 bn
15
How are goods and services exchanged in a traditional [no money] economy?
through prices and wages
through bartering
through government regulation
through shortages and surpluses
16
A literate person is one who can ________________.
balance a checkbook
read and write
ride a bicycle
speak more than one language
17
When a government decides to increase a tariff, it increases the amount of a tax placed upon...
renewable resources.
people's property.
people's income.
imported goods.
18
Countries with a high literacy rate have a _________ standard of living.
low
high
19
A complete ban on trading between countries is....
tariff
quota
embargo
mountain
20
There are no real pure market economic systems, but which of the following countries is the closest?
China
Nth Korea
Cuba
United States
21
Which of the following BEST describes a command/communist economic system?
The central government plans the economy for the nation.
Its economics are controlled mainly by the global economy.
Citizens make economic decisions based on supply and demand.
Workers make most of the economic decisions for the country.
22
Most democratic nations (eg Australia)have _____________ economies.
mixed (mainly free enterprise, but government does get involved)
pure market
traditional
command
23
In a command economy eg communist, the economic decisions are made by the....
consumers
market
government
producers
24
What is an example of a physical trade barrier?
tariff
embargo
mountain
quota
25
Who owns most of the resources in a command (eg communist) economy?
no one
the government
individuals
private businesses
